Compagnie d'Entreprises CFE : INTERIM REPORT AS OF JUNE 30, 2021

INTERIM REPORT

AS OF JUNE 30, 2021

DEFINITIONS ...............................................................................................................................................	4
CONSOLIDATED FINANCIAL STATEMENTS.....................................................................................................	5
CONSOLIDATED STATEMENT OF INCOME .........................................................................................................................................	5
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME..................................................................................................................	5
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .........................................................................................................................	6
CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................................................................	7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY..........................................................................................................................	8
SHARE CAPITAL AND RESERVES ......................................................................................................................................................	8
EARNINGS PER SHARE..................................................................................................................................................................	8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS..............................................................................	9
1.	GENERAL POLICIES .............................................................................................................................	11
2.	CONSOLIDATION METHODS................................................................................................................	11
SCOPE OF CONSOLIDATION.........................................................................................................................................................	11
INTRA-GROUPTRANSACTIONS ....................................................................................................................................................	11
TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN COMPANIES AND ESTABLISHMENTS................................................................	12
FOREIGN CURRENCY TRANSACTIONS.............................................................................................................................................	12
3.	ACCOUNTING RULES AND METHODS ..................................................................................................	12
4.	SEGMENT REPORTING ........................................................................................................................	12
OPERATING SEGMENTS..............................................................................................................................................................	12
CONSOLIDATED STATEMENT OF INCOME .......................................................................................................................................	13
BREAKDOWN OF REVENUE OF DEME.............................................................................................................................................	13
BREAKDOWN OF REVENUE IN THE CONTRACTING SEGMENT...............................................................................................................	13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION .......................................................................................................................	14
CONSOLIDATED STATEMENT OF CASH FLOWS .................................................................................................................................	15
OTHER INFORMATION ...............................................................................................................................................................	15
GEOGRAPHICAL INFORMATION....................................................................................................................................................	15
5.	ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES................................................................................	16
6.	OTHER OPERATING INCOME AND EXPENSES .......................................................................................	16
7.	FINANCIAL RESULT .............................................................................................................................	16
8.	NON-CONTROLLING INTERESTS ..........................................................................................................	16
9.	INCOME TAX ......................................................................................................................................	16
10.	PROPERTY, PLANT AND EQUIPMENT...................................................................................................	17
11.	INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD ...................................................................	18
12.	INVENTORIES .....................................................................................................................................	18
13.	TRADE RECEIVABLES AND OTHER OPERATING RECEIVABLES ................................................................	18
14.	PROVISIONS OTHER THAN THOSE RELATING TO NON-CURRENT EMPLOYEE BENEFIT OBLIGATIONS......	18
15.	CONTINGENT ASSETS AND LIABILITIES ................................................................................................	19
16.	DERIVATIVE FINANCIAL INSTRUMENTS ...............................................................................................	19
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17.	NET FINANCIAL DEBT........................................................................................................................	19
18.	FINANCIAL RISK MANAGEMENT .......................................................................................................	21
19.	OTHER COMMITMENTS GIVEN .........................................................................................................	23
20.	OTHER COMMITMENTS RECEIVED ....................................................................................................	23
21.	LITIGATION ......................................................................................................................................	23
22.	RELATED PARTIES.............................................................................................................................	23
23.	SUBSEQUENT EVENTS ......................................................................................................................	24
24.	IMPACT OF FOREIGN CURRENCIES ....................................................................................................	24
25.	SEASONAL NATURE OF THE BUSINESS ..............................................................................................	24
ALTERNATIVE PERFORMANCE MEASURES RECONCILIATION .......................................................................	25
STATEMENT ON THE TRUE AND FAIR NATURE OF THE FINANCIAL STATEMENTS AND THE TRUE AND FAIR
NATURE OF THE PRESENTATION IN THE MANAGEMENT REPORT ................................................................	27
GENERAL INFORMATION ABOUT THE COMPANY........................................................................................	27
STATUTORY AUDITOR'S REPORT ON THE REVIEW OF THE CONSOLIDATED CONDENSED INTERIM FINANCIAL
INFORMATION AS AT 30 JUNE 2021 AND FOR THE SIX-MONTH PERIOD THEN ENDED..................................	28

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DEFINITIONS

Working capital requirement	Inventories + trade receivables and other operating receivables + other current assets - trade payables and other
	operating liabilities - tax payables - other current liabilities
Capital employed	Equity of real estate segment + net financial debt of real estate segment
Net financial debt (NFD)	Non-current bonds + non-current financial liabilities + current bonds + current financial liabilities - cash and
	cash equivalents
Income from operating activities	Revenue + other operating income + purchases + remunerations and social security payments + other operating
	expenses + depreciation and amortisation + goodwill depreciation
Operating income (EBIT)	Income from operating activities + share of profit (loss) of investments accounted for using equity method
EBITDA	Income from operating activities + depreciation and amortisation + goodwill depreciation
Return on equity (ROE)	Net income, share of the group / equity, share of the group
Order book	Revenue to be generated by the projects for which the contract has been signed and has come into effect (after
	notice to proceed has been given or conditions precedent have been fulfilled) and for which project financing
	is in place.

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CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

	For the period ended June 30		Notes			2021			2020
	(in € thousands)
	Revenue					1,629,903			1,491,229
	Other operating income	6			48,625		112,750
	Purchases					(882,460)		(901,428)
	Remuneration and social security payments					(357,483)		(343,226)
	Other operating expenses					(232,041)		(200,602)
	Depreciation and amortisation					(153,630)		(156,168)
	Goodwill depreciation					0		0
	Income from operating activities					52,914			2,555
	Share of profit (loss) of investments accounted for using equity method	11			11,232		16,786
	Operating income					64,146			19,341
	Cost of financial debt	7			(2,434)		(3,164)
	Other financial expenses and income	7			(5,496)		(6,425)
	Financial result					(7,930)			(9,589)
	Result before tax					56,216			9,752
	Income tax expenses	9			(12,785)		(2,557)
	Result for the period					43,431			7,195
	Result attributable to non-controlling interests	8			(809)		1,235
	Result for the period - share of the group					42,622			8,430
	Earnings per share (share of the group) (EUR) (diluted and basic)					1.68		0.33

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	For the period ended June 30		Notes			2021			2020
	(in € thousands)
	Result for the period - share of the group					42,622			8,430
	Result for the period					43,431			7,195
	Changes in fair value related to financial derivatives					12,963		(6,228)
	Exchange differences on translation					3,965		(9,059)
	Deferred taxes					(1,698)		555
	Other elements of the comprehensive income to be reclassified to					15,230			(14,732)
	profit or loss in subsequent periods
	Re-measurement on defined benefit and contribution plans					0		0
	Deferred taxes					0		0
	Other elements of the comprehensive income not to be reclassified to					0			0
	profit or loss in subsequent periods
	Total other elements of the comprehensive income recognized					15,230			(14,732)
	directly in equity
	Comprehensive income :					58,661			(7,537)
	- Share of the group					58,036		(6,216)
	- Attributable to non-controlling interests					625		(1,321)
	Result for the period (share of the group) per share (EUR) (diluted and					2.29		(0.25)
	basic)

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