Compagnie D'Entreprises CFE S A : First half results 2020

PRESS RELEASE

Friday 28 August 2020 regulated information

First half results 2020

Friday 28 August 2020 regulated information

First half results 2020

In spite of the pandemic, CFE realised a net profit in the first half of 2020

and increased its order book

The Board of Directors of CFE examined and approved the H1 2020 financial statements at the meeting of August 24, 2020.

1. Key figures in the first half of 2020

In million €	1st semester 2020	1st semester 2019	Variation
Revenue	1,491.2	1,847.7	-19.3%
Self-financing capacity (EBITDA) (*)	159.8	207.0	-22.8%
% of revenue	10.7%	11.2%
Operating income on activities (*)	2.6	50.5	-94.8%
% of revenue	0.2%	2.7%
Operating income (EBIT) (*)	19.3	61.2	-68.5%
% of revenue	1,.3%	3.3%
Net income share of the group	8.4	42.7	-80.3%
% of revenue	0.6%	2.3%
Net income share of the group per share	0.33	1.69	-80.5%
(in EUR)
In million €	30 June 2020	31 December 2019	Variation
Equity share of the Group	1,742.4	1,748.7	-0.4%
Net financial debt (*)	803.0	798,1	+0.6%
Order book (*)	5,636.6	5,182.9	+8.8%

1. The definitions are included in the 'Consolidated financial statements' section of the interim report

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GENERAL INTRODUCTION

Revenue in the first half of 2020 amounted to € 1,491.2 million, down by 19.3% compared with the first half of 2019. The drop in activity was observed at both DEME and Contracting, which were affected by the consequences of the health crisis.

EBITDA, which takes into account the capital gain on the sale of the stake in the Merkur wind farm (€ 63.9 million), amounted to € 159.8 million. This represents 10.7% of the revenue.

The operating income, which includes the positive contribution of the results of equity-consolidated investments, amounted to € 19.3 million compared with € 61.2 million in the first half of 2019. The decrease in operating income is largely due to both the direct and indirect effects of the pandemic.

CFE nevertheless succeeded in generating a positive net result in the first half of 2020. This once again demonstrates the relevance of its strategy based on the development and diversification of the activities within the three operational divisions.

Equity, share of the group, stood at € 1,742.4 million on 30 June 2020, which is stable compared with 31 Decem- ber 2019.

The net financial debt amounted to € 803 million on 30 June 2020, close to that of 31 December 2019. While the debt is down in DEME, it has risen in Real Estate (BPI) following the acquisition of several building plots in Belgium, Luxembourg and Poland.

The cash position of the CFE group was further strengthened during the first half of 2020: it stood at € 805.3 million compared to € 612.2 million on 31 December 2019. CFE has also set up new confirmed credit lines.

• 183 million was available on 30 June 2020 on the group's confirmed credit lines. All the financial covenants have been fully complied with on June 30 2020.

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2. Analysis by division of the activity, results and order book

Dredging, Environmental, Offshore and Infra division

Thanks to its long-term diversification strategy, DEME reported positive results, despite the Covid-19 pandemic, the decrease in oil prices and the accident with the Orion.

KEY FIGURES (*)

In million €	1st semester 2020	1st semester 2019	Variation
Revenue	1,047.9	1,349.3	-22.3%
EBITDA	153.8	199.1	-22.8%
Operating income	21.9	58.5	-62.6%
Net income share of the	15.5	44.3	-65.0%
group
In million €	30 June 2020	31 December 2019	Variation
Order book	4.300,0	3,750.0	+14.7%
Net financial debt	665,4	708.5	-6.1%

1. Excluding amounts restated in accordance with the recognition of DEME's identifiable assets and liabilities at fair value following the acquisition of an additional 50 % of DEME's shares on 24 December 2013.

REVENUE

DEME's revenue amounted to € 1,047.9 million in the first half of 2020, down by € 301.4 million compared with the first half of 2019. About half of this drop is attributable to the health crisis and its collateral effects on the oil and gas sector. An impact of the same magnitude is expected in the second half of the year.

The consequences of the pandemic are multiple but, in particular, it has led to difficulties with crew and staff changes, delays in the progress of project sites due to reduced productivity, as well as the postponement of certain projects in the tendering phase. Right from the start of the crisis, DEME has resolutely placed the well-being and safety of its workers at the forefront and has therefore spared no effort to ensure crew and staff changes worldwide.

In the first half of 2020, the Dredging division, which was the most affected by the effects of the pandemic, generated revenue of € 429.0 million compared with € 572.1 million in the first half of 2019.

The main dredging projects in execution are located in Europe (Belgium, Germany, Russia and Poland), Africa and India. The utilization rate of the hopper dredging fleet was good, while the activity level of the cutters was low in the first half of 2020.

DEME Offshore's revenue amounted to € 434.6 million in the first half of 2020 (€ 582.9 million in the first half of 2019). This decrease is essentially due to a low level of procurement compared with the first half of 2019. Work on the EPCI foundations contract for the Moray East wind farm in Scotland is progressing at a steady pace, as DEME succeeded in hiring substitute vessels in record time to replace the Orion. Two electrical substations and 20 jacket foundations had already been installed by mid-August 2020.

DEME Offshore also finished installing the turbines on the East Anglia ONE wind farm and is continuing the installation of wind turbines on the SeaMade (Belgium) and Borssele 1&2 (Netherlands) farms, after having successfully completed the installation of the foundations. The utilization rate of DEME Offshore's fleet remains at a high level.

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At DIMCO (Infra division), whose activity progressed by approximately 10% compared with the first half of 2019, the three Dutch projects (Terneuzen lock, RijnlandRoute and the Blankenburg connection) continued despite the health crisis but with slightly lower productivity due to the implementation of social distancing measures. In Denmark, DEME and its partners are preparing to start the construction of the Fehmarnbelt link.

EVOLUTION OF ACTIVITY BY BUSINESS AREA

In %	1st semester 2020	1se semester 2019
Capital dredging	28%	32%
Maintenance dredging	13%	10%
Offshore	41%	43%
Infra / marine civil works	10%	7%
Environment	6%	6%
Others	2%	2%
Total	100%	100%

EVOLUTION OF ACTIVITY BY GEOGRAPHICAL AREA

In %	1st semester 2020	1st semester 2019
Europe (EU)	73%	66%
Europe (non-EU)	3%	2%
Africa	7%	10%
Americas	3%	4%
Asia-Pacific	9%	9%
Middle East	1%	5%
Indian subcontinent	4%	4%
Total	100%	100%

EBITDA AND OPERATING INCOME

EBITDA stood at € 153.8 million in the first half of 2020, or 14.7% of the revenue.

DEME's long-term diversification strategy is clearly bearing fruit, especially within the Concessions division. In 2019, the process of selling the 12.5% stake in Merkur Offshore GmbH was launched. The sale, which took place on 12 May 2020, generated a capital gain of € 63.9 million. This offsets the impact of the Covid-19 pan- demic, the oil crisis and the Orion accident, estimated at a total of approximately € -60 million in the first half of 2020. For the full year 2020, DEME estimates that the impact of these three elements on operating profit will be around € -100 million.

The effects of the health crisis would have been even greater if DEME's management had not immediately taken all the necessary measures to reduce its overheads costs.

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The operating income amounted to € 21.9 million, or 2.1% of the revenue. In addition to the effects of the pan- demic, margins remain under pressure in the Dredging division due to difficult market conditions.

ORDER BOOK

The order book increased to a record level € 4.3 billion on 30 June 2020, compared with € 3.75 billion on 31 December 2019.

The breakdown of the order book between the operating divisions is as follows:

•	Dredging	€ 1.8 billion
•	Offshore	€ 1.2 billion
•	Infra	€ 1.0 billion
•	Environment	€ 0.2 billion
•	Others	€ 0.1 billion

During the first half of the year, DEME received three major orders:

• the Fehmarnbelt link. This is a contract worth € 700 million for DEME, and involves the design and construction of the world's longest underwater road and rail tunnel that will link Denmark to Germany. Construction will begin on 1 January 2021;
• the Oosterweel Link tunnel. This contract, worth € 140 million for DEME, involves the construction of a 1,800 m long tunnel under the Scheldt in Antwerp. The preparatory works are planned for autumn 2020, while the actual works will begin after the summer of 2021;
• the Sea Channel project in northern Russia, in the estuary of the Ob River. This dredging contract concerns 60 million m³. The works will be carried out during the summers of 2020, 2021 and 2022.

On 20 August 2020, DEME Offshore was awarded the EPCI contract to design, manufacture and install the 650 km inter-array cables for the Dogger Bank A and Dogger Bank B wind farms located more than 130 km off the coast of North East England. The project will start in 2021 with the production of the submarine cables. This contract will be included in the order book in the third quarter of 2020.

DEME has the status of preferred bidder for the Hai Long 2, Hai Long 3 and Zhong Neng wind farms located off the coast of Taiwan. These projects, with a value of more than € 1.0 billion (DEME share), will not enter the order book until all the preconditions for the start of the works have been met.

INVESTMENTS

The investments of the first half of 2020 stand at € 128.4 million compared with € 252.9 million during the first half of 2019. They consist mainly of advance payments for vessels under construction.

The "River Thames" and "River Meuse", trailing suction hopper dredgers with a capacity of 2,500 and 8,300 m³ respectively, joined the DEME fleet in the second quarter of 2020.

Green Jade

On 25 June 2020, the Taiwanese joint venture DEME CSBC Wind Engineering (CDWE) approved the order for the construction of an offshore wind turbine installation vessel. The ship, called Green Jade, will be built by CSBC in Taiwan for delivery in 2022. The 216.5-metre long ship will be equipped with a crane with a hoisting capacity of 4,000 tons, DP3 technology, and will be able to accommodate 160 crew members.

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Orion

A serious accident occurred on 2 May 2020 on board the offshore installation vessel Orion during crane load tests. The crane will have to be dismantled and replaced, rendering the vessel unavailable for many months: the Orion is not expected to be operational until the end of 2021.

Spartacus

The recapitalisation of the Royal IHC shipyard took place in the second quarter of 2020. This operation, which has the support of the Dutch state, should enable Royal IHC to complete the construction of the megacutter Spartacus. Delivery is due end of 2020.

NET FINANCIAL DEBT

Despite the additional costs and lower revenues related to the pandemic, DEME managed to generate significant operating cash flows in the first half of 2020 and significantly strengthened its free cash position (€ 672.4 million on 30 June 2020).

DEME's net financial debt amounted to € 665.4 million on 30 June 2020, down 6.1% and 17.4% respectively compared with 31 December 2019 and 30 June 2019. The postponement of the payment of the balance of the Orion acquisition price contributed to this decrease, as did the improvement of the working capital requirement (thanks in particular to the receipt of advance payments).

During the first half of the year, DEME successfully reactivated its commercial paper programme. The outstanding debt stood at € 125 million on 30 June 2020.

DEME was in compliance with all of its financial covenants on 30 June 2020.

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Contracting division
KEY FIGURES
	In million €		1st semester 2020	1st semester 2019	Variation
	Revenue	423.2	501.4	-15.6%
	Operating income	-5.6	1.4	n.s.
	Net Income share of the	-7.6	-2.9	n.s.
	group
	In million €		30 June 2020	31 December 2019	Variation
	Order book		1,298.3		-6.3%
		1,385.5
	Net cash position		88.0	106.1	-17.1%
REVENUE
	In million €		1st semester 2020	1st semester 2019	Variation
	Construction	300.3	383.6	-21.7%
	Buildings, Belgium	215.9	289.8	-25.5%
	Buildings, International	84.4	93.8	-10.0%
	Multitechnics (VMA)	78.1	79.8	-2.1%
	Rail & Utilities (Mobix)	44.8	38.0	+17.9%
	Total Contracting	423.2	501.4	-15.6%

The revenue of CFE Contracting amounted to € 423.2 million.

While activities in Poland were only slightly affected by the Covid-19 pandemic, it had a significant impact in Belgium and Luxembourg. In view of the lockdown measures, most of the construction sites were shut down from 18 March to early May 2020 and then gradually restarted. However, since June, most construction sites have returned to their pre-crisis productivity levels despite the implementation of social distancing measures. CFE Contracting estimates that the impact of the health crisis on its activity in the first half of 2020 amounts to approximately € 70 million, more than three-quarters of which is attributable to the Construction division in Belgium, which was the hardest hit. The effect on the whole of 2020 is estimated at approximately € 100 million.

OPERATING INCOME

The operating income amounted to € -5.6 million, compared with € +1.4 million in the first half of 2019.

The impact of the health crisis on the operating income for the first half of 2020 is estimated at € -20 million. This is mainly due to the under-coverage of overheads resulting from the reduction and postponement of activity, lower productivity and additional costs at the construction sites (rental contracts that continued to run during the lockdown, fitting out premises, reinforced cleaning services, purchase of protective equipment, security guards, etc.). These were partly offset in the first half 2020 by the temporary unemployment measures introduced by the Belgian and Luxembourg governments amounting to slightly more than € 5 million.

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Relatively unaffected by the corona crisis, CFE Polska performed very well in the first half of the year, as did the Multitechnics cluster (VMA). Conversely, the other Construction division entities reported lower results than in the first half of 2019, mainly due to the effects of the Covid-19 pandemic.

ORDER BOOK

In million €	30 June 2020	31 December 2019	Variation
Construction	921.3	1,016.8	-9.4%
Buildings, Belgium	782.6	833.5	-6.1%
Buildings, International	138.7	183.3	-24.3%
Multitechnics (VMA)	186.9	188.5	-0.8%
Rail & Utilities (Mobix)	190.1	180.2	+5.5%
Total Contracting	1,298.3	1,385.5	-6.3%

The order book fell 6.3% to € 1,298.3 million on 30 June 2020.

While the order book for the Multitechnics (VMA) and Rail & Utilities (MOBIX) clusters remained at high levels, the decrease was significant in Construction, mainly in Flanders and Poland. Market conditions have deteriorated in recent months: the reduction in the amount of business put out to tender by both private and public customers has further increased the pressure on prices. Increased project selectiveness is more important than ever.

Among the most significant commercial successes of the first half of 2020 are:

• the order for the new courthouse in Namur awarded to BPC Wallonie and its partners. This involves the construction of a 35,000 m² building that will house the services of FPS Justice and the Federal Police. Work will start in September 2020 for a period of three years;
• the contract for the construction of timber-framed residential buildings and detached houses located in Mertert (Luxembourg) for BPI;
• the contract for the construction of residential buildings in Vilvoorde (Flanders) for the developer Matexi.

NET CASH POSITION

The Contracting division's net cash position amounted to € 88 million, down € 18.1 million compared with

31 December 2019, but significantly improved (+ € 34.1 million) compared with 30 June 2019. The working capital requirement increased slightly in the first half of 2020.

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Real Estate division
KEY FIGURES
In million €	1st semester 2020	1st semester 2019	Variation
Revenue	33.4	24.0	+39.2%
Operating income	5.7	5.7	0.0%
Net income share of the group	3.2	4.5	-28.9%

EVOLUTION OF CAPITAL EMPLOYED (*)

The capital employed stood at € 177 million on 30 June 2020, an increase of € 34 million compared with 31 December 2019.

The stock of unsold units post completion is 5.6 % of the capital employed.

BPI's real estate portfolio currently has 557,000 m² under development (545,000 m2 on 31 December 2019), of which 129,000 m² is under construction (103,000 m² on 31 December 2019).

BREAKDOWN BY STAGE OF PROJECT DEVELOPMENT

In million €	30 June 2020	31 December 2019
Unsold units post completion	10	4
Properties under construction	52	58
Properties in development	115	81
Total capital employed	177	143

(*) Capital employed is the sum of the equity and net financial debt of the real estate division.

BREAKDOWN BY COUNTRY
In million €	30 June 2020	31 December 2019
Belgium	120	97
Luxembourg	35	21
Poland	22	25
Total	177	143

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NEW DEVELOPMENTS

In the first half of 2020, BPI acquired six new projects:

• the Brouck'R project located in the heart of Brussels. BPI will redevelop the site as a co-development mixed project, including housing, offices, shops, a four-star hotel and student accommodation (40,000 m² in total);
• the Serenity Valley project located in Auderghem (Brussels) will be a mixed redevelopment comprising 144 apartments and an office building of approximately 6,500 m²;
• the Pure project, also located in Auderghem, will be rebuilt as a high-end residential building with 26 spacious apartments;
• an office building located in the European district of Brussels. The ambition of BPI and its co- development partner is to renovate and rebuild this building to ensure it complies with the environmental and functional standards required by future occupants;
• a building plot and a fully let building composed of industrial halls and office spaces located in Bertrange, one of the most sought-after residential areas in Luxembourg. BPI eventually plans to demolish the building and to build residential units;
• the Wagrowska project located south-east of the city of Poznan (Poland). BPI will develop around 270 apartments and shops, covering a total surface area of almost 14,000 m².

Planning permission for the Key West, Brouck'R, Serenity Valley and Pure projects is currently under review and is expected to be obtained in early 2021.

REAL ESTATE DEVELOPMENTS AND HEALTH CRISIS

The health crisis has disrupted BPI's activities on three levels:

• a halt to the marketing of projects during the lockdown in Belgium and Luxembourg;
• delays in construction site progress;
• delays in obtaining building permits, particularly in Brussels.

However, the first two points have had a limited impact on BPI, given that the pace of marketing of current programmes has generally returned to pre-crisis levels, and delays in project delivery dates will remain limited overall.

NET FINANCIAL DEBT

The net financial debt slightly exceeds € 100 million. The increase in debt is explained by the acquisitions made during the half year.

BPI activated its "Medium Term Notes" programme for the first time and set up financing for several projects in both Belgium and Luxembourg.

NET RESULT SHARE OF THE GROUP

BPI's net income amounted to € 3.2 million compared with € 4.5 million on 30 June 2019. Despite the devaluation of the PLN against the euro in March 2020 and the postponement of the delivery of two Polish residential programmes to the second half of the year, the net income of the real estate division remains largely positive thanks, among other things, to the margin on pre-sold residential units in Luxembourg and Belgium and the profit recognised on the delivery of the Vilda Park project in Poland, which was almost entirely pre-sold.

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Holding, non-transferred activities and inter division eliminations

KEY FIGURES

In million €	1st semester 2020	1st semester 2019	Variation
Revenue	10.3	12.9	-20.2%
Inter-divisions eliminations	-23.6	-39.9	n.s.
Total	-13.3	-27.0	n.s.
Operating income	0.0	-1.8	n.s.
Net income share of the group	-0.6	-1.5	n.s.

OPERATING INCOME

The Holding segment's net income (group share) was minus € 0.6 million compared with minus € 1.5 million on 30 June 2019.

RENT-A-PORT

Through its subsidiary Infra Asia Investment, Rent-A-Port is continuing the development of its five port concessions in the north of Vietnam, in the provinces of Haiphong and Quang Ninh. The Covid-19 pandemic did not have a significant impact in Vietnam. Development work on the industrial sites was able to continue without too much disruption. However, the closure of the borders followed by quarantine measures prevented many potential investors and customers from travelling to Vietnam, resulting in delays in finalising contracts for the sale of industrial land. These sales were limited to 10 hectares in the first half of 2020, which was insufficient to cover overheads costs and interest charges. As a result, Rent-A-Port reported a loss of € 1.3 million on 30 June 2020 (loss of € 1.4 million in the first half of 2019), 50% of which was accounted for in the CFE consolidated figures.

GREEN OFFSHORE

The contribution of Green Offshore to the net income of the Holding segment was € 2.9 million on 30 June 2020, compared with € 0.7 million in the first half of 2019. Green Offshore, which is equally owned by CFE and Ackermans & van Haaren, has a minority interest in the SeaMade and Rentel offshore wind farms. While the first one is under construction, the second one has been fully operational for more than a year.

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3. Social responsibility and commitment to sustainability

Sustainability is at the heart of CFE group's strategy. The analysis of the 17 sustainable development goals established by the United Nations has made it possible for DEME, CFE Contracting and BPI to identify their own priority goals. These goals are structured around five major pillars, namely: "build for the future", "be a great place to work", "offer innovative solutions", "drive the energy transition towards climate neutrality" and "create sustainable shareholder value".

The coronavirus crisis has confirmed the relevance of the priority goals defined. In particular, the acceleration of digitisation and the focus on operational excellence are fully in line with our "offer innovative solutions" and "build for the future" approaches.

Continuing along the same vein, solidarity has also been addressed. More than ever, CFE is taking its social responsibilities and confirms that it is "a great place to work". The CFE group has therefore given its support to the "Medical Equipment for Belgium" organisation. This has facilitated access to essential medical equipment for Belgian hospitals. In addition, all of the group's management teams made a statement by donating 20% of their remuneration for May and June to charity.

CFE has also demonstrated during this first half year that it is truly "a great place to work" by giving priority to its employees. For the second time in a row (and third time in four years), DEME was awarded the title of "Belgium's most attractive employer" at the Randstad Awards 2020 (Diversity and Opportunity -Excel). In addition, as a result of Covid-19, an internal campaign on resilience and mental and physical health for all employees was implemented (Diversity & Opportunity - Excel). CFE Contracting also took the opportunity to launch a "digital awareness" programme for every employee and also trained its managers in remote team management. Training courses in well-being and positive thinking were also deployed. As part of its "Employer branding" campaign, CFE Contracting highlighted its characteristic "Framily" (family & friends). The human scale of the subsidiaries and the solidity of the group, as well as the numerous synergies between the subsidiaries allow every employee to benefit from the best of both worlds.

To meet their ambition to "build for the future", CFE Contracting and BPI combined their know-how to create the Wood Shapers joint venture in early 2020. Mastery of materials (especially wood) and construction methods for an optimised structure and an integrated vision of projects lie at the heart of Wood Shapers' sustainable approach. The emblematic Wooden project in Luxembourg thus offers a flying start for this new subsidiary.

Innovation and the preservation of natural capital are at the heart of DEME's activities. Thus, DEME has become part of the Blue Cluster (Natural Capital - Explore). This partnership has already produced promising results. In particular, the first phase of the Coastbusters project concluded very positively in April 2020. Coastbusters is an innovative and sustainable alternative to seawalls to combat rising sea levels and protect coastlines from erosion using natural reefs.

Of course, the climate and the environment have not been forgotten. DEME is more active than ever in offshore wind farm projects (Climate & Energy - Explore). Of particular note are the Borssele 1&2, SeaMade, Moray East and Triton Knoll projects. DEME also participates in the "Emissieloos Netwerk Infra" initiative with the aim of enabling construction with zero-emission construction machinery as of 2026 (Climate & Energy - Excel). As for CFE Contracting, it is contributing to its "drive the energy transition towards climate neutrality" objective by optimising the transport of materials to its sites. Three pilot projects use logistics consolidation centres (in Brussels, Antwerp and Luxembourg). This approach makes it possible to significantly limit the number of trucks on the roads, to use alternative supply routes such as river transport, but also to solve the problems of on-site storage and to make planning more reliable.

4. Outlook

Barring an unfavourable evolution of the pandemic or exceptional factors, CFE anticipates the following for the full year 2020:

• a 15 to 20% fall in revenue for DEME. However, the net income should be positive and up compared with that of 30 June 2020;
• a decrease in revenue of approximately 10% for Contracting. The net income should also be positive;
• BPI's net income at least equal to that of 2019.

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5. An overview of the results
5.1 Consolidated statement of income
	Year ended at 30 June	2020	2019
	In thousands €
	Revenue		1,491,229		1,847,714
	Revenue from auxiliary activities		112,750		48,376
	Purchases		(901,428)		(1,083,566)
	Remuneration and social security payments		(343,226)		(347,962)
	Other operating charges		(200,602)		(256,755)
	Depreciations and amortization		(156,168)		(157,265)
	Income from operating activities		2,555		50,542
	Earnings from associates and joint ventures		16,786		10,614
	Operating income		19,341		61,156
	Cost of financial debt		(3,164)		(1,044)
	Other financial expenses and income		(6,425)		(4,185)
	Net financial income/expense		(9,589)		(5,229)
	Pre-tax income		9,752		55,927
	Income tax expense		(2,557)		(14,297)
	Net income for the period		7,195		41,630
	Attributable to owner of non-controlling interests		1,235		1,106
	Net income - share of the group		8,430		42,736
	Year ended 30 June	2020	2019
	In thousands €
	Net income - share of the group		8,430		42,736
	Net income for the period		7,195		41,630
	Change in fair values related to the hedging instruments		(6,228)		(39,120)
	Currency translation differences		(9,059)		276
	Deferred taxes		555		9,615
	Other elements of the comprehensive income to
	be reclassified to profit or loss in subsequent		(14,732)		(29,229)
	period
	Remeasurement on defined benefit and contribution plans		0		0
	Deferred taxes		0		0
	Other elements of the comprehensive income not
	to be reclassified to profit or loss in subsequent		0		0
	period
	Total elements of the comprehensive income		(14,732)		(29,229)
	directly accounted in equity
	Comprehensive income		(7,537)		12,401
	- attributable to owners of the parent		(6,216)		13,474
	- attributable to owners of non-controlling interests		(1,321)		(1,073)
	Net income per share (€) (basic and diluted)		0.33		1.69
	Comprehensive income per share (€) (basic and diluted)		(0,25)		0.53

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5.2 Consolidated statement of financial position
Year ended	30 June 2020	31 December 2019
In thousands €
Intangible assets		92,750	90,261
Goodwill		177,127	177,127
Property, plant and equipment		2,594,936	2,615,164
Investments in associates and joint ventures		180,343	167,653
Other non-current financial assets		90,826	83,913
Non-current derivative instruments		1,055	0
Other non-current assets		18,425	16,630
Deferred tax assets		125,065	100,420
Total non-current assets		3,280,527	3,251,168
Inventories		202,408	162,612
Trade receivables and other operating receivables		967,486	996,436
Other operating current assets		83,688	72,681
Other non operating current assets		4,804	6,267
Current derivative instruments		3.902	751
Current financial assets		2,900	0
Assets held for sale		0	10,511
Cash and cash equivalents		805,325	612,206
Total current assets		2,070,513	1,861,464
Total assets		5,351,040	5,112,632
Share capital		41,330	41,330
Share premium		800,008	800,008
Retained earnings		1,004,159	995,786
Defined benefits and contributions plans		(37,089)	(37,089)
Hedging reserves		(46,591)	(40,892)
Translation differences		(19,387)	(10,440)
Equity - part of the group CFE		1,742,430	1,748,703
Non-controlling interests		12,709	11,607
Equity		1,755,139	1,760,310
Retirement benefit obligations and employee benefits		70,831	70,269
Provisions - non current		14,302	12,414
Other non-current liabilities		14,278	10,651
Bonds - non-current		29,741	29,689
Financial debts - non-current		1,063,408	1,110,212
Non-current derivative instruments		10,550	8,986
Deferred tax liabilities		102,145	104,907
Total non-current liabilities		1,305,255	1,347,128
Current provisions		46,734	46,223
Trade payables & other operating liabilities		1,181,285	1,221,466
Tax liability due for payment		61,247	44,078
Bonds - current		0	0
Current financial debts		515,198	270,366
Current derivative instruments		12,415	9,356
Other operating current liabilities		198,954	155,601
Other non operating current liabilities		274,813	258,104
Total current liabilities		2,290,646	2,005,194
Total equity and liabilities		5,351,040	5,112,632

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5.3 Condensed consolidated cash flow statement
Year ended 30 June	2020	2019
In thousands €
Cash flows relating to operating activities	68,255	132,832
Cash flows relating to investing activities	-49,973	-258,662
Cash flows relating to financing activities	179,629	382,988
Net increase/decrease in cash position	197,911	257,158
5.4 Figures per share
	30 June 2020	30 June 2019
Total number of shares	25,314,482	25,314,482
Operating result after deduction of the net financial	0.38	2.21
charges per share (in €)
Net result share of the group per share (in €)	0.33	1.69

6. Information related to the share

At 30 June 2020, CFE's share capital was divided into 25,314,482 shares.

Each share confers one vote. There has been no issue of convertible bonds or warrants.

7. Corporate Governance

The Ordinary General Meeting of 7 May 2020 approved the reappointment of Pas de Mots SRL, represented by Mrs Leen Geirnaerdt, for a period of four years, ending after the annual general meeting of May 2024. Pas de Mots SRL meets the independence criteria defined in article 3.5 of the Belgian Corporate Governance Code 2020.

The Ordinary General Meeting also approved the reappointment of Mr Christian Labeyrie and Mr Philippe Delusinne for a term of four years, ending after annual general meeting of May 2024. Mr Christian Labeyrie does not meet the independence criteria defined in article 3.5 of the Belgian Corporate Governance Code 2020; Mr Philippe Delusinne meets these criteria until 5 May 2021.

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8. Shareholders' agenda
Publication of interim statements	23	November 2020 (before opening of the stock market)
Publication of year results	26	February 2021 (before opening of the stock market)

The auditor, Deloitte Reviseurs d'Entreprises, represented by Mr Rik Neckebroeck, has confirmed that its limited review revealed no material corrections to be made to the accounting information disclosed in this press release.

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About CFE

CFE, founded in 1880 is a Belgian industrial group active in three different divisions. The first, Dredging, Environment, Offshore and Infra, is carried out by its wholly owned subsidiary DEME, one of the world leaders in the field. DEME has a modern fleet of multipurpose vessels equipped with the latest technologies. The second, Contracting, encompasses the group's construction, multitechnics and rail activities in Belgium, Luxembourg and Poland. The third, Real Estate Development, covers the real estate projects developed by BPI in Belgium, Luxembourg and Poland.

The CFE group currently employs more than 8,000 people and is active on every continent. CFE is listed on Euronext Brussels and is 61.85% owned by Ackermans & van Haaren.

This press release is available on our website at www.cfe.be.

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Note to editors

For further information, please contact:

• Piet Dejonghe, Chief Executive Officer - tel.: [phone] - mail : [e-mail]; or
• Fabien De Jonge, Chief Financial Officer - tel. [phone] - mail : [e-mail]

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