CFE - 2006 annual report - Vinci

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Sales (in million Euro) 2006 2005 % variation Construction 537.2 489.6 +9.7% Real estate development and management services 28.4 22.8 +24.6% Inventory effect -1.3 -5.2 Sub-total 564.3 507.2 +11.3% Dredging and environment 538.7 422.6 +27.4% Multitechnical 60.9 45.6 +33.5% Total consolidated 1,164.0 975.4 19.3% Sales by geographical zone (in million Euro) 2006 2005 % variation Belgium 525.3 535.3 -1.9% The Netherlands 98.8 79.7 +24.1% Luxembourg 106.9 39.7 +169.3% Sub-total Benelux 731.0 654.7 +11.7% Europe without Benelux 142.1 120.6 +18.0% Total Europe 873.1 775.3 +12.6% America (Mid + South) 54.6 22.1 +146.6% Africa 49.6 60.2 -17.6% Asia 42.4 20.9 +102.9% Middle East 133.1 84.9 +56.7% Ocean 11.2 12.0 -6.7% Total consolidated 1,164.0 975.4 +19.3% Contribution to the operating result – part of the group (in thousand Euro) 2006 % turnover 2005 % turnover % variation Construction 11,755 2.2% 10,150 2.1% 15.8% Real estate development and management services 12,121 4,513 168.5% Stockeffect 411 -1,740 Sub-total 24,287 12,923 87.9% Dredging and environment 39,148 7.2% 36,713 8.7% 6.6% Multitechnics 3,489 5.7% 2,340 5.5% 49.1% Holding -1,030 206 Total consolidated 65,894 5.7% 52,182 5.4% 26.3% 9 5
9 6 Contribution to the net resultpart of the group (in thousand Euro) 2006 % turnover 2005 % turnover % variation Construction 6,238 1.2% 5,020 1.0% 24.2% Real estate development and management services 7,591 3,128 Stockeffect 268 -1,167 Sub-total 14,097 6,981 1.4% +101.9% Dredging and environment 23,441 4.4% 17,386 4.1% +34.8% Multitechnics 2,392 3.9% 1,049 2.3% +28.0% Holding 775 86 Total consolidated 40,705 3.5% 25,502 2.6% +59.6% 1.4 Comments on the balance sheet, cash flow and investments The net financial debt of the group CFE amounts 141.7 million Euro as of December 31, 2006, an amelioration of 32.6 million Euro compared to December 31, 2005, while DEME’s net financial debt, driven by the current investment program, increases with 62.9 million Euro (share CFE) (net financial debt DEME share CFE as of December 31, 2006: 189.7 million Euro against 127.2 million Euro share CFE as of December 31, 2005). The other segments have a positive cash position of 48 million Euro, being 95.1 million Euro in progress compared to 2005. This amelioration is explained by the commercialisation of the project Dôme at Grand Duchy of Luxembourg and by less need in working capital by all segments. In addition, the cash position of the group was positively influenced by the capital increase at CFE SA for 46.8 million Euro. Consequently the financial structure of the group strengthened significantly in 2006. Shareholder’s equity increases with 70.5 million EUR and amounts 269.6 million Euro, representing a gearing of 22% (18% end 2005). The provisions for risks (current and non current) increased with 6.2 million Euro and amounts 46.9 million Euro as of end 2006. The return on equity (ROE), calculated on consolidated shareholders’ equity part of the group (end of 2006) amounts 15.3 %, an increase compared with last year. (in thousand Euro) 2006 2005 Cash fl ow from operating activities 128,903 30,548 Cash fl ow from investing activities -134,929 -95,814 Cash fl ow from fi nancing activities 59,404 54,238 Net increase /(decrease) of cash 53,378 -11,027 Equity – part of the group 265,463 190,449 Net result of the year 40,705 25,502 ROE 15.3% 13.4% C F E F I N A N C I A L R E P O R T 2 0 0 6 I 1 2 6 t h C F E F I N A N C I A L R E P O R T 2 0 0 6 I c o r p o r a t e f i n a n c i a l y e a r 1 2 6 t h c o r p o r a t e f i n a n c i a l y e a r
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Compagnie d’Entreprises CFE SA A
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Well-managed growth With a 19% incr
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Men and women serving the group ●
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July • Delivery of the renovated
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Philippe Ratynski Philippe Ratynski
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IFRS Belgian Standards Data in EUR
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from the left to the right: Patrick
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Workforce developments in the Const
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Last, but not least, we must emphas
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Evolution of the frequency rate - D
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Theme Commitments Initiatives Human
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2 3
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2 6 Overall view of the watertreatm
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2 8 In the Netherlands, the work do
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3 0 Koen Vande Voorde, 37 years Sit
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3 2 Façade of “Résidence Theys
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3 4 Extension of Dredging Internati
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3 6 New all-purpose sports centre
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3 8 Construction of an office build
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4 0 Suite of offices for the Europe
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4 2 Museum of Modern Art in Luxembo
Page 45 and 46: 4 4 Lorem André de Ipsum Koning do
Page 47 and 48: 4 6 Bernard Cols Bruno Lambrecht, C
Page 49 and 50: 4 8 Lorem Gérard Ipsum Bourelly, d
Page 51 and 52: 5 0 “Médiacité” business comp
Page 53 and 54: 5 2 “Sand Court” project for th
Page 55 and 56: 5 4 “Botanic” building in Bruss
Page 57 and 58: 5 6 Patrick Van Craen Damien Quinet
Page 59 and 60: 5 8 New lighting for the large hall
Page 61 and 62: 6 0 Saint-Michel clinic in Brussels
Page 63 and 64: 6 2 Erecting of catenaries by Engem
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Page 67 and 68: 6 6 from the left to the right: Mar
Page 69 and 70: 6 8 The brand new trailer “Mariek
Page 71 and 72: 7 0 In Richard’s Bay, South Afric
Page 73 and 74: 7 2 ● Venezuela DI further consol
Page 75 and 76: 7 4 DEC was selected as one of the
Page 77 and 78: 7 6 Financial report Corporate gove
Page 79 and 80: 7 8 Table of contents Corporate gov
Page 81 and 82: 8 0 Corporate governance 1. Composi
Page 83 and 84: 8 2 Bernard Huvelin VINCI 1, cours
Page 85 and 86: 8 4 Co-opted Director whose nominat
Page 87 and 88: 8 6 2. Operation of the Board of Di
Page 89 and 90: 8 8 2.2 The Appointments and Compen
Page 91 and 92: 9 0 3.3 Compensation of the Managin
Page 93 and 94: 9 2 Remuneration of the auditors of
Page 95: 9 4 Dredging & environment segment
Page 99 and 100: 9 8 B. Risk factors 1. Risks common
Page 101 and 102: 1 0 0 1.3 Management and workforce
Page 103 and 104: 1 0 2 C. Insurance policy The CFE g
Page 105 and 106: 1 0 4 6. Discharge to be given to t
Page 107 and 108: 1 0 6 Definitions Associates Capita
Page 109 and 110: 1 0 8 Transactions in 2005 1. Const
Page 111 and 112: 1 1 0 Consolidated balance sheet Fo
Page 113 and 114: 1 1 2 Statement of changes in Equit
Page 115 and 116: 1 1 4 Notes to the consolidated fin
Page 117 and 118: 1 1 6 The Financial Statements prep
Page 119 and 120: 1 1 8 F. Goodwill 1. Goodwill Goodw
Page 121 and 122: 1 2 0 Leases of assets under which
Page 123 and 124: 1 2 2 P. Share capital Own shares p
Page 125 and 126: 1 2 4 T. Trade and other payables T
Page 127 and 128: 1 2 6 X. Derivative financial instr
Page 129 and 130: 1 2 8 Revenue (in thousand Euro) 20
Page 131 and 132: 1 3 0 Balance sheet at December 31
Page 133 and 134: 1 3 2 For the exercise 2005 Fair va
Page 135 and 136: 1 3 4 Income statement 4. Revenue f
Page 137 and 138: 1 3 6 9. Income tax expenses Recogn
Page 139 and 140: 1 3 8 10. Profit per share The basi
Page 141 and 142: 1 4 0 Assets items under lease Cert
Page 143 and 144: 1 4 2 14. Intangible assets other t
Page 145 and 146: 1 4 4 15. Investments available for
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1 4 6 17. Other non current assets
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1 4 8 21. Cash and cash equivalents
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1 5 0 Movement in the fair value of
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1 5 2 Interest rate risk The group
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1 5 4 26. Financial debts As per De
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1 5 6 29. Other commitments granted
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1 5 8 • The group CFE sets up a t
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1 6 0 List of the most important su
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1 6 2 C F E F I N A N C I A L R E P
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1 6 4 Statutory financial statement
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1 6 6 Analysis of the income statem
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1 6 8 The headquarter at your servi
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CFE - 2006 annual report - Vinci

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