CFE NV (including DEME)

AvH: 60.40%

(€ 1,000)  2017 2016
Turnover 3,066,525 2,797,085
EBITDA 500,734 465,863
EBIT 267,157 227,570
Net result (group share) 180,442 168,411
Shareholders’ equity (group share) 1,641,904 1,521,559
Net financial position -351,909 -213,051
Balance sheet total 4,646,893 4,328,219
Order book (€ mio° 4,851 4,757
Personnel 8.689 7,752


Key figures




Beneficial interest AvH: 60.40%
AvH Contact: Piet Dejonghe

CFE is a Belgian industrial group listed on Euronext Brussels, with three distinct specialist areas: 'Dredging, Environment, Offshore and Infrastructure activities', 'Contracting', which includes construction, multitechnics and rail activities, and finally 'Real Estate Development'.

Information from the 2017 annual report

Financial overview 2017

2017 was a good year for CFE: both CFE Contracting and the Real Estate Development division reported a strong increase in their contribution to the group result. The high level of the order book (incl. 241.8 million euros from the acquired A.A. Van Laere) also shows that CFE is on the right track. CFE (excl. DEME) realized a net profit of 23.9 million euros, compared with 13.0 million euros in 2016.


Operational overview 2017

The new organization, which combines autonomy and synergy, has proved its relevance more than ever in 2017. The activity report of the 'Dredging, Environment, Offshore and Infrastructure activities' division can be found on pages 66 to 69 of this annual report.



Turnover at CFE Contracting declined to 717.6 million euros in 2017. This decrease, which was expected, is primarily due to the delayed start-up of several major projects in Belgium and the difficult socio-economic conditions in Tunisia. Internationally, the activities in Poland in particular saw a vigorous growth. The order book of CFE Contracting at year-end 2017 increased significantly to 1,229.7 million euros (+44.6%, or +15.1% on a like-for-like basis). This is the result of new contracts in the Construction segment in Brussels and Poland and in the Rail & Utility Networks segment.

In addition, the division was further strengthened by the acquisition of A.A. Van Laere at the end of 2017. By this acquisition, the two construction groups, which will continue to operate under their existing names, will be able to work together optimally in Belgium. The activity report of A.A. Van Laere for 2017 can be found on page 73 of this annual report. The results of A.A. Van Laere will be incorporated in the figures of CFE from 2018 onwards.

The convergence between MBG and Atro Bouw was completed in May 2017. Their activities will be continued under the name MBG. All the schools in the 'Scholen van Morgen' (Schools of Tomorrow) programme were delivered. The AZ Sint-Maarten (Mechelen) site is well advanced, as is that of the Antwerp Management School (Antwerp). 2018 looks promising, thanks to several new projects in Gierle, Brussels and Bruges. BPC, the entity created by the merger of CFE Brabant and BPC Brabant, has, among other items, delivered the CHIREC hospital to Delta and completed the headquarters of AXA Belgium. BPC is continuing to work on ongoing projects, and has started a dozen new sites, thereby confirming itself to be the leader in the construction of buildings in Brussels. In 2017, the Leloup Entreprise Générale and Amart entities merged under the brand Amart, which has delivered several building sites. The order backlog should increase the activity by 50% in 2018. BPC Wallonie’s activity decreased temporarily, however, due to the postponement of projects to 2018.

In the Grand Duchy of Luxembourg, CLE has maintained its high activity level of 2016 with the completion of several major construction projects, such as the Galerie Kons and the Aloyse Kayser school. It also started two new civil engineering projects. In Poland, CFE Polska’s turnover and margins are rising again, and there is a pleasing growth in assignments for international customers. In Tunisia, CTE signed two contracts with Siemens and the Ministère de l'équipement. The outlook remains cautious, however, given the country's economic situation.

Groep Terryn experienced a pleasing increase in the sector of solutions with laminated wood. The company looks forward positively to 2018, thanks to a significant increase in its order book for all its activities.

An 'Electro VMA’ cluster was formed in 2017, together with VMA, VMA West, Vanderhoydoncks, Nizet and various international entities. The cluster realized a large part of its turnover with installations in the field of health and of offices in Belgium and the Grand Duchy of Luxembourg. The ‘Automotive’ department has carried out major automation projects for Audi in Vorst and for Volvo in Ghent and Charleston (America). All in all, 2017 was a good year. The prospects for 2018 are also favourable. In the HVAC activity, the first semester of 2017 was difficult for Druart. The marvellous Rive Gauche project in Charleroi was delivered at the start of 2018. 2018 should be more fruitful, given the large number of orders. In the market of technical maintenance and services, be.Maintenance further strengthened its position in Belgium by extending its 'maintenance' portfolio for the 'Scholen van Morgen' programme.

In the 'signalling’ activity, ENGEMA and Louis Stevens & Co carried out several projects, and the preparatory work for the ETCS level 2 project on the Belgian rail network was started. The 'catenary' activity had a good year, with various projects for Infrabel and Tuc Rail. The 'track' activity was considerably strengthened by the acquisition of Coghe at the end of the year. By combining the material park of Remacom with that of Coghe, CFE is now able to offer integrated solutions to its customers. In 2017, ETEC and ENGEMA Lignes joined forces in a single company to centralise the 'utilities' activities. This activity had a well-filled year, including, among others, the high-voltage line connecting the Belgian wind farms to the Dudzele network and the installation of the definitive illumination of the UNESCO-listed Belfort (belfry) of Mons.


Real Estate Development

BPI consolidates the real estate activities of the group in Belgium, the Grand Duchy of Luxembourg and Poland. Given the strong development of its assignments in recent years, it has revamped its organisation and its visual identity in order to meet the challenges of a highly competitive market even better.

In Belgium, BPI has continued or completed the commercialisation of the Solvay projects in Elsene, the Erasmus Garden in Anderlecht and Les Hauts Prés in Uccle, among others. The sale of the participation in the Oosteroever project in Ostend has strengthened the group's real estate results.

In the Grand Duchy, BPI Luxembourg has delivered the Kons project, commercialised the last units of the Bettembourg project, completed the commercialisation of the Kiem project on the plateau of the Kirchberg, and ensured the management and commercialisation of the Glesener project in Luxembourg City.

In Poland, BPI Polska has completed the final phase of the Four Oceans project in Gdansk with great commercial success, and is continuing to work on the construction of the Bulwary Ksiazece project in Wroclaw and the Wola Libre project in Warsaw. BPI Polska also holds a 90% stake in two new projects in Poznan and Warsaw.


Non-transferred activities

The operational management and maintenance of the Grand Hôtel in N’Djamena were transferred in June 2017 to the hotel operator appointed by the Chadian government. The receivables on Chad remained unchanged compared with the end of December 2016.


Outlook 2018

The CFE group will see its turnover increase considerably in 2018, given the well-filled order books at both DEME and Contracting.


Press releases

23/11/2018 CFE: Interim statement
07/09/2018 CFE: The consortium CFE/Cofinimmo will build the Neo II project, designed by Jean Nouvel, in Brussels
31/08/2018 CFE: Half-year results 2018