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ACTIVITY REPORT 2019 ACTIVITY REPORT 2019 ACTIVITY REPORT BESIX in 2019

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ACTIVITY REPORT 2019 ACTIVITY REPORT 2019 ACTIVITY REPORT BESIX in 2019 ACTIVITY REPORT 2019 ACTIVITY REPORT 2019 ACTIVITY REPORT BESIX in 2019 EVOLUTION OF REVENUES EVOLUTION OF ORDER BOOK (IN MEUR) (IN MEUR) 3,332 4,763 4,794 2,542 2,359 2,337 2,160 3,229 2,930 3,031 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 REVENUES BY REGION ORDER BOOK BY REGION (2019) (AT 31/12/2019) 3,332 MEUR 4,794 MEUR BELGIUM 36% EUROPE 30% MIDDLE EAST 17% INTERNATIONAL 15% THE NETHERLANDS, MIDDLE EAST 18% LUXEMBOURG & FRANCE 12% AUSTRALIA 17% AUSTRALIA 28% REGIONAL CONTRACTORS 20% REST OF THE WORLD 7% REVENUES BY AREA OF EXPERTISE ORDER BOOK BY AREA (2019) OF EXPERTISE (AT 31/12/2019) 3,332 MEUR 4,794 MEUR BUILDINGS 65% BUILDINGS 58% CIVIL WORKS 16% CIVIL WORKS 28% MARINE WORKS 4% ENVIRONMENTAL WORKS 1% FOUNDATIONS 5% MARINE WORKS 7% ENVIRONMENTAL WORKS 2% FOUNDATIONS 1% OTHER (CABLING AND INFRA) 6% OTHER 5% QUARRIES / CONCRETE 2% DPG MEDIA, ANTWERP, BELGIUM Consolidated Key Figures 2019 (in MEUR) 2019 2018 2017 2016 2015 INCOME STATEMENT Revenues 3,332.0 2,542.1 2,337.0 2,359.1 2,159.7 EBITDA 97.8 131.4 122.5 168.1 46.1 EBITDA margin (%) 2.9% 5.2 5.2 7.1 2.1 EBIT 22.0 83.7 78.9 117.8 0.4 EBIT margin (%) 0.7% 3.3 3.4 5.0 0.0 Earnings before taxes 48.1 103.2 115.5 135.0 15.4 Consolidated profit 42.2 95.3 102.6 120.8 3.8 Net result on revenues (%) 1.3% 3.7 4.4 5.1 0.2 Cash flow 127.4 149.8 142.1 159.3 79.5 Cash flow margin (%) 3.8% 5.9 6.1 6.8 3.7 BALANCE SHEET Equity 698.5 695.1 660.4 653.0 518.3 Net cash position 141.0 135.7 34.1 172.4 26.4 Solvency ratio (%) 24.2% 26 28.1 27.3 24.4 Liquidity ratio 1.31 1.30 1.42 1.42 1.40 Return on equity (%) 6.0% 14.4 15.7 20.6 0.7 ORDER BOOK (AT 31 DECEMBER) 4,794.3 4,763 3,031 2,930 3,229 +31% 2018-2019 EVOLUTION OF REVENUES 1.3% NET RESULT ON REVENUES €141 million NET CASH POSITION 6% RETURN ON EQUITY DPG MEDIA, ANTWERP, BELGIUM Table of contents Activity Report 2019 1 Table of contents BESIX at a glance 2 INDUSTRY & LOGISTICS 76 New transshipment building COMPANY PROFILE 4 on the Brussels Airport Brucargo site (BEL) 76 GROUP STRUCTURE 6 SPORTS & LEISURE 78 MESSAGE FROM THE CEO OF BESIX GROUP 8 Al Janoub, a sustainable stadium (QAT) 78 MESSAGE FROM THE CHAIRMAN OF BESIX GROUP 10 Watpac presents a world-class stadium MILESTONES 2019 12 to North Queensland (AUS) 80 CORPORATE GOVERNANCE 16 CONCESSIONS & ASSETS 82 A16 Rotterdam: World’s first Creating the highest value for our energy-neutral highway (NDL) 82 stakeholders 20 Ajman Sewerage, a textbook example of BESIX FORWARD STRATEGY 22 wastewater management (UAE) 84 MAXIMISING EFFECTIVENESS THROUGH 26 Emirates RDF: Turning household waste VALUE ENGINEERING into a solution (UAE) 86 DRIVING INNOVATION AND NEW TECHNOLOGIES 30 REAL ESTATE 88 CITIZENSHIP & SUSTAINABILITY 36 Sluishuis (NDL) 88 ICÔNE Belval (BEL) 90 Our people 40 Business review 92 PEOPLE 42 QUALITY, HEALTH, SAFETY AND ENVIRONMENT 46 CONTRACTING 94 LABOUR STANDARDS 50 CONCESSIONS & ASSETS 100 BESIX FOUNDATION 52 REAL ESTATE 104 DIVERSIFICATION 108 110 years of global expertise 55 Regional and specialised BUILDINGS 58 entities in Europe 112 Smart headquarters in Dordrecht (NLD) 58 Sustainable housing in Masdar City (UAE) 60 COBELBA 114 INFRASTRUCTURE 62 JACQUES DELENS 116 Adding new tracks LUXTP 118 between Aalter and Beernem (BEL) 62 VANHOUT 120 Underground renovation WUST 122 of the Leopold II tunnel (BEL) 64 BESIX INFRA 124 Improving city traffic flows FRANKI FOUNDATIONS 126 with the new Shindagha Bridge (UAE) 66 SOCOGETRA 128 MARINE WORKS 68 VAN DEN BERG 130 Transforming Duqm into an international hub (OMN) 68 A new quay wall in familiar Port of Zeebrugge (BEL) 70 BESIX finance 132 ENVIRONMENT 72 WORD FROM THE CFO 134 West Africa’s largest CONSOLIDATED BALANCE SHEET 136 drinking water treatment plant (CIV) 72 CONSOLIDATED INCOME STATEMENT 137 Modernising locks and pumping stations along the canal (BEL) 74 CONSOLIDATED CASH FLOW STATEMENT 138 STATUTORY AUDITOR’S REPORT 139 COVER PICTURE: CROWN PRINCESS MARY’S BRIDGE, ROSKILDE FJORD, DENMARK 2 BESIX BESIX AT A GLANCE SHINDAGHA BRIDGE, DUBAI, UAE 4 BESIX Company profile A GLOBAL MULTIDISCIPLINARY PLAYER, WITH OVER A CENTURY OF EXPERIENCE BESIX Group is a leading Belgian industrial company The group takes pride in its in-house Engineering operating in the construction, real estate development Department, a distinctive feature in the industry, which is and concessions sectors. Founded in 1909, it has grown home to a wide-ranging expertise in geotechnical engineering, steadily over the years. A global multi-service group, BESIX is concrete technology, methods, planning, BIM, facade able to take on projects of all sizes and complexity, and draws expertise and systems engineering, among others. With its its strength from its entrepreneurial roots. “value engineering” capabilities, BESIX is able to optimise the design phase and adapt the implementation processes so as NV BESIX SA, its largest subsidiary, offers services in the to minimise risks and costs of errors and reduce expenditure different stages of construction projects. In addition to NV and lead times for the customer. BESIX SA and its other subsidiaries, BESIX Infra, Cobelba, Jacques Delens, Socogetra, Van den Berg, Vanhout, Wust, To reduce its risk exposure, BESIX has been diversifying Franki Foundations, Lux TP, BESIX RED, in the Benelux and its activities on a geographical and sectoral level, through in France, BESIX Group operates in Northern and Eastern organic growth, acquisitions or shareholdings. The group’s Europe, North and Central Africa and the Middle East through expansion in the Middle East, where it has built an impressive its subsidiary Six Construct, as well as in Canada and portfolio over the last 60 years, and more recently in Africa and Australia. Australia, illustrates the success of this strategy. Through its many projects and initiatives, BESIX is constantly seeking to consolidate its purpose: “To excel in creating sustainable solutions for a better world.” A DEDICATED PARTNER, EV JECT D ELOPM FROM CONSTRUCTION PRO EN TO CONCESSIONS T E T Always highly regarded as a A R E CONCESSIONS valued construction partner, P REAL ESTATE O & ASSETS BESIX has become a full-fledged Realising innovative & D Acquire, invest, residential and office E services company that operates N I operate and buildings on prime S A I on the whole value chain. While G T maintain projects locations N N construction is still its core I in the public and A private sectors business, the group’s Concessions M BESIX & Assets and Real Estate Development activities have been growing steadily. BESIX can rely on a vast and diversified expertise to CONTRACTING take on projects from financing to Buildings, marine works, infrastructure, design and construction to long- industry, environment, term maintenance. sports & leisure D F IL IN U AN B CE BESIX at a glance - Company profile Activity Report 2019 5 KEY FIGURES 2019 THE GROUP IN 5 KEY DATES BESIX GROUP IS PRESENT IN 25 COUNTRIES ON 5 CONTINENTS 1909 Founding of the Société Belge des Bétons, (SBB), which undertakes prestigious construction projects BELGIUM CANADA NETHERLANDS DENMARK PHILIPPINES FRANCE ITALY UNITED KINGDOM 1966 Founding of subsidiary POLAND Six Construct to take charge PORTUGAL of major projects in the Middle East BAHRAIN QATAR LATVIA UNITED ARAB EMIRATES EGYPT OMAN 2004 MONTENEGRO Management Buy-Out, SBB becomes BESIX Group MOROCCO IVORY COAST MOZAMBIQUE CAMEROON SRI LANKA SWITZERLAND 2010 Inauguration of the Burj Khalifa in Dubai (UAE), the AUSTRALIA LUXEMBOURG world’s tallest tower, built by Six Construct 80 2018 NATIONALITIES BESIX gains a foothold €3.3 billion in Australia with the successful takeover bid for 2019 TURNOVER all outstanding shares of the Australian company Watpac Limited. Nearly €42.2 million 14,000 2019 NET INCOME PERSONS EMPLOYED 6 BESIX Group Structure OPERATING ACROSS FIVE CONTINENTS, BESIX ENCOMPASSES MANY BRANCHES AND LEGAL ENTITIES, FULLY OWNED BY THE GROUP. THERE ARE ALSO SOME COMPANIES IN WHICH BESIX OWNS A - MINORITY OR MAJORITY - STAKE. BESIX’s branches have been created as the Group has Not all BESIX companies necessarily fall within these two diversified geographically. In most cases, the BESIX name categories. goes in front of the country in which they are established. For example, BESIX Cameroon or BESIX Canada Some companies were created by the Group itself: for are branches integrated into the “Business Unit (BU) example Six Construct, founded in 1966 to develop the International”, just as BESIX Nederland and BESIX France Group’s activities in the Middle East, or BESIX Real Estate belong to the “BU Europe”. Development established in 1988 to further the Group’s real estate development business. Most of the legal entities are companies acquired by BESIX over the last few decades. They are the result of vertical Companies in which BESIX owns a stake also retain their integration and sectoral or geographic diversification. identity. This applies to Flamant, for example. Although they are fully owned by BESIX, many of them have kept their names. For example Watpac (Australia), Lux TP (Luxembourg) or Martello Piling (UK). Besides commercial considerations – vital for companies whose brand embodies their specific expertise – this reflects the policy of controlled autonomy embedded within the Group. BESIX at a glance - Group Structure Activity Report 2019 7 BESIX CONTRACTING BU EUROPE BESIX BU BESIX INTERNATIONAL BU MIDDLE Six Construct EAST AUSTRALIA WATPAC Jacques Delens Corebat Sud Construct Lux TP Mabilux Msteel REGIONAL ComTIS ComTIS Energie­ HBS CONTRACTORS Installations
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