CFE NV (including DEME)

AvH: 60.40%

(€ 1,000)  2014 2015
Turnover 3,510,548 3,239,406
EBITDA 479,485 504,925
EBIT 220,399  228,905
Net result (group share) 159,878 174,961
Shareholders’ equity (group share) 1,313,627  1,423,277
Net financial position -188,130 -322,719
Balance sheet total 4,215,452 4,302,159
Order book (€ mio° 3,566 4,160
Personnel 8,021 8,160


Key figures



Toison d'Or - Brussels



Beneficial interest AvH: 60.40%
AvH Contact: Piet Dejonghe

CFE is a Belgian industrial group, listed on Euronext Brussels, active in three major areas: Dredging and Marine Engineering, Contracting, and Real Estate Development. The group operates worldwide, primarily with its dredging and marine engineering works, which are carried out by DEME (CFE 100%).

Information from the 2015 annual report

Financial overview 2015

The turnover of CFE (excluding the contributions of DEME and Rent-A-Port) amounted to 953.3 million euros in 2015, compared with 1,090.9 million euros in 2014. This sharp decrease is attributable to the group’s intention to limit its international exposure and to adopt a more selective approach in the Benelux area. The net result (excl. DEME) remained negative as a result of losses in the civil engineering activity, international activities and the execution of some largescale building projects in Brussels. However, the building activities in Flanders, multitechnics and rail infra as well as the real estate activities made a positive contribution, although not enough to offset the losses of the other activities and the substantial restructuring costs. After recovering an amount of 6 million euros during the second half of 2015, the CFE group still has a net claim of around 60 million euros against Chad. CFE is making every effort, together with the local authorities, to find the necessary funding to enable payment of the receivables.

The order book (excl. DEME) has decreased considerably due to the transfer of the civil engineering activity in the Netherlands (CFE Nederland and GEKA) to DEME, and the more selective intake of new projects. CFE’s order book (excl. DEME) amounted to 975.3 million euros at year-end 2015, compared with 1,145.8 million euros at year-end 2014.

Operational overview 2015

A major reorganization took place in 2015 within the CFE group. CFE Contracting, which since 4Q15 has been controlled by an executive committee led by the newly appointed CEO Raymund Trost, comprises the building activities in the Benelux area, Poland and Tunisia, multitechnics and rail infra. BPI, led by Jacques Lefèvre, brings together all real estate development activities in Belgium, Luxembourg and Poland. At the same time, CFE NV remains in charge of the other international building activities, and the non-marine civil engineering activities. 2015 saw the completion of several projects of CFE International in Chad, Sri Lanka and Algeria.

In civil engineering, CFE Nederland and GEKA were incorporated at the end of the year in DEME’s new Infra Sea Solutions division, which also took over the personnel of the former MBG Civil Engineering. CFE Nederland continued work on several major projects in 2015, such as the rail tunnel in Delft and the Nelson Mandela bridge in Alkmaar. GEKA carried out a large number of marine engineering projects, such as a sea and river jetty in Rotterdam and various contracts for public and private sector customers.


The activities of CFE Contracting that were restructured at the end of 2015 showed a profit in 2015, despite increased competition on various markets. The outlook for 2016 and the following years is favourable.


2015 was a very good year for MBG and Atro, which reported a vigorous growth, while Groep Terryn refocused on its core business. BPC Brabant recorded a stable level of activity, while Amart, which saw a slight downturn, produced some prestigious projects, such as the Marks & Spencer store in the beautiful mixed-use Toison d’Or building in the centre of Brussels, which was realized by BPC Brabant. CFE Brabant realized several public and private renovation and new construction projects. There was solid growth for Leloup, which increased its turnover by 40%, and for BPC Hainaut-Liège-Namur, which started work on the CHC-MontLégia hospital project in Liège, and also completed two data centres for BNP.

In Luxembourg, CLE reported a high level of order intake and completed three projects in the tertiary sector. In Poland, CFE Polska ended the year with highly satisfactory margins. In Tunisia, CTE was active in several regions and was awarded two substantial contracts, including the renovation of Amilcar Hotel at the port of Sidi Bou Said.

Multitechnics & Rail Infra

VMA was active in the health care sector, the tertiary sector and in civil engineering, as well as on the automation market, more particularly for the new Scania plant in Sweden. Nizet Entreprise continued to develop, and realized several projects in Belgium, Sri Lanka and Vietnam.

In HVAC (heat, ventilation, air conditioning), Druart and its subsidiary Procool executed several major contracts, such as the renovation of Nestlé’s office in Anderlecht. be.Maintenance consolidated its market position with concession contracts for periods of 25 to 30 years for a.o. Charleroi police station. Voltis successfully opened a third store in Wallonia.

In a market characterized by decreasing investments by Infrabel, ENGEMA was still able to realize several projects in signalling and in electrification and replacement of overhead lines. Louis Stevens & Co worked for Brussels Airport and for several wind farms. Remacom continued its rapid growth and strengthened its position on the Belgian rail market. ETEC, under the leadership of its new management team, consolidated its firm position in Hainaut.

Real Estate Development

BPI now encompasses all the real estate activities of the group. In the course of the financial year, sales progressed at a steady pace, which is reflected in substantially better results.

In Belgium, BPI completed the first phases of the urban redevelopment projects Solvay in Elsene and Oosteroever in Ostend and continued the construction of other projects. The Erasmus Garden project in Anderlecht was launched successfully, and several building lots have already been sold. In Luxembourg, CLi, which became BPI Luxembourg following the reorganization of the Real Estate Development division, completed the last residential projects Eden Green and Château de Beggen. A land position at the ‘Route d’Esch’ was acquired with a partner.

In Poland, BPI Polska successfully launched the sale of the new projects Wola Libre in Warsaw and Pacific in Gdansk. In Wroclaw, planning permission was requested for the emblematic Ksieca Witolda project, so that sales can start in the spring of 2016.

Outlook 2016

The Contracting and Real Estate divisions should contribute positively to the operating result of the group in 2016. The result of the holding (including PPP-Concessions activities and activities that have not been transferred) will be strongly dependent on the reimbursement of the outstanding receivables in Chad.



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