CFE - 2006 annual report - Vinci

4
Strategy
CFE is a group on the move. Having clearly announced
its objectives on the occasion of the capital increase that
occurred in autumn 2006, CFE now has the financial
means to secure its own development. Its human resource
policy must allow it to rely on its primary source of wealth:
the men and women who make up the company.
Clear development objectives...
... in construction
● The search for new types of contracts
CFE has responded in 2006, and will respond again in 2007,
and in future years, to projects initiated by the Flemish
and Dutch authorities concerning major infrastructure
projects: the Antwerp Ring road, the Coentunnel, and the
Liefkenshoekrailway tunnel. In addition to participating in
concession projects, the group will also seek to partici-
pate in public-private partnership, over the entire Benelux
territory, such as the renovation of school buildings and
the construction of new prisons.
● Opening up to the world
After being present in Central Europe for more than ten
years (in Hungary and Poland), at the end of 2005, CFE
created CFE Slovakia with offices in Bratislava. At the
beginning of 2007, CFE Contracting and Engineering SRL
was created in Romania, which has now become the fourth
target country for groups operations in Central Europe.
At the beginning of 2006, CFE also created CFE Qatar to
develop business in the Middle East and benefit from the
economic boom in that country.
The recently created export department is seeking to
obtain major projects in countries where CFE does not
have a permanent presence.
... in real estate development and management
CFE Immo, BPI and CLi will continue their well-
balanced growth in their “home countries”: Belgium and
Luxembourg. Development activities hitherto concentrated
solely on residential and office developments will now be
expanded to include retail shopping centres.
The real estate companies will also seek out new opportu-
nities in Central Europe (Poland and Hungary) for residen-
tial and office projects.
... and in multitechnics
The satisfying results obtained by the existing teams in
the multitechnics segment justify a search for external
growth. This should begin to take form in 2007 and will
be in the field of heating and air conditioning, which are
natural complements to electrical contracting. It could
also involve activities in the rail segment, where Engema
has been able to position itself well, and in multi-services
and maintenance.
... and providing DEME with the means to
create its own growth
DEME has considerably increased its business and had,
at the end of the year, an excellent order book. Working
in complete cooperation with Ackermans & van Haaren,
co-owners of this Antwerp-based company, CFE wanted
to allow DEME to become more competitive, by providing
it with the means needed for its expansion. Its production
capacity has grown through the acquisition of the dredger
“Melina” and the commissioning of the dredger “Marieke”.
In the second half of 2007, the dredger “Reynaert” will be
delivered and construction of two other dredgers, “Brabo”
and “Breydel”, was started in November 2006.
Appropriate financial resources
By going to the capital markets for the first time since its
creation, CFE intended to provide itself with the resources
needed for its own growth. The capital increase of 46.8 mil-
lion Euro was a success.
The sale of the “Dôme” real estate operation in Luxembourg
at the end of 2006 further strengthened the financial situ-
ation of the group and will allow it to have the resources
needed for expansion.