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    CFEB   BE0003883031

COMPAGNIE D'ENTREPRISES CFE SA

(CFEB)
  Report
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Compagnie d'Entreprises CFE : INTERIM REPORT AS OF JUNE 30, 2021

08/31/2021 | 01:22am EST

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

2

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

3

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.

4

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)

5

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Disclaimer

CFE - Compagnie d'Entreprises SA published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 05:21:02 UTC.


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Sales 2021 3 554 M 4 021 M 4 021 M
Net income 2021 114 M 129 M 129 M
Net Debt 2021 635 M 718 M 718 M
P/E ratio 2021 22,0x
Yield 2021 1,57%
Capitalization 2 501 M 2 823 M 2 829 M
EV / Sales 2021 0,88x
EV / Sales 2022 0,81x
Nbr of Employees 8 000
Free-Float 25,8%
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Last Close Price 98,80 €
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Spread / Average Target 15,4%
EPS Revisions
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Piet Dejonghe Managing Director & Director
Fabien Jean-René de Jonge Chief Financial Officer & Administrative Director
Luc Jacques Bertrand Chairman
Philippe Delusinne Independent Director
Ciska Servais Independent Director
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