cfe_jaarverslag_EN.pdf

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coMpaGnie D’entrepriSeS cfe Sa

Founded in Brussels on June 21, 1880Headquarters : 42, avenue Herrmann-Debroux, 1160 Brussels - BelgiumCompany number 0400.464.795RPM BrusselsTelephone: +32 2 661 12 11Fax: +32 2 660 77 10E-mail: [email protected]: http://www.cfe.be

Table of conTenT

the Group cfe

Edito 3Strategy 5Management 8Operational chart 10Board of Directors 12Some information on the share and exercise of the rights 14Strong focus on people and the environment 23A responsible company that cares for its environment 332011 highlights 36

activities

PPP-Concessions division 38

Real estate development and management services division 44

Construction division 52

Multitechnics division 68

Dredging and environmental division 80

financial report

Management report of the Board of Directors 104Consolidated financial statements 150Statutory financial statements 226

Key figures

consolidated statement of comprenhensive income in millions of eUr

IFRS

2007 2008 2009 2010 2011

REVEnuE 1,467.6 1,728.4 1,602.6 1,774.4 1,793.8

OPERATIng RESulT 99.0 112.4 88.6 99.1 84.9

PROFIT BEFORE TAx 83.9 95.4 76.8 85.2 69.2

nET PROFIT OF THE gROuP 62.4 69.9 61.7 63.3 59.1

gROSS SElF-FInAnCIng (1) 156.5 185.4 174.0 195.0 171.5

EBIT (2) 100.7 113.7 91.2 99.1 84.9

EBITDA (3) 166.9 196.2 184.2 197.3 181.6

EquITY – PART OF THE gROuP (BEFORE DISTRIBuTIOn) 317.3 357.7 413.3 466.1 501.7

(1) gross self-financing margin: see consolidated cash flow statement on page 152 of the consolidated financial report.

(2) EBIT: operating result + income from non-current financial assets + result from associates.

(3) EBITDA: EBIT + depreciation and impairements + other non-cash items (under IFRS)

consolidated statement of financial position in millions of eUr

IFRS

2007 2008 2009 2010 2011

EquITY 322.9 368.2 423.8 475.4 508.8

WORkIng CAPITAl 103.1 133.5 152.3 248.0 350.0

InVESTMEnTS In TAngIBlE AnD InTAngIBlE ASSETS 101.2 156.8 190.2 223.3 217.6

DEPRECIATIOn 66.9 73.4 82.1 98.3 101.5

annual growth

IFRS

2007 2008 2009 2010 2011

REVEnuE 26.1% 17.8% -7.3% 10.7% 1.1%

EBIT 52.8% 12.9% -19.8% 8.4% -14.2%

RESulT OF THE YEAR 53.3% 12.0% -11.7% 2.5% -6.7%

Data by division

Evolution of the operating result

c o n s t r u c t i o n

r e a l e s tat e d e v e l o p m e n t

m u lt i t e c h n i c s

d r e d g i n g

p p p - c o n c e s s i o n s

2008 2009 2010 2011

0

50

100

150

2007 2008 2009 2010 2011

Evolution of the order book

Evolution of the revenue

ratios

IFRS

2007 2008 2009 2010 2011

EBIT/REVEnuE

6.8% 6.6% 5.7% 5.6% 4.7%

EBIT/CASH FlOW

64.3% 61.3% 54.4% 50.7% 51.7%

EBITDA/REVEnuE

11.4% 11.4% 11.5% 11.1% 10.1%

nET PROFIT OF THE gROuP /EquITY – PART OF THE gROuP

19.7% 19.5% 14.9% 13.6% 11.8%

nET PROFIT OF THE gROuP / REVEnuE 4.3% 4.0% 3.9% 3.6% 3.3%

Key fig

ur

es

2007 2008 2009 2010 2011

0

500

1.000

1.500

2.000

2.500

2007 2008 2009 2010 2011

0

500

1.000

1.500

2.000

2.500




d r e d g i n g





d r e d g i n g


1

ANNUAL REPORT 2011131th corporate financial year

Pôle Construction2

3

Edito

cfe put in a highly resilient performance in tough economic conditions in 2011. revenues were stable compared to 2010, operating profit was €84.90 million and net profit after tax amounted to €59.10 million.

All business lines contributed to the Group’s performance. Despite an incident affecting a remediation

project in Brazil, DEME significantly strengthened its position in the dredging sector, winning some major

contracts, particularly in Australia. DEME also continued to modernise its fleet, enhancing its prospects

in terms of winning business in the coming years.

The Group also developed its skills base further in 2011, particularly in the multitechnics division. CFE

acquired ETEC, a company based in the Walloon region in Belgium, specialised in public lighting. To-

gether with the commercial success of VMA in Turkey and Slovakia, this acquisition enhances the growth

prospects of the multitechnics division, which now accounts for 10% of total revenues.

The construction business ended the year with a historically high order book. Order intake was driven in

particular by international projects, with CFE now operating in Tunisia, Algeria, Chad, Nigeria and Qatar.

The Group also won some major property development contracts in 2011. BPI and CFE Immo are involved

in some of the Belgian market’s most high-profile projects, such as the Solvay site in Ixelles, Van Maer-

lant in the European district of Brussels, the Lichttoren project in Antwerp, the Oosteroever residential

project in Ostend and the Victor project opposite the Gare du Midi in Brussels.

The PPP-Concessions division won the contract for the Charleroi police station. Work on this project,

which won the Futura award during the MIPIM Cannes 2012 fair, will continue until 2014. In Vietnam,

Rent-A-Port’s work over a number of years was rewarded by Bridgestone’s decision to set up operations at

the Hai Phong site. Again, the outlook in this division is encouraging.

CFE started 2012 with a particularly strong order book and a great deal of confidence. The Group’s diverse

business and geographical mix, combined with its constant quest for synergies between its various

divisions, mean that performance is expected to improve further this year.

In this respect, the high level of motivation among CFE’s staff is a major advantage. CFE has just been

named one of Belgium’s «Top Employers» of 2012. This new accolade will help the Group hire the staff it

needs to address new challenges, including that of maintaining and increasing client satisfaction.

Renaud Bentégeat Philippe Delaunois

Managing Director President of the Board of Directors

ostend - Dp ii Jack-up neptune

Strategy4

Strategy 5

StratEgy

increasing diversification and international development

in 2011, the cfe Group continued to grow in accordance with its strategy by focusing on international development, strengthen-ing its multitechnics division and making sustainable develop-ment an integral part of all its activities. More than ever, the Group demonstrated the effectiveness of its structural and operational model. the model’s strength lies in the good fit between business lines and the resulting synergies, making the business ideally suited to meet growing market demand for comprehensive solutions. customer satisfaction is a core prior-ity. the model also underpins cfe’s reputation as a highly reli-able and top-quality partner.

A coherent structure that generates synergies

No company is part of the CFE Group by chance: the Group is a coherent collection of complementary

entities and business lines.

In upstream businesses, property development companies handle the entire development process: pur-

chasing land, selecting projects, obtaining permits, carrying out construction work and selling proper-

ties to homeowners and investors. The PPP-Concessions division, which in 2011 won the contract to

build a new police station in Charleroi, is a major advantage for CFE when bidding for contracts, since

it can offer project-financing expertise to local authorities. It also works on long-term contracts, where-

as the rest of CFE’s activities are more short-term.

Whenever the Group is involved in the upstream part of a property development or concession pro-

ject, synergies come to the fore. For example, general contracting units carry out construction work,

specialist electricity and HVAC units install equipment and facilities, and civil engineering units build

infrastructure and perform other works. Maintenance is then carried out by specialist subsidiaries like

Aannemingen Van Wellen (roads), MBG (civil engineering) and be.Maintenance (multitechnics). The

finance and concessions departments arrange financing for all activities.

In addition, our entities specialising in dredging, civil engineering and marine engineering, such as

GEKA, increasingly work together in Belgium and the Netherlands, and even in certain projects in

Germany and Denmark.

As a result, the CFE model is based on a logical integration of the value chain, with synergies arising

between the Group’s various companies. The Group is maintaining its balanced and complementary

range of businesses as it continues to grow and diversify, developing new business lines and integrat-

ing new companies while also seeing its investments in DEME generate equivalent growth. As a result,

the dredging business accounts for 50% of the CFE Group’s business, just as it did eight years ago.

amsterdam - coentunnel

Strategy6

Customer satisfaction: a core priority

In our business lines, customers very often need a comprehensive solution, enabling them to deal with

a single point of contact. In the concessions field, the PPP-Concessions division is able to provide these

comprehensive solutions. In rail projects, for example, customers want companies that can lay the

track and install both signalling and overhead wiring. Marine works and dredging customers also want

a single solution.

CFE is able to meet the expectations of all these customers. With its broad range of skills and business-

es, the CFE Group - representing all of its component units - can offer a single point of contact and a

comprehensive, internally co-ordinated response. This represents a considerable benefit for customers.

The same is true for the dredging business, whereby DEME represents all of its subsidiairies.

CFE is now well known as a reliable, credible, trustworthy partner. This is proven by the recurrent busi-

ness it receives from its loyal customers, and the strong relationships it has developed with the main

decision-makers, particularly in Belgium, as a result of its high-quality service.

Ongoing focus on international business

The current economic downturn means that international development is increasingly important.

This is clearly the case for DEME, which obviously cannot rely only on the Belgian market and has

always sought international growth in all its business areas, including dredging, environmental activi-

ties, offshore works and heavy lift operations at sea.

The situation is different for the Group’s other activities. Historically, CFE has had a very strong interna-

tional business. However, the Group sold its main African subsidiary in 2000, followed by other inter-

national activities. In the early 2000s, the international business consisted solely of limited activities in

Poland and Hungary.

In the last few years, however, CFE has resumed international growth and is now aiming to have an

international presence in all its business areas.

Construction: presence in Central Europe and increasingly Africa

In construction, CFE has long-established subsidiaries in Central Europe (Poland, Hungary, Slovakia and

Romania) and is determined to increase its presence in Africa. In 2011, the Group had major success in

this region, including the completion of work on Toukra University and the signature of further sub-

stantial contracts in Chad. In Nigeria, which is one of Africa’s most dynamic and populous countries,

CFE won a contract to build a residential tower for a local private-sector partner. In January 2012, the

Group signed a contract to build BNP Paribas’ headquarters in Algiers. This represents CFE’s first project

in Algeria, where it hopes to establish a permanent presence. In Tunisia, CFE has been working on the

Bizerte concession for almost three years, and construction projects are underway. The repercussions

caused by the recent revolution on Tunisia’s economy and tourist industry are now over, leading to

renewed growth prospects.

CFE Middle East has been operating in Qatar for four years now. This company is intending to build its

presence on the local market and expand into neighbouring countries including Abu Dhabi.

In construction, 2011 was a year in which CFE reaped the benefits of its international efforts, winning

some large contracts in a number of countries and preparing for future projects, particularly in Sri

Lanka. These projects relate mainly to the construction of buildings. 2012 is likely to bring gradual

international growth in the civil engineering and marine engineering businesses.

Strategy 7

Encouraging first steps in diversifying the international business The Group is also aiming to achieve international development in the multitechnics division. It has had

some initial successes, mainly through VMA and its automation activities in the automotive industry.

In addition to its long-standing presence in Slovakia, VMA won a contract in Hungary and, more recent-

ly, in Turkey, where it has recently set up VMA Turkey in order to bolster its presence in the country. In

Poland, CFE is planning to set up a subsidiary called VMA Polska in order to achieve synergies with the

CFE Polska construction unit and develop general electrical activities.

Although CFE’s property development activities have previously been restricted mainly to Belgium and

Luxembourg, in 2011 they expanded into Poland. A team is already building a four-block residential

complex in Gdansk and the Group has acquired various plots in Warsaw in order to develop offices,

residential buildings and shopping centres.

Multitechnics division: strong growth

The multitechnics division is relatively young, having been set up in its current form five years ago. The

original aim was to offer the full range of services across all of Belgium. As mentioned above, CFE is

now seeking to develop the multitechnics division internationally.

In addition to its traditional activities in the rail, electricity and HVAC segments, the Group added

maintenance in 2011 by setting up a specialist company called be.Maintenance. This company is likely

to see rapid growth in the next few years. The division has also moved into public lighting following

the acquisition of ETEC in Wallonia, and the business is likely to be developed through the creation of a

specialist public lighting company in Flanders.

Rail: on track

CFE has always had a strong rail business through its ENGEMA subsidiary, which has recently been

joined by Louis Stevens & Co. ENGEMA initially specialised in the installation of catenaries, before

moving five years ago into rail signalling, and is now a key player in Belgium in this market. To meet

increasing demand for services including track-laying and the installation of signalling and catenaries,

CFE intends to strengthen its track-laying business, which is an excellent fit with its rail electrics, roads

and civil engineering businesses. For this purpose, the Group recently acquired the Belgian company

Remacom in late February 2012.

Sustainable development: integral to the business

CFE has made sustainable development an integral part of its developments over the last few years.

The Group has a specific department that carries out research into new sustainable construction

and operating methods on behalf of companies and projects. Various initiatives undertaken by the

Group show the commitment of Group companies and staff to adopting an environmentally-friendly

approach. In 2011, this resulted in the construction of passive and low-energy buildings, the installa-

tion of photovoltaic panels and the connection of wind farms, among other projects. Companies also

took various in-house measures to reduce their energy consumption, use renewable energy, reduce

CO2 emissions and recycle waste. Several Group companies are naturally geared towards sustainable

development. They include CFE EcoTech, which purifies and recovers waste water, Groep Terryn, which

specialises in wood-based construction, and DEC Ecoterres, which carries out soil remediation work.

Pôle Construction8

Management team CFE 2011

patrick Van craen

Managing Director cle, Director tunisia and Morocco, Director and General Manager cli

lode franken

Deputy General Manager construction division and Director DeMe

christophe Van ophem

General Manager cfe Brabant

Bernard cols

General Manager of the multitechnics division, Director cfe ecotech and cfe polska

renaud Bentégeat

Managing Director of the cfe group and chairman of the management committee of DeMe

Jacques ninanne

Deputy General Manager corporate – chief financial officer of the cfe group, General Manager of the ppp-consessions division (until 31/01/2012) and chairman of Groupe terryn

Diane Zygas

General Manager of the ppp-consessions division (as from 01/02/2012)

patrick Verswijvel

General Manager MBG

Pôle Construction 9

frédéric claes

Managing Director Bpc and Director amart

Michel Guillaume

Director Sustainable Development of the cfe group and chairman Sogesmaint-cBre

Jacques lefèvre

Managing Director Bpi and General Manager cfe immo

yves Weyts

Managing Director aannemingen Van Wellen, Director synergies and communication of the cfe group

andré de Koning

Director cfe nederland and GeKa

Gabriel Marijsse

human resources Director of the cfe group

patrick de caters

General Manager BaGeci

youssef Merdassi

General Manager cfe international (including cfe hungary, cfe Slovakia, cfe românia*, cfe Middle east, cfe tchad, cfe algérie and coBel contracting nigeria ltd)

Operational chart10

operational chart

PPP – CONCESSIONS DIVISION CONSTRUCTION DIVISIONREAL ESTATE DEVELOPMENT AND

MANAGEMENT SERVICES DIVISION

Middle East

Tchad

Tunisie

pa r t i c i pat i o n s

pa r k i n g t u r n h o u t

hô t e l d e po l i c e ch a r l e r o i

45%

45%

18%

25%

50%

25%

19%

100%

*

*

*

*

49%

*

55%

*p o l s k a

*

66%

l u x e m b o u r g

24/02/2012o n ly t h e m a i n c o m pa g n i e s a n d b r a n c h e s a r e s h o w n

* b r a n c h e s

Operational chart 11

CFE INTERNATIONAL COORDINATION CENTRE

MULTITECHNICS DIVISION DREDGING AND ENVIRONMENTAL

a s i a

a u s t r a l i a

b e l g i u m

i n d i a

m e x i c o

m i d d l e e a s t

n i g e r i a

n e t h e r l a n d s

p h i l i p p i n e s

s pa i n

u k

d r e d g i n g &l a n d r e c l a m at i o n

e n v i r o n m e n ta l

s e r v i c e s

r e n e wa b l e e n e r gy

a n d p r o j e c t d e v e l o p m e n t

t e r m i n a l &m a r i n e s e r v i c e s

m a r i n e a g g r e g at e s

h y d r a u l i c e n g i n e e r i n g & m a r i n e w o r k s

d e e p s e a m i n i n g

b e l g i u m

n e t h e r l a n d s

u k

65%

50%

65%

100c/72m/0y/32k

0c/100m/100y/0k

69c/0m/100y/0k

logo OCEANFLORE CMYK

Pôle Construction12

Board of Directors CFE 2011

renaud Bentégeat

Managing director

c.G.o. Sa, represented by philippe Delaunoischairman of the Board of Directors

Sa consuco, represented by

alfred Bouckaertindependent directorMember of the nomination and remuneration committee

richard francioli

DirectorMember of the nomination and remuneration committee

philippe Delusinne

independent directorMember of the audit committee

Pôle Construction 13

bvba ciska Servais, represented by ciska Servaisindependent directorchair of the nomination and remuneration committee

Jan Steyaert

independent directorchair of the audit committee

christian labeyrie

DirectorMember of the audit committee

Bernard huvelin

Director

Jean rossi

Director

SOME INFORMATION ON THE SHARE AND ExERCISE OF THE RIGHTS14

SomE inFormation on thE SharE and ExErCiSE oF thE rightS

Data in eUr per share

2007 2008 2009 2010 2011

BEFORE SPLIT

AFTER SPLIT (*)

NUMBER OF SHARES AT 31/12 654,613 13,092,260 13,092,260 13,092,260 13,092,260 13,092,260

OPERATING RESULT 151.3 7.56 8.59 6.77 7.57 6.49

GROSS SELF-FINANCING MARGIN 239.1 11.95 14.16 13.3 14.89 12.54

NET PROFIT OF THE GROUP 95.4 4.77 5.34 4.17 4.83 4.51

GROSS DIVIDEND 24.0 1.2 1.2 1.2 1.25 1.15

NET DIVIDEND 18.0 0.9 0.9 0.9 0.9375 0.8625

EQUITy – PART OF THE GROUP 484.6 24.2 27.3 31.6 35.6 38.3

the stock exchange

2007 2008 2009 2010 2011

BEFORE SPLIT

AFTER SPLIT (*)

LOWEST PRICE EUR 947 47.35 22.90 16.00 32.10 35.03

HIGHEST PRICE EUR 1,533 76.65 72.50 42.00 54.84 59.78

PRICE AT THE CLOSE OF THE Fy EUR 1,400 70.00 29.25 35.50 53.71 37.99

AVERAGE VOLUME PER DAy SHARES 1,061 21,220 17,240 24,035 17,412 15,219

MARKET CAPITALISATION AT 31/12 MILLION EUR 916.46 916.46 382.95 464.78 703.19 497.4

(*) data taking into account that the shares of CFE SA are divided in 20

SOME INFORMATION ON THE SHARE AND ExERCISE OF THE RIGHTS 15

trend comparing the cfe price with the Bel 20 index

For the year 2011

Over the last five year

0

20

40

60

80

100

5,000

4.000

3,000

2,000

BEL 20

CFE

d e c e m b e r 2006 d e c e m b e r 2007 d e c e m b e r 2008 d e c e m b e r 2009 d e c e m b e r 2010 d e c e m b e r 2011

7,000

6,000

1,000

d e c e m b e r

2010j a n u a r y 2011

f e b r u a r y 2011

m a r c h

2011a p r i l 2011

m a i

2011j u n e

2011j u ly

2011a u g u s t

2011s e p t e m b e r

2011o c t o b e r 2011

n o v e m b e r 2011

d e c e m b e r

2011

0

20

40

60

80

4,000

3,000

2,000

BEL 20

CFE


SomE inFormation on thE SharE and ExErCiSE oF thE rightS

As of December 31, 2011, CFE’s capital is made up of 13,092,260 shares.

On October 8, 2007, the extraordinary shareholders meeting approved:

- the proposal of the Board of Directors to dematerialise the company’s shares at January 1, 2008;

- the proposal of the Board of Directors to divide by 20 the six hundred and fifty four thousand six

hundred and thirteen (654,613) shares – without nominal value, fully paid up and representing

the company’s total capital of twenty one million three hundred and seventy four thousand nine

hundred and seventy one euros and forty three centimes (€21,374,971.43) at January 1, 2008.

Accordingly, since that date, the company’s capital is represented by thirteen million and ninety two

thousand two hundred and sixty (13,092,260) shares.

The share dematerialisation and splitting process is still under way.

The split of the registered shares has been carried out automatically and shareholders have been

automatically recognised as the owners of the appropriate number of split shares in the shareholders’

register.

The split of bearer shares recorded in the share register at January 1, 2008 has been carried out auto-

matically and shareholders have been allocated the appropriate number of split shares.

For the exchange and split of bearer shares still physically held, shareholders must either hand these

in to a financial institution of their choice for registration in a stock account or to the company’s regis-

tered offices for recording in the shareholders’ register. The number of split shares will be recorded in

the stock account or in the shareholders’ register.

Since January 1, 2008, the exercise of any rights attached to bearer shares has been suspended for as

long as they are physically held. Since that date, to participate in a shareholders meeting, the holders

of such bearer shares must apply to have the shares exchanged for registered shares or have them

dematerialised.

Bearer shares issued by the company that have been neither registered nor recorded in the sharehol-

ders’ register will be converted legally into dematerialised shares on December 31, 2013.

Euroclear Belgium has been appointed as the executor.

Registered shares are held in electronic form and Euroclear Belgium (CIK SA) is in charge of managing

them.

There has been no issue of convertible bonds or warrants.

Degroof bank has been appointed as the Main Paying Agent.

Financial institutions with whom holders of financial instruments may exercise their financial rights

are Banque Degroof, BNP Paribas Fortis and ING Belgique.


Voting rightS

on october 16, 2007, cfe was informed by Vinci construction, by virtue of the clauses of article 74, paragraph 7 of the Bel-gian law dated april 1, 2007 relating to takeover bids, about the following notification being made to the Bank, financial and insurance commission :

1. Name of the issuer of the securities with voting rights that are held

Compagnie d’Entreprises CFE

2. Full identity of the natural or legal person who, at September 1, 2007, individually holds more than 30% of the securities with voting rights issued by the company named under point 1

Legal person :

VINCI CONSTRUCTION - société par actions simplifiée

5 cours Ferdinand-de-Lesseps

F-92500 Rueil-Malmaison (France)

Telephone : 33 1 47 16 39 00

Contact person : Mr. François Ravery

3. Full identity of the natureal and/or legal person(s) ultimately controlling the legal person named under point 2

Legal person :

VINCI - société anonyme

1 cours Ferdinand-de-Lesseps

F-92500 Rueil-Malmaison (France)

Telephone : 33 1 47 16 35 00

Contact person : Mr. Christian Labeyrie

4. Chain of control

VINCI, owning 86.64% of the voting rights of VINCI CONSTRUCTION, holds the exclusive control of

this last one. The remaining balance 13.36% of voting rights is in the hands of SOCOFREG, 100%

owned by VINCI.

VINCI is a private limited company listed on the stock exchange of Paris. As a result of the frag-

mented shareholderscompositition of VINCI, no one exercises control on the company.

5. Number and percentage of securities with voting rights held by the person named under point 2

Number of securities with voting rights held 306,644 securities

Percentage 46.84%

6. Date and signature of the person named under point 2

October 11, 2007 - François Ravery

7. Date and signature of the person named under point 3 3

October 11, 2007 - Christian Labeyrie.

Disclosure to the CBFA,

pursuant to Article 74, § 6, of

the Law of April 1, 2007, by a

person who, at September 1,

2007, individually holds more

than 30% of the securities with

voting rights in a company

listed on Eurolist, Alternext by

Euronext or the Free Market

(Marché libre/Vrije Markt)


On July 28, 2008, VINCI Construction informed CFE about the information transmitted to the Belgian

Banking, Finance and Insurance Commission (CBFA) by VINCI Construction. According to this informa-

tion, VINCI Construction owns 46.84 % of the capital of CFE. This percentage has remained unchanged

since the last declaration on October 11, 2007. Furthermore, VINCI Construction does not own any

other shares in a similar construction company owning shares in CFE.

On August 19, 2009, VINCI Construction informed CFE that the participation of VINCI Construction into

CFE remained unchanged since the last declaration on September 1, 2008, wereby VINCI Construction

owns 46.84 % of the capital of CFE.

On August 19, 2010, CFE received a copy of the new change notification submitted by VINCI Construc-

tion to CBFA, the banking, finance and insurance commission of Belgium. Although VINCI Construction

continues to hold 46.84% of CFE’s share capital, the share capital of VINCI Construction, previously

held 86.64% by VINCI and 13.36% by SOCOFREG, a wholly owned subsidiary of VINCI, is held 100%

directly by VINCI since March 22, 2010.

On August 19, 2011, VINCI Construction informed CFE, in accordance with Article 74 of the Belgian act

of April 1, 2007, that there had been no change in the ownership of its capital since the previous notifi-

cation on August 19, 2009, when it was 46.84%.

BElgian rEgulationS rEgarding tranSparEnCy

The shareholder structure that is reported below can be found in the notifications that CFE has re-

ceived on the date on which the annual accounts were closed, and in conformity with the regulations

regarding transparency (Title II of the law of the May 2, 2007 on the publication of important partici-

pations in issuers, whose shares are listed for trading on a regulated market, and in conformity with

various other regulations).

- VINCI Construction S.A.S., with registered headquarters in the Cours Ferdinand-de-Lesseps 5 at

F-92500 Rueil Malmaison (France), was on September 1, 2008 the owner of 6,132,880 shares with

voting rights in the Compagnie d’Entreprises CFE SA, or 46.84 % of the voting rights of the company.

VINCI SA, which exercises exclusive control over VINCI Construction, is the ultimate controlling share-

holder of Compagnie d’Entreprises CFE SA.

v i n c i

co m pa n y l i s t e d o n t h e pa r i s s t o c k e xc h a n g e (cac 40)

100% d i r e c t ly

v i n c i c o n s t r u c t i o n

CFE

46.84%

Uccle - les hauts prés


co m pa n y l i s t e d o n t h e pa r i s s t o c k e xc h a n g e (cac 40)

THE GROUP CFE20

ThE GROUP CFE

THE GROUP CFE 21

ThE GROUP CFE

Mechelen - construction of a underground car park

THE GROUP CFE22

THE GROUP CFE 23

CFE’s people: a vital asset for today and tomorrow

In order to ensure development and geo-

graphical expansion of our business and to

offset natural wastage in the workforce, the

Group maintained its active policy of external

recruitment in 2011. Like last year, we had

to recruit staff in some very specific business

areas. Despite the economic situation, CFE also

continued to hire young engineers, making a

major investment in human resources for the

future.

Professionals specifically qualified to work abroad

International recruitment requirements

increased sharply in 2011, but the Group

succeeded in meeting them. To achieve this,

CFE used new external recruitment channels in

order to find expatriate or local people with the

required experience, organisational abilities

and skills to manage international projects.

When recruiting externally, CFE only takes on

staff with a proven track record, who know

the local language and the local or regional

environment, and are capable of dealing with

the widest range of situations.

The Group also stepped up its policy of internal

transfers. We were pleased to see a genuine

desire among our staff to work abroad, despite

the general reluctance to change roles that

is often a feature of the current jobs market.

CFE was able to give several young project

engineers with a few years’ of experience their

first steps as expatriates. In this way, CFE has

created a core set of experienced professionals

capable of meeting the challenges of its geo-

graphical expansion.

Another feature of today’s jobs market is that

a whole generation of people born just after

the Second World War is now retiring. This

is something that CFE has been anticipating

for several years already. Nevertheless, it is

increasingly difficult to recruit young engineers

and graduates with technical degrees.

the right person in the right place

In 2011, the Group faced a substantial human-resource challenge, since it had to find dozens of qualified, experienced professionals willing to work abroad to fulfil its international development requirements. CFE rose to the challenge in terms of both the number and quality of the people selected. Alongside external recruitment, the Group focused on motivating internal staff, with the result that many existing employees transferred to entities working outside their home country. This helped the Group achieve the optimum level of staffing relative to revenue.

Increased workforce

At end-2011, the CFE Group employed 5,731

people, an increase of 7% relative to December

31, 2010. There was a significant increase in

the workforce of two divisions in particular, i.e.

dredging and environment and multitechnics

which, because of its organic development

and the acquisition of a new company, now

has almost 300 more staff than in 2010. In the

construction division, the number of manual

workers fell, while the number of non-manual

employees increased. This was due to substan-

tial growth in international activities, particu-

larly in Chad and Nigeria. Most recruitment was

for foreign managerial positions. Transfers also

took place within the construction division,

with staff moving from Benelux entities to those

operating internationally, including in Tunisia.

Strong FoCuS on pEoplE and thE EnVironmEnt

n’Djamena (tcD) - University of toukra

THE GROUP CFE24

Working hard to realise employee potential

In addition to its periodic individual appraisals,

CFE set up Jobs and Resource Committees (JRC)

for all entities. These committees provide a

collective method of assessing staff, analysing

the strengths and weaknesses of the Group’s

organisations and seeing whether the future

of its various business lines is assured. Most

importantly, it allows the Group to pay close

attention to its high-potential staff, ensuring

that they rise through the ranks of their entity

and within the Group.

THE GROUP CFE 25

THE GROUP CFE26

Social indicators

Staff per division

GROUP & CONCESSIONS CONSTRUCTION MULTITECHNICS REAL

ESTATEDEME

AT 100%

TOTAL CFE (DEME AT

50%)

2007 68 2,589 622 90 3,060 4,899

2008 71 2,600 910 86 3,632 5,483

2009 79 2,299 977 84 3,668 5,273

2010 82 2,212 943 75 3,824 5,224

2011 84 2,305 1,232 70 4,080 5,731

Staff per trade

2011 LABOURERS EMPLOyEES TOTAL

GROUP & CONCESSIONS 2 82 84

CONSTRUCTION 1,333 972 2,305

MULTITECHNICS 895 337 1,232

REAL ESTATE 1 69 70

DEME AT 100% 1,980 2,100 4,080

TOTAL CFE (DEME AT 50%) 3,221 2,510 5,731

Staff per type of contract

CONTRACT INDEFI-NITE PERIOD

CONTRACT DEFINITE PERIOD WORK & STUDy TOTAL

2007 4.585 309 5 4.899

2008 5.112 366 5 5.483

2009 4.909 361 3 5.273

2010 4.829 389 6 5.224

2011 5.297 427 7 5.731

Age pyramide

2007 2008 2009 2010 2011

< 25 469 561 487 438 482

26-30 691 805 761 767 814

31-35 664 758 722 719 803

36-40 763 810 767 735 786

41-45 716 792 777 752 821

46-50 543 629 616 663 754

51-55 590 583 585 577 632

56-60 350 426 422 437 472

> 60 113 119 136 136 167

THE GROUP CFE 27

Seniority

2007 2008 2009 2010 2011

< 1 1,078 988 586 788 807

1-5 1,582 2,091 2,225 1,936 2,110

6-10 854 907 896 870 1,002

11-15 402 424 483 556 665

16-20 432 473 441 406 404

21-25 155 189 253 289 352

> 25 396 411 389 379 391

Men / Women

MALE EMPLOyEES FEMALEEMPLOyEES MALE LABOURERS FEMALE

LABOURERS

2007 1,501 451 2,921 26

2008 1,742 519 3,195 27

2009 1,708 532 3,008 25

2010 1,761 549 2,898 16

2011 1,910 599 3,200 22

Training

IN NUMBERS OF HOURS By NATURE OF TRAININGTOTAl2010

TOTAl2011 MEN WOMEN

TECHNICAL 25,131 29,792 27,895 1,897

HyGIENE AND SAFETy 27,160 49,722 47,549 2,173

ENVIRONMENT 834 485 426 59

MANAGEMENT 4,570 6,412 5,567 846

INFORMATION TECHNOLOGy 3,886 6,077 4,977 1,101

ADMIN/ACCOUNT/MANAG./LEGAL 3,963 3,494 2,389 1,105

LANGUAGES 2,442 3,556 2,642 914

DIVERSITy 178 213 139 74

OTHERS 7,589 3,087 2,791 296

TOTAl 75,753 102,840 94,376 8,464

Absenteeism

2007 2008 2009 2010 2011

NUMBER OF DAyS ABSENCE DUE TO ILLNESS 57,545 50,009 49,675 62,108 60,260

NUMBER OF DAyS ABSENCE DUE TO INDUSTRIAL ACCIDENT 14,024 8,036 7,585 7,923 7,594

NUMBER OF DAyS ABSENCE FOR ACC. RELATED TO WORK/HOME TRAVEL 260 269 340 611 667

NUMBER OF DAyS ABSENCE DUE TO PROFESSIO-NAL ILLNESS 0 306 0 0 0

NUMBER OF DAyS WORKED 1,077,780 1,217,943 1,239,392 1,398,377 1,513,669

LEVEL OF ABSENTEEISM 6.66% 4.81% 4.65% 5.05% 4.53%

THE GROUP CFE28

Fighting discrimination

CFE strives to give all staff the same opportu-

nities regardless of age, gender or nationality.

It makes sure that women have a fair chance

of promotion. In 2011, we recruited as many

women as possible into operational roles, but

female recruitment is limited by the fact that

women make up a small proportion of students

in the relevant universities. Female engineers

are just as able to develop a career at CFE as

their male counterparts. Several female project

engineers have become project leaders, and

we are hoping that some of them will become

works managers and business unit heads. CFE’s

diversity policy also extends to people born

abroad and older employees. The policy has a

very clear principle, which is that there must

be no direct or indirect discrimination, and

that only skills are taken into account when

recruiting and promoting staff. The Group has

organised a diversity awareness initiative aimed

at operational staff in the construction division.

In 2011, around 500 staff attended a play

about diversity issues, in which professional

actors dealt, in a highly entertaining way, with

difficulties and problems to be avoided when

recruiting and promoting employees.

The partnership with Wheelit - an entity that

fosters contacts between disabled people and

companies - continued in 2011. As a result, CFE

welcomed several new disabled employees last

year. CFE also continued the collaboration with

diversity consultancy Actiris, which began in

2010.

A broad range of training in all business areas

As in previous years, the Group offered a large

number of training courses in 2011 for staff

in all divisions. The focus last year was on

leadership and coaching training for project

leaders. These residential courses, involving

two sessions each lasting two days, were led by

external experts and brought together people

working for different divisions in order to

promote contacts within the Group. Other trai-

ning included safety sessions (such as first-aid

training courses) and toolbox meeting sessions.

They also included specific technical and safety

sessions for staff in the multitechnics division

and particularly electricians (working with

optical cables, G3 modules etc.). There were

also technical training and specific sessions for

manual workers covering various skills inclu-

ding sessions covering crane-driving and form-

setting, the securing of loads, and sustainable

construction materials and techniques. There

were courses on languages, IT, management,

professional techniques and health and safety

for staff in all divisions.

Schaerbeek - crossing stadium

THE GROUP CFE 29

In the dredging and environment division, the

focus was on safety, with almost 72,000 hours

of training provided, twice as much as in 2010.

Around 28,000 hours of technical training

specific to this division were provided in 2011.

There were sessions attended by crews at the

Seamen Center Zeebrugge and sessions on the

Full Mission (navigation), Cutter and Engine

Room simulators, along with sessions relating

to various dredging techniques. Together with

training sessions covering subjects like the

environment, management, IT, accounting,

administration, legislation, languages and

diversity, DEME provided almost 113,500 hours

of training in total.

DEME4Life Foundation: a busy first yearThe DEME4life Foundation was set up in December 2010, and its objectives include supporting the social initiatives of DEME staff. The foundation aims to give less privileged people and communities the opportunity to develop their potential. Through its support for activities in the social, economic and environmental fields, the foundation reflects DEME’s commitment to sustainable development.

The projects it supported in 2011 spanned the entire planet, including Nigeria, Mexico, Brazil, Democratic Republic of Congo (DRC) and India. They involved communities that live close to sites on which Group teams work, or with which these teams wanted to get involved.

Children are a central focus of these projects.

• In Sao Vicente, Brazil, the foundation is supporting a project to care for and educate children aged

7-14, led by the local charity Beneficente Amor a Vida in the Nayla daycare centre.

• In the DRC, DEME4Life is supporting plans for a SOS Children Village for street children in Kinshasa.

This project is being led by the VICA charity set up by Belgian footballer Vincent Kompany and by

Fondation Busired, which cares for children lost or orphaned as a result of the war.

• In India, the foundation supports the SPEED Trust charity and its efforts to help the most disadvan-

taged communities in the city of Chennai, with particular focus on educating children and supporting

women.

• In Belgium, DEME4Life supports «Playing for Success», which helps children aged 10-14 with learning

difficulties, along with «Justine for Kids», a charity set up by Justine Henin to provide moral and

material support to children suffering from serious health problems.

• Another Belgian project that the foundation supports is «New Belgica». This is a project with his-

torical, environmental and social objectives, and involves building a replica of the famous Belgica

ship used in Adrien de Gerlache’s expeditions. 500 jobseekers experiencing genuine difficulties in the

labour market have received training and employment in building the replica.

THE GROUP CFE30

Safety: an absolute priority

Safety is the Group’s top priority, and all mea-

sures taken in previous years were maintained

or reinforced in 2011, including information and

awareness initiatives. These initiatives are cru-

cial since day-to-day site work can make people

complacent about the risks involved. This is why

safety plays an increasingly important role in

the seminars organised in the construction and

multitechnics divisions, which are attended by

all operational staff. A hard-hitting film entitled «Inacceptable» was made in 2011 to encourage

debate. The film deals with four employees

who have suffered serious accidents, showing

the impact of these accidents not just on their

health but on their personal and professional

plans, their family lives and so forth. These

accounts raised awareness among seminar

participants about the importance of proper

worksite preparation, the need to communicate

with manual workers regarding the works to

be done and related safety requirements, and

the importance of only allocating risky tasks to

experienced staff with the required skills and

training.

Increasing safety efforts in offshore operations

In addition, training efforts in the dredging and environment division were enhanced by

a new initiative in 2011 called BOSIET (Basic

Offshore Induction & Emergency Training).

This course informs staff of minimum stan-

dards regarding personal safety and social

responsibility, survival techniques, first aid, fire

prevention and the proper way to respond to a

fire as part of activities at sea and on offshore

platforms. In total, staff received 6,365 hours

of training through this course. In addition,

the CHIlD (Colleagues Help Injuries to leave DEME) project included a seminar covering va-

rious safety aspects, such as accident analysis,

case studies, safety awareness and precautions

relating specifically to risky situations in DEME’s

activities. Finally, a series of new safety training

sessions was adopted to meet commitments

made with respect to the IMCA (International

Marine Contractors Association). This global

trade body brings together companies that

have offshore activities and that use marine

and submarine techniques. One of IMCA’s aims

is to improve safety within the industry.

Mons - installation hVac

THE GROUP CFE 31

Zero accident objective

Most Group companies obtained VCA** safety

certification in 2011. In the QSE (quality, safety

and environment) field, CFE International and

its subsidiaries also obtained ISO 9001, OHSAS

18001 and ISO 14001 certification. The Group’s

two Dutch entities achieved an outstanding

safety performance in the Gate LNG terminal

project. CFE refuses to accept that accidents are

inevitable, and has a zero accident objective.

Companies including Amart, CFE Nederland

and CFE Hungary attained this zero accident

objective in 2011. However, despite training

provided and various other measures, the acci-dent frequency rate improved only slightly in the construction division in 2011, falling from 21.35 to 20.75.

In the multitechnics division, the rate increased from 19.52 to 21.23. This increase

related mainly to the division’s rail activities,

where everything is being done to reverse the

trend.

CFE has adopted key performance indicators for

its construction, multitechnics and dredging

divisions. Initiatives involve site visits by mana-

gers in order to check compliance with safety

criteria, along with «toolbox meetings». These

qualitative indicators will supplement existing

quantitative data such as accident frequency

and severity rates.

An orderly, methodical approach

The Group strives constantly to prevent acci-

dents. Although it has not yet attained its zero

accident objective, its efforts over the last few

years are paying off, since accident frequency

rates are already well below average rates in

the sector. As a result, CFE is sticking resolutely

to its efforts to enhance safety. More than ever,

the Group’s policy is focused on «order and

method», to ensure optimal safety regardless of

the worksite. When an accident happens, CFE

has a policy of providing maximum support to

disabled staff, to enable the person concerned

to continue working within the Group.

THE GROUP CFE32

frequency rate and Seriousness rate

Construction division

Multitechnics division

Dredging and environmental division

2005

2006

2007

2008

2009

2010

2011

s e r i o u s n e s s r at e

2005

2006

2007

2008

2009

2010

2011

0 5 10 15 20 25 30 35 0,0 0,5 1,0 1,5 2,0

f r e q u e n c y r at e

2005

2006

2007

2008

2009

2010

2011


2005

2006

2007

2008

2009

2010

2011

0 5 10 15 20 25 30 35 0,0 0,5 1,0 1,5 2,0


2005

2006

2007

2008

2009

2010

2011


2005

2006

2007

2008

2009

2010

2011

0 5 10 15 20 25 30 35 0,0 0,5 1,0 1,5 2,0


THE GROUP CFE 33

a rESponSiBlE Company that CarES For itS EnVironmEnt

The day-to-day activities of CFE’s sustainable development unit, which brings together a range of people specialising in the various aspects of sustainable construction, aim to make good on this commitment. Examples of this are the support provided to BAGECI in converting its head office in Naninne into an energy-positive building, sup-port for various entities in obtaining BREEAM certification (for the Pole Star building, the Elia head office, the Square Frère-Orban mixed-use building etc.) and the design of low-energy and passive buildings (low-energy hous-ing in Jambes, the Midi-Suède passive apartment block and the Savonnerie Heijmans buildings in Brussels). The unit also carries out valuable environ-mental monitoring work and works to reduce the CFE Group’s overall energy consumption, partly by carrying out a full environmental audit every year.

Far-reaching changes in CFE’s activities

For CFE, like other companies, these new re-

quirements involve a fundamental challenge to

the definition of a building, its components and

the resources it consumes. All aspects relating

to a building’s life, from design to full recycling

after demolition, must be taken into account

in CFE’s projects. As a result, the Group has, as

far as possible, incorporated various measures

into its projects. These aim to limit consump-

tion of primary, non-renewable energy sources,

reduce installed power, limit the use of natural

resources through lifecycle analysis, recover en-

ergy and produce alternative energy. Examples

include passive houses in Bouval, photovoltaic

panels at Thijs Bouw Projecten in Westerloo,

and the MET project in Namur.

Changing customer requirements and selection criteria

In Belgium, from 2012, almost all public-sector

tenders for the construction of new buildings

will be based on passive or very low energy

building standards. The criteria used by public

authorities when awarding infrastructure

construction contracts will also be reviewed

in order to protect the environment. In other

words, companies will no longer be selected

solely on price, but also based on qualitative

criteria, such as CO2 emissions during construc-

tion and long-term use, the amount of raw

materials used and the environmental impact of

construction work. In this respect, The Nether-

lands - where CFE has obtained the highest level

of ProRail environmental certification - is one of

Europe’s most advanced countries in terms of

environmental requirements.

european objective: zero energy in 2019Europe is increasingly encouraging countries to ensure that new buildings attain zero energy standards, and that existing buildings achieve low-energy status, often through extensive renovation. In EU member states, legislation is gradually being enacted in line with new European standards. This legislation may apply nationally or regionally, as in Belgium, where energy requirements differ across the three regions.

Building the future means building sustainably The Group’s business areas are currently seeing major change, since environmental issues are shaping the future and leading to new standards in a whole range of areas including construction. However, environmental responsibility is not a new phenomenon for CFE. CFE has been pursuing environmental initiatives for several years, with a sustainable development policy based on major

commitments shared by its various entities and staff.

THE GROUP CFE34

Reducing the Group’s own energy

consumption CFE’s commitment goes beyond merely comply-

ing with new legal texts. It shows this commit-

ment in a very practical way through its own

operational procedures, the management of

its premises and the behaviour of its staff. The

Group pays constant attention to all environ-

mental aspects and impacts arising from its

day-to-day activities. CFE’s Sustainable Develop-

ment Unit plays a key role in this respect. It

manages the Group’s overall consumption

of non-renewable energy and implements

the strategy of gradually reducing energy

consumption. It also prepares a full annual

environmental report covering the whole of

the CFE Group. This report covers both energy

consumption and waste production, as well as

highlighting the Group’s efforts and progress.

For each Group entity, the annual environmen-

tal report contains details of CO2 emissions,

production of alternative energies, the volume

and type of waste produced and the percent-

age of waste recycled, water consumption,

environmental certifications and compliance

with ISO standards, budgets, research and

patents relating to sustainable development,

and initiatives taken by the entity to reduce its

overall environmental impact. This information

is also published on the entity’s website.

Through this environmental reporting, the

Group aims to set up a system that ensures

compliance with ISO 14064 and 14065 stand-

ards and with ProRail level 5 certification. This

reporting will also enable CFE to measure its

progress.

Construction division: ever more

sustainable

CFE EcoTech and Terryn pursue sustainable

development through the very nature of their

activities. CFE EcoTech has developed innova-

tive processes for wastewater recovery, along

with highly effective technologies for recover-

ing energy from biomass. Terryn specialises in

wood constructions, and is about to obtain EN

133307 certification for its Ecotimber unit. Its

Lamcol unit is developing sustainable wood-

based insulation and supporting structures for

the Walexpo exhibition centre. Aannemingen

Van Wellen has carried out initial testing of

LEAB (low energy asphalt) for Brabant prov-

ince’s roads and traffic agency. This product

involves mixing asphalt at 120°C instead of

180°C, thereby reducing CO2 emissions during

production. The division’s other companies are

also playing their part. Their involvement in

the Group’s sustainable development approach

is shown by their construction of low-energy

and passive buildings, their ISO 14001 and

level-5 certifications relating to CO2 emissions,

along with other initiatives. For example,

BAGECI has a zero energy objective for its Na-

ninne head office, and CFE Nederland has seen

its efforts rewarded with a VINCI innovation

prize in the sustainability category.

Numerous sustainable construction and

renovation projectsThe Sustainable Development team has helped

devise sustainable solutions for the develop-

ment of the Sterpenich shopping centre, a

hospital project in Antwerp, a police station

project in Brussels, the Elia head office in Brus-

sels, a social housing project in Tubize and the

Sibelga building. Within the PPP-Concessions

division, the team in charge of long-term

maintenance of major PPP projects has been

strengthened, and will pay particular attention

to sustainability and energy performance is-

sues such as lifecycle cost. In The Netherlands,

the Sustainable Development department

helped Group entities obtain ProRail level 5 cer-

tification, and took part in an ambitious plan

to reduce energy consumption with the help of

suppliers and subcontractors.

Sustainable development through

technical expertise The multitechnics division is helping to build

a sustainable future. Its rail electrification and

signalling work is increasing national mobility

and reducing the greenhouse effect. Its work

with photovoltaic panels is cutting consump-

tion of non-renewable energy. Other examples

are Vanderhoydoncks’ VAC lighting projects (for

companies like Hasselt, Ecolab Tessenderlo and

Nike), Nizet’s connection work for the Mesnil-St-

Blaise wind farm, and VMA’s Biomass 3 project

for Electrabel, which involves converting a

power plant to run on pellets instead of coal. In

addition, there are the water pumps and heat/

power co-generation systems installed by Van

De Maele Multi-Techniek, and work done by

be.Maintenance’s technicians, which includes

renovation and regulation work as well as

informing and making clients aware of sustain-

able technologies.

CFE: blue energyIn 2011, DEME’s ongoing efforts in the field

of blue energy underlined its desire to be a

pioneer in developing environmentally-friendly

power generation. Blue energy includes all

types of water-related power generation,

including tidal, wave, osmotic and marine algal

biomass energy. These provide a potentially in-

finite source of energy. DEME works both on the

generation of blue energy and its transmission,

building infrastructure suited to the transmis-

sion of offshore marine energy to the onshore

grid. Elsewhere in the renewable energy field,

DEME is an active participant in “Friends of the

Supergrid”, a pan-European network aiming

to establish connections between the various

individual offshore renewable energy genera-

tors and to safeguard the availability of this

renewable power to all European citizens at all

times. However, DEME’s sustainable develop-

ment activities are not limited to blue energy,

THE GROUP CFE 35

Construction division

NATURAL GASKWH

DIESELLITRE

ELECTRICITyKWH

CO2 EMISSION By REVENUE

G EQ CO2/EUR

2009 9,132,173 4,993,544 13,583,440 35.44

2010 12,157,472 4,806,549 10,905,373 37.60

2011 12,655,689 6,697,669 18,023,379 31.54

Multitechnics division

NATURAL GASKWH

DIESELLITRE

ELECTRICITyKWH


G EQ CO2/EUR

2009 1,408,686 1,387,112 1,288,579 38.13

2010 1,633,980 1,443,348 1,288,880 36.21

2011 1,504,560 1,455,233 1,364,867 38.40

Real estate development and management services division

NATURAL GASKWH

DIESELLITRE

ELECTRICITyKWH


G EQ CO2/EUR

2009 1,050,898 35,690 1,303,246 31.44

2010 568,431 89,012 90,747 12.15

2011 344,878 130,572 246,797 30.02

Dredging division

NATURAL GASKWH

DIESELLITRE

ELECTRICITyKWH


G EQ CO2/EUR

2009 0 9,370,741 5,853,492 758.55

2010 0 6,491,221 4,060,095 481.19

2011 0 73,256,969 4,213,356 289.24

and it remains a major player in environmen-

tal decontamination services. DEC-Ecoterre,

DEME’s environmental unit, has worked in a

number of European countries on the decon-

tamination of brownfield sites, as well as soil

and sediment treatment and recycling. Purazur

addresses growing demand for services that

recycle wastewater and reintroduce it into the

fresh water circuit. It devoted its first year of

operation to developing a partnership with

wastewater treatment companies.

DEME is also one of the six partners in the

C-Power consortium, which is building an

offshore wind farm 30 km off the coast of

Ostend. This will be one of the largest and

most innovative wind farms in Europe. Its total

capacity will be 325 MW, providing power to

more than 600,000 inhabitants, and it will

prevent the emission of 450,000 tonnes of CO2

into the atmosphere.

huizingen - Maintenance works catenaries

2011 HIGHLIGHTS36

January

BPC wins the contract for the construction of the Up-Site building in Brussels as part of a joint venture.

marCh

Dredging International (Australia) Pty Ltd and Van Oord Australia Pty Ltd (Dutch dredging company) are awarded the Western Basin Main Works Dredging - Par-cel 5 contract in the Port of Gladstone (Queensland, Australia).

may

After tunnelling for 6 km under-neath the port of Antwerp and Scheldt river, the Bobette tunnel boring machine reached its final destination on the right bank of Antwerp.

Brussels’ first passive apartment block is opened in the presence of government minister Evelyne Huytebroeck. The building has 30 apartments that are fully compli-ant with sustainability and passive building requirements. This first 100% passive residential construc-tion contract was performed by BPI (real estate development and management services division) and Amart (construction division).

FEBruary

Dredging International and MEDCO win a contract for sea dredging and hydraulic construction work for the construction of two artificial «energy islands» along with port infrastructure, in order to supply Abu Dhabi with oil from drilling facilities on the Satah al-Razboot (SARB) off-shore oilfield, which has not previously been exploited.

JunE

BAGECI, CFE Brabant, Nizet Entreprise and Druart, as part of a joint venture, win the DBFM project to build a new police station in Charleroi. The project was designed by Ateliers Jean Nouvel.

april

Four caissons for the con-struction of Coentunnel in Amsterdam are put into place.

2011 highlightS

2011 Jan

ua

ry

ma

rCh

ma

y

FEB

ru

ar

y

apr

il

Jun

E

2011 HIGHLIGHTS 37

July

DEME launches its Congo River trailer suction hopper dredger (capacity of 30,000 m3) and the Flintstone DP2 fallpipe vessel.

SEptEmBEr

VMA wins its first contract in Turkey for a car constructor. VMA also sets up a subsidiary in Poland.

The Gate LNG Terminal in the Port of Rotterdam is inaugu-rated. The works consisted of building a plant, three un-loading piers for LNG carriers and three LNG storage tanks.

noVEmBEr

VMA strengthens its position in Central Europe by winning a new contract to automate two welding lines for a car-maker in Hungary.

Signature of an important contract by Rent-A-Port for the development of an indus-trial zone in Vietnam for a Japanese tyre manufacturer.

oCtoBEr

CFE acquires ETEC SA. This company, based in the town of Manage, Belgium, specialises in public lighting and the laying of underground networks.

The Ambiorix, a heavy-duty sea-going rock-cutter dredger, is launched. This is one of the world’s most powerful and modern trailer suction hopper dredgers, and was built for DEME.

auguSt

Aannemingen Van Wellen realises in a record time of seven weeks the important refurbishment project on the E19 between Wilrijk and Mechelen.

dECEmBEr

Through a partnership with a Brussels-based property developer, CFE acquires the Solvay site in Ixelles, open-ing the way for a 50,000 m² development consisting mainly of residential units.

July

SEpt

EmB

Er

no

VEm

BEr

oCt

oB

Er

au

gu

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dEC

EmB

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PPP-CONCESSIONS DIVISION38

PPP-CONCESSIONS DIVISION

1PPP-CONCESSIONS DIVISION

antwerp - liefkenshoek railway tunnel


ppp-ConCESSionS diViSion

ConFirmEd dEVElopmEnt and Bright proSpECtS

the ppp-concessions division strengthened its team in 2011 to meet its development objectives. it carried out several major studies on DBfM (design, build, finance, maintain) projects, while maintaining its strategy focusing on long-term mainte-nance. internationally, its port development and management activities has signed several agreements that are very promis-ing for the years ahead.

amsterdam - coentunnel

PPP-CONCESSIONS DIVISION 41

dBFm (dESign, Build, FinanCE, maintain) aCtiVitiES

In 2011, the PPP-Concessions

increased the number of studies

carried out and developed its pub-

lic-private partnership activities

through DBFM contracts.

intensive work on major project studies The PPP business continued to carry out studies

on new projects in Belgium and The Nether-

lands. These include the livan DBFM project relating to a tram line between Deurne and

Mortsel (Antwerp). CFE’s bid was submitted in

April and has been selected for the next phase

scheduled for early 2012.

The Missing links project addresses the Flemish

authorities’ desire to improve the existing road

network in the Flanders region of Belgium. A

consortium including CFE has submitted an ini-

tial bid for the development of the A11 between

Bruges and Knokke. In Antwerp, CFE has carried

out a study on the new ZNA hospital, and a

decision is due to be taken in 2012.

In Tunisia, work on the Bizerte Marina contin-

ued despite some disruption caused by political

instability in early 2011, and structural works

were completed in early 2012.

after eupen in late 2010, another ppp contract was won in July 2011 in charleroi In addition to PPP infrastructure projects,

the division continued to develop its building

activities. In December 2010, the PPP Schulen

Eupen SA consortium, which includes CFE, won

the contract to build, renovate and maintain

schools in Eupen’s German-speaking commu-

nity. Building permits were obtained in 2011,

and works began in the second half.

At the same time, the PPP-Concessions division

continued studies relating to the new police sta-

tion in Charleroi, and won the contract in July

2011. This is the first public-private partnership

contract won by CFE alone, since its other PPP

projects have been won through consortiums.

It is also the first time that the PPP division’s

maintenance team has won a long-term (25-

year) maintenance contract for a project this

size. This new success confirms the strategic

ppp-ConCESSionS diViSion Jacques ninanne (until 31/01/2012)

and Diane Zygas (as from 01/02/2012)


decision taken by the PPP-Concessions division

to offer long-term maintenance and manage-

ment services for public infrastructure.

Strengthened long-term maintenance team, with the focus on sustainability To implement this strategy, the division needed

to bolster its long-term maintenance teams.

It therefore continued to hire qualified staff

to handle long-term maintenance as part of

major PPP projects. At the study phase, this

team seeks to optimise the long-term mainte-

nance of structures and reduce its cost. In the

construction phase, it monitors work to ensure

that long-term performance obligations can

be met. The team will also manage the main-

tenance of the asset concerned when it comes

into operation.

It pays special attention to sustainability is-

sues, particularly energy performance. The

sustainability requirement, which was very

important in the Charleroi and Eupen projects,

is becoming standard in all new projects. The

result is that concession companies are taking

on new responsibilities, such as those relating

to energy consumption.

port dEVElopmEnt and managEmEnt

Rent-A-Port handles these activities, which take

place all around the world, for the PPP-Con-

cessions division. In 2011, there was a strong

upturn in business levels in Vietnam, Oman,

Qatar and Nigeria..

ongoing port activities in omanIn Oman, activities relating to the Duqm port

and industrial zone concession continued in

2011, in conjunction with the Port of Antwerp.

Initiatives included the creation of a supervi-

sion department and an industrial zoning

management department, along with the

appointment of anti-pollution officers. Com-

mercial port activities are likely to start in May

2012.

three new projects in nigeriaIn Nigeria’s OK Free Trade Zone, the Group

started three projects in 2011: a Single Point

Mooring system for unloading liquids, a stor-

age area for various types of fuel with capacity

of 200,000 m³, and a service port, which forms

the first phase of a future deep-water port.

These three projects will be continued in 2012.

Vietnam - Dinh Vu

PPP-CONCESSIONS DIVISION 43

new contracts in Qatar and Vietnam In Qatar, Rent-A-Port signed two technical as-

sistance contracts with the Port of Messaieed.

These contracts relate to facilities for unload-

ing bulk cement and aggregates for concrete

production. In late 2011, IPEM (Rent-A-Port’s

Vietnam subsidiary), won a large contract with

a Japanese tyre manufacturer for the develop-

ment and marketing of an industrial zone. This

project should attract new investors to Hai

Phong.

promising outlook The ports business has other promising areas

of activity. In Vietnam, the holding company

sealed a new partnership with an Indian group

specialising in managing high-tech business

parks. This group has developed services for

pharmaceutical plants and petrochemical units,

and the partnership should attract new custom-

ers in 2012 and 2013.

Rent-A-Port Energy SA, Rent-A-Port’s recently

created sister company, also won its first North

Sea wind power concession through a partner-

ship.

rent-a-port

Marcel Van Bouwel and Marc Stordiau

REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION

2REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION

Brugge - Gouden Boom

REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION46

rEal EStatE dEVElopmEnt and managEmEnt SErViCES diViSion

Strong business levels in property development

cfe maintained firm business levels in property development and management, despite the uncertain economic background. this activity remains focused on residential property.

Uccle - les hauts prés

REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION 47

proJECt dEVElopmEnt and managEmEnt

Belgium

In Belgium, the Group’s activities focused mainly on Brussels, Antwerp and coastal areas. Despite the tough economic background, BPI-CFE Immo sold a large number of apartments, a retirement home and two office buildings to various investors. To support these activities, the Belgian team was strengthened by the addition of new skills. The team also undertook a specific site safety course relating to its status as project owner, and has a zero accident target for 2012.

Residential

Strong apartment sales and ambi-tious new projects

Among the Group’s projects in Brussels, Midi-Suède, the first passive residential building, was successfully completed. The building is in the Gare du Midi district, was developed with Société de Développement Régional Bruxellois and consists of 30 residential units. In October, BPI completed the retirement home (around 8,500 m2 above ground) as part of the Les Hauts Prés project in Uccle, on behalf of Médi-belge and an investor.

The Bataves project, consisting of 27 luxury apartments and four houses in the Cinquante-naire district, began in March, and was fully sold by the end of the year. In 2011, the Group also sold the last remaining residential units in several major projects, i.e. Jardins de Jette, Espace Rolin and Les Hauts Prés in Brussels, and Barbarahof in louvain.

BPI-CFE Immo started the Bellview project in the European district of Brussels, and at the end of the year acquired the Solvay site in Ixelles through a partnership. This site has almost 50,000 m² of mainly residential development potential.

In Antwerp, the Group completed the purchase of land in the Spoor Noord park, in order to build 150 housing units as part of the Lichttoren project, again through a partnership. This pro-ject began in late 2011.

On the Belgian coast, building work on La Reserve and the adjacent hotel in Knokke was completed, and apartments are now being sold by the developer (La Réserve Promotion). In Ostend, a partnership including BPI-CFE Immo won two tenders held by AGSO (Autonoom Gemeentebedrijf Stadsvernieuwing Oostende), involving projects totalling 100,000 m² above ground, including the prestigious Oosteroever project.

Bpi

peter De Decker, Jacques lefèvre, Michel Shames and catherine Vincent


Offices and mixed-use projects

From the Gare du Midi to the European district

Demand in the Brussels office market remained weak, and BPI-CFE Immo remained highly selec-tive with its projects, a policy that proved wise in previous years.

BPI-CFE Immo saw SNCB move into the South Crystal office building in the Midi district, and the building was sold to an investor. In the same district, the impact study regarding the 110,000 m² Victor project - consisting of three towers of office and retail space designed by architects Christian de Portzamparc in associa-tion with Jaspers & Eyers - got underway.

In the European district, BPI-CFE Immo took over the Van Maerlant project through a part-nership. This project is primarily residential but also includes scope for a 5,300 m² office building.

New offices covered by Soges-maint-CBRE’s project management service Sogesmaint-CBRE operates mainly in building management and, despite tough economic conditions, its Project Management team won some major contracts from customers includ-ing Gates, Apple, Google and Crédit Suisse.

The Google contract involves managing the pro-ject to extend Google’s head office in Brussels (3,000 m²), while the Gates contract involves building and developing a new head office at Erembodegem (3,200 m²)

Grand Duchy of luxembourg

In Luxembourg, regulations are strict regarding sustainable construction. Several major pro-jects developed by CFE in the past have stood out in terms of sustainable construction, in both the residential and office segments. Lux-embourg regulations require studies relating to primary energy and heating requirements, and to CO

2 emissions. The marketing phases

of buildings developed by CFE have been very successful.

Residential

Green areas in the city

The Green Hill project, located in the city of Luxembourg in a 4-hectare park close to Kirch-berg, was developed by CLi and designed by architect Christian Bauer. It consists of 170 apartments in 14 blocks. These buildings have gained low energy consumption certification because of the thermal insulation in their north façades, their double-flow ventilation and their connection to a wood-fired urban heating facility.

Work on the first phase began in early 2011, and the second phase started in late 2011. Currently, 78 apartments have been sold or reserved, which is particularly impressive for a prestige development.


Offices

Working in serenity

The Serenity project in Strassen was designed by architect Tatiana Fabeck, and is a 10,654 m² office complex with HQE (high environmental quality) certification. The project won the «Green Building Award 2011» prize. It was 70% sold at the end of the rental guarantee period. Given void rates in the outskirts of the city of Luxembourg, this confirms that buildings with «Green Building» certification are the way for-ward. The energy performance achieved by CLE in the construction of this building was fully in line with the expectations of the developer CLi and the investor Fidentia Real Estate. Annual energy costs are less than €30/m², represent-ing a saving of 65% relative to a traditionally designed building.In November 2011, CLi applied for a building permit relating to land in the centre of Lux-embourg, on Boulevard Royal, the city’s most sought-after road. With its trapezoidal façade, this 5,000 m² office project designed by archi-tects Portzamparc/Gubbini meets the require-ments of a project in such a prime location.

Sogesmaint-CBRE also won the contract to man-age the development of the new iTunes head office in Luxembourg (1,500 m²).

louvain - Barbarahof

Cli

arnaud regout, patrick Van craen, hassan nadir, fawaz el Sayed and Grégoire Winckler


central europe

In Central Europe, CFE’s property development activities are handled by BPI-CFE Immo, and are currently focused on Poland, where the team has been strengthened. In 2011, a decision was taken to discontinue property development activities in Hungary.

In Poland, the marketing phase of the «Ocean’s Four» residential project in Gdansk continued with pleasing results, and BPI Polska obtained the occupation permit for the first phase of the project, for which construction began in spring 2010.

The company also acquired land in Warsaw in order to build a mixed-use residential and retail project.

north africa

In 2011, the Group continued to develop the division’s overseas activities through subsidiar-ies set up in Tunisia and Morocco.

In Morocco, Construction Management (CM) is developing wind farms in partnership with a Belgium renewable energy producer, and has obtained initial authorisation for two sites in the Tetouan and Safi regions.

In Djerba, Construction Management Tunisie is seeking to develop operations on behalf of third-party investors.

Project management activities at the Bizerte Marina were affected in early 2011 by events related to the Arab Spring. Teams dealt with this difficult situation and ensured that con-struction work continued.

Brussels - arts 35 project


Building managEmEnt

2011 was a difficult year for the Group’s build-ing management business, which mainly involves managing large office buildings in Brussels and the surrounding area. An ongoing decline in office rents and increased void rates in the buildings it manages put downward pres-sure on Sogesmaint-CBRE’s management fees. However, the number of management contracts awarded rose significantly and the Group won contracts for around 10 buildings with total space of around 130,000 m².

The managed portfolio now includes the Silver Building, managed on behalf of Allianz (24,000 m²), two office buildings of 30,400 m² each for KBC Real Estate, the Copernicus building, around 850 residential units (following the renegotiation of the SHAPE contract with BAGE-CI), REDEVCO’s Ans site, the Gosset building in Brussels (17,500 m²) and other office buildings in Brussels, including the Crystal Building for Ethias.

Growth in letting coordination

Alongside its core business, Sogesmaint-CBRE set up a Letting Coordination unit and hired specialist staff to run it. This new business should generate additional fees in 2012 through the rental of space and the renegotiation of leases on behalf of owners with which the com-pany has asset management contracts.

Sogesmaint-CBrE

thomas Maskens, andré latinis, Micheline De Munck and Jan De feyter

propErty dEVElopmEnt and managEmEnt: looking to thE FuturE

The outlook in property development remains positive, but the Group remains extremely se-lective when choosing new projects, in terms of both their specific features and their location, in Belgium and abroad. In building manage-ment, one of the main objectives in 2012 will be to increase the profitability of the Property Management department.

Most importantly, the division’s various busi-nesses are likely to see increased requirements in terms of sustainability. They are prepared for this, as shown by their achievements in 2011, which include the completion of the Midi-Suède building (which meets passive home stand-ards), the Serenity building in Luxembourg, energy management and reporting services in managed buildings, and LEED Gold certification for the Google project in Brussels. The Group is also aiming to obtain BREEAM certification for the Victor office project, which will be devel-oped in partnership with Atenor

CONSTRUCTION DIVISION

3CONSTRUCTION DIVISION

Brussels - Up-Site project

CONSTRUCTION DIVISION54

ConStruCtion diViSionBoth in Belgium and abroad, the cfe Group is focused on cus-tomer satisfaction, without which the Group would struggle to win new orders. the Group actively promotes all aspects of quality, particularly through its quality, health, safety and en-vironmental system. in 2011, this system helped companies in the construction division to obtain and extend numerous certi-fications. for example, cfe international obtained iSo 9001, iSo 14001 and ohSaS 18001 certification; cfe nederland and GeKa obtained the highest level of prorail certification (level 5) as regards co2 emissions; and cfe Brabant, MBG, BaGeci, aannemingen Van Wellen and many other Group entities re-newed their iSo 9001 certifications.

Zaventem - Diabolo project

CONSTRUCTION DIVISION 55

International development also continued in

2011. After Qatar, where the CFE Group has op-

erated for several years through its CFE Middle

East subsidiary, and Chad, where CFE Interna-

tional handled its first major projects in 2010,

the Construction division moved into Nigeria

and Algeria in 2011.

The division’s quality strategy, along with its

international expansion strategy, helped it to

keep revenues at a similar level to 2010, despite

reduced private-sector investment and delays

with the implementation of public-sector invest-

ment.

ConStruCtion diViSion CompaniES

Aside from CFE EcoTech and Terryn, which

perform their highly specialist operations inter-

nationally, and CFE International, which oper-

ates in all countries, the Construction division’s

companies are generally confined to particular

geographical regions.

In Belgium, they consist of MBG, Aanne-

mingen Van Wellen, Amart, BPC, CFE Brabant

and BAGECI.

The division’s international companies are CLE (Luxembourg), CFE

Nederland and GEKA (Netherlands), CFE

International, CFE Hungary, CFE Polska, CFE

Romania, CFE Slovakia, CFE Middle East, CFE

Tunisie, CFE Tchad and Cobel.

Equipment rental company BENELMAT and the

engineering department provide centralised

services to all the division’s companies.

In 2011, the engineering department worked

on a large number of projects and around 100

tenders. For MBG, the department continued

studies relating to the Liefkenshoek project

(relating to the finishing work on the rail

tunnel), and worked intensively on several

major projects such as the A11 DBFM project in

Bruges. There were also studies relating to off-

shore wind farms. In addition, the engineering

department helped CFE Brabant, particularly

as part of the Square Frère Orban and Groupe

S projects, along with CFE EcoTech and BAGECI

by carrying out geotechnical and other studies

relating to wastewater treatment units. Many

other Group entities also benefited from the

engineering department’s effective support.

BENElMAT supported project execution, par-

ticularly in major civil engineering works and

foreign building projects.


BuildingS, induStrial ConStruCtionS and rEnoVationS

in Belgium

For MBG, 2011 was a successful year in the

residential, public building, healthcare and ren-

ovation markets. MBG and Aannemingen Van

Wellen, working in a joint venture, completed

a hotel and apartments as part of the La Ré-

serve project. The same two companies joined

forces for the Royal Gardens residential project,

comprising 93 apartments at Blankenberge.

MBG completed the De Gouden Boom urban

development project in Bruges, and won an

impressive series of orders for residential pro-

jects such as Canal View, Park View, Waterfront

and Lievehof in Ghent, along with the Oude

Kaars project (133 apartments in Wijnegem)

and the Groen Kwartier residential project

on the site of the former military hospital in

Antwerp. These projects gave a major boost to

the order backlog of MBG’s buildings depart-

ment. In public buildings, MBG worked on the

Ganzendries and Wollemarkt underground car

parks in Mechelen, and the Hopmarkt car park

in Aalst. In Knokke, work on the Duinenwater

aquatic centre continued and in Wilrijk, the

“Annex T” extension of Antwerp University’s

veterinary faculty was completed within a very

strict timeframe. In the healthcare market,

MBG completed three care homes: Zonnelied in

ypres, Ambroos in Hofstade and Home Vyvens

in Zingem. Major healthcare projects are con-

tinuing in 2012, including Mayerhof in Mortsel

and the AZ Alma hospital in Eeklo. Renovation

was another growth market, and the company

handled some impressive projects including

the conversion of Ostend’s former main post

office (a listed building) into a cultural centre,

and the major renovation of the Grand Bazar

shopping centre in Antwerp, which remained

open during the works. MBG also did industrial

work for Total, Indaver, Seminck Gas, Elia, BASF

and other customers. MBG has a large order

backlog, and the outlook for 2012 is good.

There is also a good chance that major efforts

relating to studies on DBFM projects - relating

to the new ZNA hospital in Antwerp and the

Livan 1 project on the Antwerp metro - will pay

off, giving impetus for future years.

At the end of the year, Aannemingen Van Wellen won a contract for the Lichttoren

project in Antwerp, as part of a “bouwteam”

joint venture, for Immpact and BPI. It also won

contracts for finishing work on a building on

the Meir (Antwerp’s main shopping street), the

conversion of an old building into apartments

(Diamond project) in Antwerp, and the renova-

tion of all Langblok social housing in Boom.

Brussels - arts-loi project


Construction work also started on new schools

in Burcht and Zele. A major tertiary project

is also in the pipeline after the company won

a contract for the Onyx building in Berchem,

which will have BREEAM certification.

CFE Brabant worked on a large number of

projects in Brussels and the Brabant region,

and also won an MIPIM Award in Cannes for its

residential conversion of the Heijmans soap fac-

tory. Current mixed-use and residential projects

include the construction of the Square Frère

Orban office and residential building for AG Real

Estate, the renovation of Louvain Island for the

social services in Brussels and the completion

of three villas for 3ème Bureau, including two

in Saint-Tropez. Business levels were also firm

in the tertiary, commercial and healthcare sec-

tors. For example, North Light, GDF Suez’s head

office in Brussels, was completed in early 2011.

This will be followed by a second building (Pole

Star) for the same user. CFE Brabant has been

involved in both projects via joint ventures,

working for AG Real Estate. The company also

completed the Crossing stadium in Schaerbeek

(as part of a JV) and completed the final phase

of the Haren depot for the STIB. Current pro-

jects include the 4th European School in Laeken

for Régie des Bâtiments, major renovation work

at the Arts-Loi subway station for Beliris, and

head offices for Groupe S and Elia.

2011 was a transitional year for BPC, since it

completed several projects and started prepar-

ing for new ones. Conditional acceptance was

received for the phase A of the Media Garden

project, which involves a residential building

in Schaerbeek sold by Atenor to Aedifica. BPC

started other projects in 2011, including the

Lighthouse office and residential complex on

Belliard street in Brussels - as part of a “bou-

wteam” including CFE Brabant - for Allfin and

BPI, and the Brusilia tower for BPI. Up-Site is

a canalside project in Brussels being devel-

oped for Atenor. It involves a 42-floor tower

(Belgium’s tallest residential block), along

with four office buildings and four apartment

buildings, on top of a 3-level car park. BPC also

continued work on the Congrégations project

(residential units for Bouygues Immobilier), the

B3 building at La Sablière (fourth phase at Uccle

Calevoet for BPI), an innovative passive apart-

ment building on Avenue des Courses in Ixelles,

apartments in Louvain-la-Neuve, the Jardins

de la Source project for Groupe Wilhelm & Co

and student accommodation for Eckelmans.

As regards mixed-use and residential projects,

BPC started the South City project (two office

buildings and a Park Inn hotel opposite Gare du

Midi in Brussels) and conditional acceptance for

a nursing home in Uccle Calevoet was received.

BPC is also working on several major projects

in Liege, such as the Olympic skating rink, new

premises for RTBF, Médiacité, the Crowne Plaza

mBg Jean-pierre Dewulf, antoine Merckaert, patrick Verswijvel and luc Stuyck

BagECi

Joël Monin, patrick de caters, isabelle liart and etienne colmant


CFE Brabant andré Kawkabani, christophe Van ophem, roberto romanin, Daniel Martin and Jacques labruyère

BpC

Michaël royer, andré Wezel, frédéric claes, pierre thys, albert Boisdenghien and alain hemstedt

technical management Michel Denayer, lode franken, Jean-pierre cesar, hans Mortier, thierry preudhomme and Steven Van heuverswyn

CFE tchad christophe Van

CFE hungary pascal Steens

Cobel Contracting nigeria ltd eric Maximin


groupe terryn Wim cloet, Stefaan terryn, Geert terryn, Johan terryn, filiep terryn and philippe courtoy

aannemingen Van Wellen Kurt Kesteloot, nadine Simons, yves Weyts, Walter leyssens and Jan Van Wezel

CFE international Xavier Behets, Gerald Boswell, youssef Merdassi, frédéric roman and richard touroude

CFE middle East Gérard Bourrelly

CFE tunisie pascal Bauwens

CFE algérie Jean-louis choulot


Laboratorium) in Ede for MARIN (Dutch marine

research institute). This laboratory tests boats

using a huge tank in which waves more than

20 m high can be simulated.

In Luxembourg, ClE built the first research lab-

oratories at the University of Belval in October,

and in the same month completed the Parc du

Soleil residential project for Eifel-Haus Bau Und

Immobilien, consisting of 33 apartments across

five buildings. The company began a design

and build contract for a large car park at the

University of Belval in September, on behalf of

the Luxembourg national rail operator. Other

large projects included Green Hill (consisting of

14 turnkey residences with an A or AB energy

rating), a school in Mamer, a swimming pool

and sports hall in Esch-sur-Alzette, finishing

work on a children’s centre and the extension

of the European Court of Auditors. This latter

project will continue throughout 2012. CLE

also set up a new department focusing on

small renovation, conversion and construction

projects.

In Poland, CFE Polska saw increased business

levels. The company won “Fair Play 2011”

accreditation. One of the year’s highlights was

BPI Polska’s completion of the first phase of the

prestigious Ocean’s Four residential project in

Gdansk. Several other projects were success-

fully completed, including the OBI supermarket

Hotel and CMI’s new head office in Seraing.

It is hoping to increase its presence in Liege

further in 2012.

Amart expanded its technical team and

achieved substantial progress in 2011 in

terms of both activity and order book, which

hit record levels. The company built its first

passive residential building near the Gare du

Midi in Brussels for BPI and SDRB (Société de

Développement pour la Région de Bruxelles-

Capitale). This building was nominated for the

MIPIM Awards 2012 in Cannes, in the “Best

Futura Project” category. Amart also completed

the Imreca building (apartments with retail

units on the ground floor) and carried out ma-

jor work to convert buildings on Avenue Louise

and Boulevard de Waterloo in Brussels to

mixed use. It also converted a former malting

factory for residential and retail use on behalf

of Breevast. Amart worked on the L’Essentiel

project in Lasne, converting a 3,600 m2

building that will be used to care for disabled

children and adults. The company also won

contracts to build an impressive passive build-

ing on Rue du Pépin in Brussels, to renovate

commercial and office units on Avenue Louise

in Brussels for Prowinki, and to fit out offices

for Cisco Belgium, Techem-Caloribel and most

importantly Google.

In Wallonia, and aside from developments in

Liege handled by BPC, BAGECI used its exper-

tise in high-value-added PPP projects. These

included the construction and renovation of

schools in Eupen’s German-speaking commu-

nity and the construction of a police station in

Charleroi, designed by architect Jean Nouvel

and MDW Architecture. As soon as permits

are obtained, BAGECI and CFE Brabant may

start work on this latter project in spring 2012.

In the residential segment, several projects

were completed in 2011, including low-energy

passive housing in Jambes, army houses in

Belgrade and construction of a weathertight

shell for a retirement home in Vottem. In the

renovation segment, business was firm and

included the ongoing maintenance of 850

SHAPE housing units, along with the renova-

tion of numerous social housing units at Mons,

La Louvière, Saint-Vaast, Ghlin and Namur.

Work on extending the St-Guibert school is also

underway in Gembloux.

international

In The Netherlands, there were further de-

velopments in the buildings business. CFE Nederland’s recently created “buildings and

industrial constructions” department built the

swimming pool ‘Hofbad’ in The Hague and

recently completed the TFLab (TweeFasen-


(10,500 m²) for Rank Progress and a 4,000 m²

factory for Valeo. Projects that began in 2011

and were in the completion phase at the end

of the year included the Epsilon office building

for Vantage Development. This is the first build-

ing in the extensive Promenady Wroclawskie

project comprising offices, housing, a hotel and

shops in Wroclaw. Another project completed

in early 2012 was the extension of the Gliwice

plant for Belgian metalworking company Vlas-

senroot, with which a new factory construction

contract has just been signed. CFE Polska is also

building a factory for Saint-Gobain, a logistics

centre for Merida and a factory for Belgian

company Desotec.

CFE Hungary is involved in a number of pres-

tigious and major projects. Acceptance was

received for two projects on behalf of a major

bank, representing the largest datacenter in-

vestment in Central Europe, with VMA carrying

out complex electrical installations for both

projects. Acceptance was also received for the

Asia-Food food production plant in Verpelet.

Current projects include the Barros Ter office

and car park project, which started in spring

2011 and is well underway, along with the

Szigetszentmiklós primary school and sports

centre, for which the topping out ceremony

was held in December. Work is also continuing

on the BREEAM-accredited Vaci Greens office

project.

The recession had a greater impact in Slovakia,

where CFE Slovakia completed the construction

of the Green Park residential building in difficult

conditions. Studies, bids and prequalification

applications for a number of projects are under-

way in both Slovakia and Romania.

In Chad, CFE Tchad completed the first phase of

the University of Toukra. This is a major project

to the south of N’Djamena, and is being carried

out jointly with CFE International. It includes

classrooms, language labs, two lecture thea-

tres, student accommodation, a restaurant and

a supermarket. This is not the unit’s only pro-

ject in Chad: as well as the presidential villa, for

which structural works are underway, CFE has

signed a contract for Finance Ministry offices in

N’Djamena.

In Nigeria, COBEl, set up by CFE in conjunction

with a local partner, signed a contract to build

Eko Tower II, a 27-floor tower to be occupied

by an oil company and comprising a car park, a

medical centre, a business centre and a leisure

centre. Financing for this project, including

export credit, has already been arranged.

In Algeria, CFE obtained the signature in late

2011 of a letter of intent relating to the con-

struction of the head office for a major bank

in Algiers. The contract was confirmed in late

January 2012 and work is underway.

In Tunisia, CFE continued construction work on

the Bizerte Marina project, and started work

on extending the French school in Tunis.

amart reginald rotsart, ivan De Wilde, Steven luyckx and Bernard palange

rotterdam - ett europoort


CiVil EnginEEring and roadS

Belgium

MBG’s work on two major long-term projects,

as part of a joint venture for Infrabel, contin-

ued at a rapid pace, and important phases

were completed.

In the first, work on a new rail link at Liefken-

shoek progressed at a good rate. This new

connection for goods trains links the extension

of the Port of Antwerp and its new Deurganck-

dok harbour basin on the left bank with the rail

marshalling yard on the right bank, passing un-

der the Scheldt river and the B1B2 canal. Three

major phases have been completed to the full

satisfaction of all parties. Two tunnel boring

machines known as Bobette and Fanfreluche

arrived on May 16 and July 16 respectively,

several weeks early. The first part of the works

was then handed over to Infrabel on December

19, 2011, in accordance with the schedule. The

second project is the Diabolo DBFM project,

and involves the construction of a link for the

high-speed rail line between Brussels Airport

and the central verge of the E19, along with

the construction of a road interchange at

Brucargo. Work will be completed in the first

half of 2012, on schedule. The first part of the

airport station extension was opened to the

public in early July 2011, while the new viaduct

connecting Brucargo to the motorway was

opened to traffic on November 2, 2011. Work

was due to be completed on February 25, 2012

and the new line will come into service in June

2012. Two related works packages, i.e. work on

a 8 km stretch of the central verge and the con-

nection with Mechelen, were completed and

brought into service in 2011. In Rotterdam, the

Gate LNG terminal, completed in conjunction

with CFE Nederland, was officially opened in

September. In Zeebrugge, the construction of a

new pier to increase the capacity of the Fluxys

gas terminal started on September 1, 2011 and

is due to be completed in late 2012. In the near

future, MBG is also hoping to win the contract

for the first phase of renovation work on the

Mechelen train station and surrounding area.

The roads department of Aannemingen Van Wellen, which is responsible for the road works

package on the Diabolo project at Brussels

Airport, took part in a number of public tenders

and won a number of orders in late 2010

and early 2011. These include various road

refurbishment projects in Berchem, Ekeren,

Edegem and Mechelen, along with the western

access road at the Port of Zeebrugge. More

contracts were won during the year, including

a major road refurbishment project on the E19

between Wilrijk and Mechelen, which is to be

completed in the record time of seven weeks.


The company also won and partly completed

several environmental contracts at the Ports

of Antwerp, Ghent and Zeebrugge. Production

at the company’s two coating plants exceeded

250,000 tonnes. Tests relating to warm-mix

asphalt made at 120° C and silent road surface

mix were carried out. Together with MBG

teams, Aannemingen Van Wellen qualified

for the second round of the Ax PPP project in

Zeebrugge. The second round is scheduled for

July 2012.

In 2011, BAGECI’s civil engineering activities

included conditional acceptance for the Vortex

project in Namur and the completion of 35

Vortex sites and 17 pumping stations. These

installations will help to clean up the Meuse

river. The Sclessin wastewater treatment station

could soon be handling wastewater from this

part of Liege, since electromechanical equip-

ment has now been installed. At the Vallée

du Hain wastewater treatment plant, built in

conjunction with CFE Brabant, civil engineering

work is coming to an end, and electromechani-

cal equipment is being installed by CFE EcoTech

and Nizet Entreprise. BAGECI is currently doing

other work for Infrabel at Gembloux, Flawinne

and Ronet.

CFE EcoTech carried out electromechanical

installation and implementation work on the

Vortex project in Namur and on the Sclessin

wastewater treatment plant. Hydraulic trials

have taken place on this plant, which is expect-

ed to come into service in 2012. In the Vallée

du Hain, the assembly of electromechanical

equipment is currently being completed, and

the wastewater treatment plant is scheduled to

come into service in summer 2012. CFE EcoTech

worked on building the anaerobic digestion

plant for secondary and primary sludge from

the Mouscron wastewater treatment plant, and

completed the construction of a degassing unit

at the Brussels South wastewater treatment

plant for SBGE. The company also won its first

contract for the anaerobic treatment of brewery

water, using an innovative concept that may

have further applications in agro-industry. Vari-

ous biomass energy recovery projects are cur-

rently being analysed, and are likely to result in

new orders in 2012.

refurbishment on the e19 between Wilrijk and Mechelen

CFE polska agnieszka tchorzewska, Beata Koniuszek, Bruno lambrecht and Malgorzata Boron

ClE patrick Van craen, olivier Vanderdeelen, Markus Schaefer and patrick Mausen


international

In The Netherlands, CFE Nederland completed

several major civil engineering projects in the

rail, marine and road segments. These include

the construction of bridge beddings and struc-

tures for four future rail tracks on behalf of

ProRail in Houten, the construction of three

huge concrete LNG tanks for the Gate Terminal

in Rotterdam, and the reinforcement, widening

and bedding of the Muider bridge. Coentun-

nel Construction, a consortium including CFE,

successfully transported the four caissons

(178m/30m/8m) for the ‘Tweede Coentun-

nel’ in Amsterdam. This second tunnel, lying

alongside the existing Coentunnel, is an 750

m immersed road tunnel. The four caissons,

made in Barendrecht, were carried by river

to Amsterdam. Another major project in 2011

involved ongoing work on building a 2.4 km rail

tunnel in Delft.

GEKA, the Group’s other Dutch entity, was

involved in projects to build the new Gate

LNG Terminal in Rotterdam and the Delft rail

tunnel, and also completed two piers in Rot-

terdam. At Rotterdam-Europoort, GEKA did

intensive work on the project to extend the

ETT oil terminal for Verwater, which involved

building foundations for tanks and a pier for

seagoing and inland waterway vessels. GEKA

also acquired three new cranes (70, 80 and 100

tonnes), which can handle prefabricated sec-

tions with lengths of up to 40 m. The company

also expanded abroad, signing an engineering

contract relating to the construction of a ma-

rine pier in the Port of Vassiliko, Cyprus.

In Luxembourg, the ‘Pont d’Alsace’ was

reopened to traffic, while work on the Pulver-

mühle viaduct is continuing. ClE and BAGECI are handling these projects on behalf of the

Luxembourg rail operator.

In Qatar, CFE Middle East completed three

tanks as part of the Doha North WWTP project

for Keppel Seghers, which also ordered eight

electricity substations in Doha. These are cur-

rently being built, as are two substations in

Ezdan and Garafa for ABB.

CFE International, accompanied by CFE

EcoTech, is ready to take its first steps in Sri

Lanka. A €22 million water treatment and

supply contract was signed in January 2011,

and financing is likely to be completed in early

2012.


tErryn: immEdiatE SynErgiES With SEVEral CompaniES in thE diViSion

The Groep Terryn (including Korlam, Spanbo,

Ecotimber, Terryn Hout in Moorslede and

Lamcol in Marche-en-Famenne) joined the CFE

Group in mid-2010. It has various activities in

wood processing and recovery, operates as

main contractor for wood-based constructions

(mainly industrial buildings) and is a leader in

the production and assembly of bonded lami-

nate structures.

The company completed and won a number of

impressive contracts in 2011, including the roof

of a skating rink in Liege (a BPC project) and the

roof of Rotterdam train station, and it was in-

volved in the construction of a CNH showroom

and swimming pools in Ghent, Rozenbroeken,

and in Knokke (MBG). It was also involved in

building the new temple in Planckendael zoo,

which will house a group of elephants currently

based in Antwerp. Terryn upgraded its produc-

tion system in 2011 and produced more than

22,000 m3 of bonded laminate, which bears the

CE label. Despite a difficult start to the year,

Terryn generated slightly higher revenue than

in 2010.

CFE nederland Jan Verschueren, Kris hens, andré de Koning and Koenraad Keppens

Moorslede - production of bonded laminate structures

gEka hans Schutte, Marcel Keinhorst and Willem-Jan nederlof

CFE Ecotech Bernard cols, Guy Van Den Bossche and Bruno Derclaye


ORDER BOOKAS OF DECEMBER 31

ACTIVITy

(IN MIllIONS EUR) 2011 2010 2011 2010

CONSTRUCTION DIVISION 1,009.9 826.4 717.8 707.8

AMART 27.1 17.4 25.4 20.9

BAGECI 100.8 83.5 44.9 56.7

BPC 128.9 37.8 50.1 61.7

CFE BRABANT 184.7 111.2 101.7 80.4

CFE ECOTECH 4.5 15.3 11.9 13.3

CFE HUNGARy 19.7 19.7 17.9 39.7

CFE INTERNATIONAL 115.3 57.6 59.7 33.4

CFE NEDERLAND 127.0 158.8 62.1 62.1

CFE POLSKA 4.9 14.8 30.5 19.2

CFE TUNISIE 2.0 - 1.1 -

CLE 65.2 32.5 28.4 31.5

GEKA 6.4 22.0 42.3 43.4

MBG 143.7 165.7 148.2 165.5

AANNEMINGEN VAN WELLEN 67.8 35.4 67.3 63.2

GROEP TERRyN 11.8 12.2 26.3 13.3*

OTHERS 0.5 - - -

* 6 month activity

gEnErally poSitiVE outlook in thE ConStruCtion diViSion

The construction division ended 2011 with a

solid order book, and order intake rose by 22%.

Outside Europe, the outlook is promising, as

shown in particular by CFE International’s order

backlog. In Central Europe, however, the situ-

ation remains difficult, since the recession is

having a major impact on markets.

In Benelux, most of the division’s companies

have good reason to be positive. Both compa-

nies in Northern Belgium are involved in PPP

projects, i.e. the Missing Links A11 project

in Zeebrugge and the Livan (De Lijn) project

in Antwerp. These projects represent major

investments in the future. In central Belgium,

CFE Brabant won a large number of orders and

BPC is expanding in Liege, while Amart has a

solid order book. As a result of its past efforts

and studies relating to prospective contracts,

BAGECI also started 2012 with confidence, and

several major bids are likely to be accepted in

Benelux in the near future. The key concepts for

the construction division and for CFE in general

are sustainable development, international

expansion, synergies and complementary ex-

pertise.


Delft - railway tunnel

MULTITEChNICS DIVISION

4MULTITEChNICS DIVISION

Ghent - electrical installations

MULTITECHNICS DIVISION70

multitEChniCS diViSion

Specialised technical services: strong momentum

cfe’s multitechnics division boasts an increasingly wide range of specialist skills in technical areas relating to electricity and hVac (heating, ventilation and air conditioning) equipment, along with rail electrification and signalling. the Group gained new skills in 2011, particularly through the acquisition of etec, which gives cfe a position in the public lighting market, while strengthening its underground networks business.

StiB’s workshop in haren - electrical installations

MULTITECHNICS DIVISION 71

Growing revenue

The multitechnics division’s business remained

firm, with growth in both revenue and the

order book. This was despite a tough 2011 for

the building sector, which saw a reduction in

the number of major projects, particularly in

the tertiary segment. In addition, Belgium’s

prolonged failure to form a government had an

impact on public-sector contracts.

Multitechnics division companiesThe division consists of 12 companies, all based

in Belgium, along with VMA subsidiary VMA

Slovakia.

• Nizet Entreprise, VMA, Vanderhoydoncks, and Van De Maele Multi-Techniek specialise

in electricity;

• ENGEMA and louis Stevens & Co operate in

rail electrification and signalling alongside

other specialities;

• ETEC specialises in public lighting and the

installation of above-ground and underground

networks;

• Brantegem, Druart and Prodfroid specialise

in HVAC and cooling systems;

• be.Maintenance provides specialist mainte-

nance services for the tertiary sector;

• Voltis operates stores that sell lighting, elec-

trical installation equipment, tools, home

automation systems, heating and air condi-

tioning equipment and electrical appliances.

multitechnics division Bernard cols, General Manager of the multitechnics division

druart Jean-Marie chabart, Marc hindryckx, Bruno Druart and Xavier Druart

be.maintenance andré Vandenbauw, hajar nouhi, Jan De Baere and pierre perexempel


ElECtriCity

Alongside its electrical and electromechanical engineering work for building and infrastruc-ture projects, the Group played an important role in rail electrification and signalling work in 2011. It also continued its cable-laying and connection activities, and carried out its first public lighting projects.

cfe: strong presence in the Bel-

gian rail sector

ENGEMA’s Rail Catenary department carried

out electrification work on lines 50A and 51A

between Ostend and Zeebrugge, as well as

modernising the catenary installation of tracks

R and G at Schaarbeek station. In Brussels, the

Rail Signalling department carried out the first

phase of low-voltage installations on a busy

urban route, and modernised signalling equip-

ment and cables in several stations. These two

departments also worked on other orders for

Infrabel and Tuc Rail, particularly as part of the

Diabolo project (rail link for Brussels Airport).

The two departments increased their staffing

as a result of strong business levels.

ENGEMA signed an important framework

agreement with ORES, underpinning the order

backlog of its Lines department, where revenue

also continued to rise. The Assembly depart-

ment continued to suffer from reduced invest-

ment by its customers.

Louis Stevens & Co, which is performing signal-

ling work as part of the Diabolo project, also

helped to improve the quality of the Belgian

rail network by installing new ETCS (European

Train Control System) signalling equipment.

Other projects include signalling work on the

Ottignies-Wavre line and on the bridges over

the river Nete in Duffel, the renovation of

signalling installations in Lier and the installa-

tion of cameras, fire-detection equipment and

other equipment in various stations and Brus-

sels Airport. The Telecom & Security depart-

ment, which has been a distinct business unit

since 2011, scored its first commercial success

outside the rail sector by signing a framework

agreement relating to the safety perimeters at

Fluxys gas sites. 2011 was a particularly busy

year for Stevens, which increased staff levels

and achieved its highest-ever revenues. There is

also a large backlog of orders for 2012.


huge photovoltaic project

The multitechnics division has leading-edge

expertise in photovoltaic technology, particu-

larly within Nizet Entreprise, which completed a

3.6 MW (15,000-panel) photovoltaic project for

Thys Bouw Projekt. Other photovoltaic projects

include Hooge Maey in Antwerp, MET in Jambes

and Namur and Idea in Manage. Other entities

also performed photovoltaic work, including

Van de Maele Multi-Techniek, which delivered

and installed 2,920 solar panels on the Nort

Immo project in Elverdinge, and Limburg-based

Vanderhoydoncks, which installed electrical

connections for installations at Izegem, Saint-

Truiden and Haasrode.

electrical and electromechanical

engineering work for numerous

hospital and infrastructure

projects

Nizet Entreprise’s hospitals business unit had

a busy year, including work for the Louis Caty

hospital in Baudour, the Erasme hospital in

Anderlecht, the Cliniques IRIS SUD in Brussels

and St Elizabeth in Namur. The company also

did some major electromechanical engineering

work on infrastructure projects, often in associ-

ation with other CFE units. Its workshops made

high-voltage cabinets and low-voltage panels

for ORES, Electrabel and VMA, the Vallée du

Hain wastewater treatment plant and several

hospitals. Activity was less intense in the build-

ing business unit, which suffered from a lack of

large-scale and office projects.

Vanderhoydoncks also carried out electrical

engineering work for hospitals. It delivered

equipment to the Heilig Hart hospital in Leuven

and the Sint-Trudo regional hospital, where the

company will continue works in 2012. Around

ten other projects were completed in 2011,

including the Colruyt store in Mettet, the Si-

belco site in Maasmechelen and the Fluxys site

in Winksele. Several 2011 projects will continue

in 2012, including the Okay store in Dilsen-

Stokkem and the C-Mine cultural centre in the

city of Genk. At the end of the year, Vanderhoy-

doncks’ order book included projects relating to

several hospitals (the MS clinic in Melsbroek,

the Sint-Trudo hospital and the Heilige Familie

hospital in Reet) and stores (Roba in Genk, Okay

in Paal).

Brantegem luc rombaut and patrick Verhoest

EtEC emmanuel Bardiau and luc Dutrieux

nizet Entreprise emmanuel Six, Denis Wuilpart, yvan Georgery, hubert lacroix, philippe flock and thierry lambermont

lier - Signalisation works


Major office projects despite

the difficult operating

environment

Electrical and electromechanical engineering

companies generally saw lower levels of orders

in the office market. However, the CFE Group’s

multitechnics division worked on some major

projects, including the North Light project in

Brussels - developed by AG Real Estate for GDF

Suez - which was provisionally completed in

2011. Other examples are the KAM building in

Bruges for Eurostation-Dexia, offices for BNP

Paribas Fortis in Kanselarij and offices and

laboratories for Vlaamse Milieumaatschappij at

the Flanders Expo site. These electricity pro-

jects were carried out by VMA, sometimes in

collaboration with Nizet Entreprise.

VMA also developed and launched the VICS

software package, which allows integrated

management of all technical equipment in a

building, including energy monitoring.

exporting technical skills

Led by VMA, the multitechnics division contin-

ued to develop its international activities. VMA

obtained several orders to automate assembly

lines in car production plants, for Volvo in

Belgium and Ford Otosan in Turkey. VMA also

strengthened its position in Central Europe

by winning a new contract in Hungary. The

company had already moved into Hungary by

installing equipment for two IT datacenters in

conjunction with CFE Hungary. The new con-

tract related to the automation of two welding

lines.

VMA Slovakia saw a sharp rise in revenue in

2011. In Poland, a new subsidiary (VMA Polska)

is being set up to take advantage of synergies

with construction company CFE Polska and

thereby extend the CFE Group’s electrical activi-

ties in the country.

cfe: moving into public lighting

ETEC joined the CFE Group in October 2011.

ETEC specialises in public lighting and the

installation of above-ground and underground

networks, operating in the electricity, water,

gas and telecoms sectors.


Good synergies within the division and the Group

Synergies are being generated increasingly frequently within the CFE Group, and the multitechnics division’s expertise has been used in a number of projects even where there has been no obligation to collaborate.

• For example, Nizet and Druart installed equipment in the Les Hauts Prés retirement home in Uc-

cle on behalf of BPI and BPC, while Nizet and ENGEMA installed equipment in STIB’s workshops in

Haren for CFE Brabant.

• VMA joined CFE Nederland on the Delft rail project, designing and installing electromechanical com-

ponents in tunnels.

• Within PPP projects, ENGEMA was approached to do catenary and power-cable work on the Livan

1 metro project, which is currently at the study stage. Nizet is involved in projects to build schools

in Eupen’s German-speaking community and, in conjunction with Druart, in the project to build a

police station in Charleroi.

• Group companies often work together. This was the case for the Vallée du Hain wastewater treat-

ment plant (SM BAGECI/CFE Brabant/CFE EcoTech/Nizet), the Vortex project in Namur (SM BAGECI/

CFE EcoTech/Nizet), Renault Drogenbos (Druart/Prodfroid/Amart), the CAMAx project in Brussels

(SM CFE Brabant/Nizet/Druart) and electrical installation work on the North Light project in Brus-

sels (SM Nizet/VMA).

• Brantegem, which had only just joined the Group, was immediately boosted by synergies with CFE

Brabant, Amart and VMA.

louis Stevens & Co

chris présiaux, Marc poulussen, Karen De Vos and peter peyffers

Van de maele multi-techniek Julien Van De Maele, filip De Graeve and Kurt Sarlet

prodfroid Jean-Marie chabart, patrick Grandjean and Bruno Druart

Ghent - electrical installations


hVaC EquipmEnt

In 2011, the Group extended the range of its HVAC activities, which had previously been handled mainly by Druart and Prodfroid. Growth came mainly from the addition of Brantegem to the multitechnics division along with diversification at Van De Maele Multi-Techniek, which had previously concentrated on the electricity sector.

Upturn in hVac activity in northern Belgium

The Group’s new addition Brantegem is based

in Alost and provides services in a range of

areas: heating, ventilation, air conditioning,

plumbing fixtures, water treatment and recov-

ery and pumping equipment. It joined the CFE

Group in December 2010 and in 2011 complet-

ed several large projects, including ventilation

and plumbing work at a social services retire-

ment home in Zele and engineering, ventila-

tion and air conditioning work at the Gullegem

retirement home (150 rooms each). It also took

part in refurbishing the historic Pakhuis Clem-

men building in Ghent and installing equip-

ment in the Tollembeek fire station.

Brantegem won a series of new projects, par-

ticularly through synergies and collaborations

with other Group entities. Examples of this

are the Elimo project (with Amart), and the

Elia project (with CFE Brabant and VMA). Bran-

tegem hired new technical and managerial

staff in 2011 to support its development.

In the Kortrijk region, Van De Maele Multi-Techniek’s newly formed HVAC department

maintained its rapid development. The com-

pany doubled its revenue and employed new

staff in all departments. Van De Maele Multi-

Techniek completed several projects including

HVAC study and engineering work at the O.L.V.

van Lourdes clinique in Waregem and equip-

ment installation work at the Coxyde care

home. In France, close to Lyon, it carried out

a dual water recovery and ventilation installa-

tion for Potato Masters.

Van De Maele Multi-Techniek has successfully

diversified and has a large order backlog (5-

year maintenance contract at the University of

Ghent, electrification and ventilation work at

the Pottenbakkershoek residence in Kortrijk,

the Ostend military hospital etc.), which sup-

ports its very positive view of the future.

It was also a good year for entities in the Ha-

inault region of Wallonia. Druart completed

several major HVAC and plumbing projects in

2011. These included work on the extension of

the Reine Fabiola children’s university hospital,

the construction (by BPC) of a care home in

Uccle, the refurbishment of the CHR hospital in

Namur and the refurbishment of the Pavillons

de l’Institut Van Gogh in Marchienne-au-Pont.

Other projects completed or ongoing include

the Meiser shopping centre, the youth Center

building for the US Army, the Palais des Beaux-

Arts and the SABI art gallery in Brussels and

the Lavoisier laboratories in Louvain-la-Neuve.

Druart increased its revenue in 2011, despite

transferring its maintenance and small project

activities to the new be.Maintenance company.

The multitechnics division also increased its

market share in the industrial cooling segment

(cooling equipment for cold storage facilities)

through its Prodfroid company. Prodfroid han-

dled several major projects including the turn-

key installation of morgue equipment for the

Brugmann hospital, the supply and installation

of a cold storage facility along with brine and

direct-expansion cooling equipment at the GSK

site in Wavre.

The company also won two very large orders

for the Crystal Computing site in Ghlin-Baudour,

installing air conditioning cabinets and 223 IT

server cooling units. This will lead to a substan-

tial increase in revenue.


maintEnanCE and diStriBution

a single company specialising in maintenance

In its first year of existence, be.Maintenance

took all necessary steps to support its develop-

ment in the market for maintaining tertiary

technical installations. Businesses transferred

in late 2010 from Druart (HVAC) and Nizet Entre-

prise (electricity) performed well. At end-2011,

the company had more than 30 employees.

Maintenance contracts obtained in 2011 re-

lated to the 31,200 m² federal police office

building, the St-Jean Méridien site clinic (385

beds, a surgery wing and laboratories) and the

Radisson Blu Royal Hotel (5-star hotel with 281

rooms and suites), all in Brussels. In addition,

there were contracts for the Clariant site at

Louvain-la-Neuve, a research, development

and production centre for plastics and textiles

operations, and G4S buildings in Harelbeke,

Wilrijk, Diegem, Vilvoorde, Grand-Bijgaarden,

Brussels and Herstal.

positive developments at Voltis stores

In its two large stores in Waterloo and Louvain-

la-Neuve, Voltis sells a wide range of electrical

equipment, lighting, air conditioning, home

automation systems, tools and electrical ap-

pliances to consumers and professionals. The

Waterloo store maintained its progress in 2011.

Zele - installation ventilation

EngEma olivier Di pietrantonio, Jean-paul coch,

patrick Vandingenen, luc Sepulchre, Bruno lambert and erwin Gelaes

Vanderhoydoncks ronny hendrickx and eddy Schrijvers

Vma Guy Wynendaele, nicolas nicolaus, lieven De Wandel, robby Bosgaerd and luc Devos

Voltis yvan Georgery and yves persenaire


ORDER BOOKAS OF DECEMBER 31

REVENUE

(IN MIllIONS EUR) 2011 2010 2011 2010

MUlTITECHNICS DIVISION 162.0 128.2 175.6 148.6

be.Maintenance 0.8 - 3.6 -

BRANTEGEM 7.1 - 3.7 -

DRUART 9.1 15.3 23.4 18.9

ENGEMA 29.6 35.1 20.5 19.8

ETEC 15.4 - 4.6 -

NIZET ENTREPRISE 16.9 21.5 35.7 31.2

LOUIS STEVENS & CO 24.2 18.3 17.9 15.2

PRODFROID 0.6 0.2 2.0 1.4

VAN DE MAELE MULTI-TECHNIEK 19.4 13.7 17.4 11.3

VANDERHOyDONCKS 5.9 2.7 7.5 7.2

VMA 33.0 21.4 37.9 40.6

VOLTIS - - 8.6 8.0

outlook

At January 1, 2012, the multitechnics division’s

order backlog amounted to €162 million versus

€128 million at January 1, 2011. This large in-

crease means that the division can look ahead

to the future with confidence, despite uncer-

tainties about how the market will develop.

Several of the division’s companies achieved

remarkable growth, while others adjusted their

structures and businesses to address new op-

portunities. All of the division’s companies are

benefiting from ongoing support and synergies

resulting from their membership of the CFE

Group.


Zaventem - Signalisation works

DREDGING AND ENVIRONMENTAL DIVISION

5DREDGING AND ENVIRONMENTAL DIVISION

DREDGING AND ENVIRONMENTAL DIVISION82

drEdging and EnVironmEntal diViSion

cfe owns 50% of DeMe, with the rest of DeMe’s shares owned by antwerp-based company ackermans & Van haaren. the shareholder agreement signed by the two owners in 2006 was extended by five years in late 2011. the good relationship between the two owners results in great stability, which makes the task of DeMe’s management significantly easier.

dEmE Marc Maes, lieven Durt, hugo Bouvy, Martin ockier, harry Mommens, pierre potvliege, philip hermans, theo Van De Kerckhove, Bernard paquot, alain Bernard, luc Vandenbulcke, eric tancré, christian Van Meerbeeck, Dirk poppe, lucas Bols and pierre cateau

DREDGING AND ENVIRONMENTAL DIVISION 83

dEmE: StrongEr poSitionS Both nationally and in-tErnationally

In a fast-changing world, DEME’s various activities in dredging and related services give protection against rising sea levels, address increasing energy requirements and provide innovative solutions for oil and gas extraction.

In 2011, the world experienced a serious eco-

nomic and financial downturn, with financial

markets reacting nervously to uncertainties

developing on the international scene. Never-

theless, DEME coped well with the downturn,

consolidating its positions and revenues in the

national and international markets with its

solid order book and its strategy of geographi-

cal and business diversification. Its activities

now include dredging, hydraulic engineering,

offshore activities and environmental services.

DEME also intensified its focus on activities

related to energy (oil and gas services, services

in the offshore renewables market) and mining

(traditional mining and deep-sea activities).

European revenues were boosted by important

assignments such as the London Gateway

container terminal in the UK and several

large-scale offshore wind farm projects in the

North Sea. A number of new contracts were

also obtained in all other continents. In 2011,

DEME’s revenue amounted to €1,766 million

and its order backlog stood at €2,404 million at

January 1, 2012.

increasing geographical

diversification

In addition to its Western European activities,

DEME maintained strong revenues in Africa,

Latin America, the Middle East, the Indian

subcontinent and Russia, and achieved rapid

growth in the Australian market. DEME bol-

stered its position in the Middle East with oil

and gas-related activities, along with marine

infrastructure projects. Several contracts worth

in excess of €25 million were signed, including

in UAE, Russia, Nigeria, Australia, Uruguay and

Belgium. These contracts show a good balance

between DEME’s core business and its «dredg-

ing-plus» activities.


renewable energies and

environmental protection

The rapidly evolving renewable energy market

has been and will be an important driver for

DEME’s specialist marine construction units in

the coming years. This market is being support-

ed by increasing awareness among the world’s

population of the need to safeguard our planet

against the impact of climate change, and by

initiatives taken by public authorities – espe-

cially in Europe – to limit our environmental

footprint to the strict minimum in the future.

In 2011, DEME’s ongoing efforts in the field of

blue energy generation underlined its desire

to develop a dominant position in the develop-

ment of environmental-friendly energy. DEME’s

specialist marine and offshore construction

companies, such as GeoSea and Tideway, have

valuable experience, with projects including

the C-Power windfarm project on the Thornton

Bank off Belgium, along with an extensive

track record in specialist services for the oil and

gas industry.

In 2011, DEME also continued to excel in an-

other of its specialist areas, i.e. wastewater

services and environmental remediation.

DEC-Ecoterres, DEME’s environmental unit,

failed to match the record revenues achieved

in 2010. However, the company was very ac-

tive in a number of European countries, both

in developing new activities and in brownfield

remediation, soil and sediment treatment and

recycling. On a less positive note, DEC (DEME

Environmental Contractors) experienced exca-

vation problems on a project in Santos, Brazil.

The necessary measures were taken and the

contract was discontinued.

Marine and offshore

construction

In 2011, Tideway Offshore and Marine Con-tractors, DEME’s oil and gas-related subsidi-

ary, maintained a high level of revenue both

in trenching and landfall construction and in

the highly specialised fallpipe stone dumping

business. Outside Europe, new contracts were

signed in Russia and China. Tideway took part

in the Skarv and Idun Field Project for BP, the

largest rock dumping contract ever awarded in

northern Norwegian waters. The company was

also involved in the Nord Stream project, a gas

export line from Russia to Germany. The Flint-

stone, a unique fallpipe vessel able to work in

depths down to 2,000 m, was delivered in July

2011 and has already been involved in its first

assignment in Chinese waters, as part of the

Power Cable Interconnector project.


GeoSea generated strong revenue growth com-

pared with 2010 in its various business areas.

GeoSea’s activities involve jack-up platforms

and vessels for pier construction, offshore

installations and maintenance, offshore founda-

tion techniques, directional drilling, geotechni-

cal studies and crew services. The increasing

focus on renewable energy issues is a major

driver for offshore wind farm construction. In

2011, the company was involved in major off-

shore windfarm installations in Germany, the

UK and Belgium. In Australia, GeoSea won a

major pier construction contract in Hay Point,

which represents a real breakthrough in high-

end infrastructure work in this country. The

company is likely to maintain its rapid rate of

growth in 2012 and subsequent years. GeoSea’s

growth is being supported by new investments,

such as the DP2 jack-up vessel Neptune and the

world’s largest jack-up vessel Innovation.


Dredging and marine services

DBM (DEME Building Materials) pursued its

strategy of investing in marine aggregates. The

strategy involves a good geographical spread of

gravel concessions in French, UK, Belgian and

German waters, along with long-term partner-

ships with French, British, and German con-

struction industry partners. A new 5,000 m3-

capacity gravel trailer, the Victor Horta, joined

the DBM-fleet in July 2011. The availability of

two modern high-capacity gravel trailers is a

real advantage for DBM. This new investment

will increase flexibility and ensure increased

capacity for DBM’s customers.

DEME’s new company CTOW (Combined Ma-rine Terminal Operations Worldwide) took its

first decisive steps in its specific market seg-

ment. CTOW provides marine services in the

widest sense to dedicated marine terminals.

Its upstream activities perfectly complement

DEME’s other expertise. CTOW was set up as a

joint venture, specialising in preliminary stud-

ies and integrated services. It provides turnkey

solutions, combining dredging and the removal

of dredging waste, to mining, oil and gas com-

panies.

DEME continued its investment programme

with the acquisition of seven vessels that were

delivered in 2011: Flintstone (fallpipe vessel),

Victor Horta (gravel trailer), Al Jarraf and

Amazone (12,860 kW cutter suction dredgers),

Breughel (11,000 m³ trailing suction hopper

dredger) and Congo River (30,000 m³ megat-

railer). Four new vessels will be delivered in

2012 and a new DP2 floating crane has been

ordered under a joint ownership agreement.


Safety, productivity and

synergies

With the synergies created by its multidiscipli-

nary skills, its Central Competence Centre (CCC)

and its Financial Coordination Centre (including

project finance), DEME has developed turnkey

solutions as a full service-provider for complex

offshore marine infrastructure. In Belgium, its

wide range of skills has enabled it to take part

in long-term planning efforts relating to the

protection of the coastline (Vlaamse Baaien

project). It is also involved in research projects

in areas such as the development of new wave

and tidal power technologies for the production

of blue energy, particularly as part of the FLAN-

SEA project funded by IWT, the Flemish agency

for innovation through science and technology.

As part of the global development of renewable

energy, DEME has been an active participant in

the Friends of the Supergrid project. This pro-

ject aims to create a pan-European grid to in-

terlink all individual offshore renewable energy

generators and to safeguard the availability of

this renewable power to all European citizens

at all times. DEME is also a founding member

of ElEANORE, which aims to bring together the

specific skills required to build such a supergrid.


drEdging and marinE

WorkS

BEnElux

activity in Benelux remained at

levels seen in previous years.

In Belgium, on the river Scheldt and in the

access channels to the Antwerp locks, DEME

entered the fourth year of its seven-year main-

tenance dredging contract, and continued

maintenance works. In late 2011, this main-

tenance contract was extended for five more

years after an international tender process.

Maintenance dredging on the Brussels Canal

close to the capital and on the Ghent-Terneuzen

Canal also involved DEC carrying out treatment

work on highly polluted sediments.

Major dredging and hydraulic works were

executed in Antwerp, Kruibeke, Ghent, Ostend,

Koksijde and Dilsen-Stokkem. In the port of

Antwerp, the construction of AMORAS, the

mechanical dewatering plant for sediments

dredged in the Antwerp inner harbour, was

completed. The contract involves operating the

plant for a period of at least 15 years. Other

projects in Belgium included the construction

of new outer harbour dams and the dredging of

the new access channel to Ostend, work to re-

inforce quay walls and preloading work as part

of the REBO (Renewable Energy Base Ostend)

project, and the dredging of several inland wa-

terways including the Brussels-Charleroi canal,

the river Meuse in Namur, the river Dendre and

the Blaton-Ath canal.

In The Netherlands, DEME operates through its

Dutch subsidiaries de Vries & van de Wiel and

de Vries & van de Wiel Kust en Oeverwerken.

Work continued on the construction of the sec-

ond Coentunnel in Amsterdam. The dredging

of trenches for tunnel components was com-

pleted, as was the transportation and immer-

sion of the prefab tunnel sections. Companies

worked on several dredging and embankment

works projects on inland waterways, as well

as carrying out civil engineering, dredging,

earth-moving, beach nourishment and coastal

protection works at Walcheren, stone dumping

works to prevent coastal erosion at Den Helder,

maintenance dredging and sand delivery at

the port of Rotterdam and the completion of

the new inland port at Kampen a/d Ijssel (PPP-

project).


EuropE

europe is a major market for

the whole DeMe group, and it

won substantial new contracts

in its core business and offshore

marine construction activities in

2011.

2011 was again an outstanding year in North-

west Europe. The centre of gravity was the UK,

owing to the major London Gateway container

port project on the River Thames. However,

2011 was also a record year in Germany in

terms of revenue, making Germany another

home markets for DEME. The strong upturn

in business levels in the Baltic Sea continued

throughout the year. In France, there was a

decline in major contracts, but there are some

interesting prospects for 2012. Activities in the

Mediterranean area were affected by the politi-

cal situation in most North African countries

and the difficult economic situation in Southern

European countries.

DEME maintained and consolidated its position

as a leading dredging contractor for strategic

port extensions in Russia, and the outlook for

2012 is promising. After dredging work relating

to the ongoing development of the commercial

seaport in Ust Luga, a new contract was signed

for a fifth campaign. On the Russian Riviera in

the Black Sea, DEME completed site reclama-

tion works for the upcoming Winter Olympics

in 2014. Dredging work was done in Tuapse and

DEME won a contract for major dredging works

in the new Taman port construction area. A new

backhoe dredger is under construction, to be

jointly owned with a local Russian partner for

activities in the Finnish Bay, and will be deliv-

ered in early 2012. This vessel, called Peter the

Great, will give DEME huge growth potential as

well as enhancing flexibility.

Major projects in Europe included the fol-

lowing: in Italy, landfall of a gas pipeline in

Livorno, environmental works in Pescara, deep-

ening of the cruise terminal at Ravenna, and

hydraulic civil engineering works in Molfetta

and Cagliari; in France: maintenance dredging

works in Bayonne and in Gravelines (Bayonne

contract extended to cover 2012 and 2013),

execution of a design-build contract in the Port

Est of Dunkirk and dredging and scour protec-

tion works to repair dykes at Nice airport; in latvia: deepening of the access and harbour

basin at the port of Liepaja and the completion

of dredging work on the access channel to Riga

Freeport; in Germany: maintenance dredging

on the Elbe, in Wilhelmshaven, Cuxhaven-

Hamburg and on the river Rhine in Cologne,

dredging for the north extension of Pier III in

Rostock and for the construction of Burchardkai

Phase 2 in Hamburg, and maintenance water

injection dredging (WID) on the Elbe and the

Nord-Ostseekanal.


aFriCa

in 2011, DeMe carried out

a number of dredging,

maintenance dredging, civil

engineering and environmental

projects in sub-Saharan africa.

Highlights included the completion of the first

phase of the EKO Atlantic City development and

the start of the second phase of this impressive

land reclamation project in Lagos, Nigeria.

Coastal erosion control and environmental

restoration works were executed in Ghana. In

Angola, the Soyo LNG terminal was deepened

and the remediation of infrastructure around

the bay of Luanda was completed. After many

years of absence DEME returned to the Demo-cratic Republic of the Congo for a maintenance

dredging and channel rehabilitation project on

the Congo River. Maintenance dredging pro-

jects were also carried out in Guinea, Nigeria,

South Africa and Mozambique.

Other projects included maintenance dredging

in the ports of Richards Bay, Durban, Port Eliza-

beth, East London and Naqura in South Africa,

along with the Polana channel of Maputo Port

in Mozambique and in Kamsar in Guinea. In

Nigeria, DEME performed maintenance dredg-

ing on the Bonny River and Channel, together

with wreck removal, maintenance and im-

provement of navigational aids. It also carried

out deepening and maintenance dredging work

on a 153km stretch of the river Niger. In Ghana,

DEME carried out dredging work on an emer-

gency access channel for an oil drilling rig in

the port of Tema, and built seven breakwaters,

providing 4km of shore protection in the town

of Ada.


latin amEriCa

in 2011, DeMe continued its

expansion in north america,

central america and South

america.

The Group started the year in Venezuela with

the continuation of maintenance dredging

works on the Rio Orinoco. In Panama, DEME

continued dredging works for the Pacific Access

Channel to the new set of locks on the Panama

Canal, along with major dredging works in the

Gatun Lake, located between the existing locks.

In Brazil, although the first phase of the PAC

(programme for accelerating growth) infrastruc-

ture plan was put on hold, DEME continued to

perform work for Vale at Ponta Da Madeira,

Itajai and Tubarao. Works are underway in San-

tos, where DEME completed initial drilling and

blasting works ahead of dredging works sched-

uled to start in April 2012. In Mexico, dredging

works for the new LNG terminal in Cuyutlan,

Manzanillo were performed, using a wide range

of dredging equipment. In Uruguay, under a

recently signed contract, work on the Muelle

C pier at the port of Montevideo will start in

spring 2012. In the meantime, dredging works

were started on the Montes Del Plata project

close to Colonia in the Rio de la Plata.

In Colombia, DEME got off to a promising start

with the Las Brisas project, which involves

dredging work on an access channel to the

future port.


middlE EaSt

there are many opportunities in

the Middle east. these relate

particularly to major develop-

ments in the oil and gas sector

- mainly in abu Dhabi, but also

in iraq, Saudi arabia and Ku-

wait - but also to attractive port

infrastructure projects in Saudi

arabia, oman, iraq and Kuwait.

In 2011, the operations of Middle East Dredging

Company (MEDCO) - the joint venture between

DEME, UDC and Qatar Holding (the investment

arm of the Qatari government) - remained

focused on Abu Dhabi. The construction of the

1000-hectare platform for the new Takreer re-

finery in Ruwais was completed. In addition to

this contract, DEME was awarded the contract

for the reclamation of additional land for the

new Carbon Black and Delayed Coker project.

These works have already started.

two artificial islands

In the Middle East, DEME’s main contract win

in 2011 was a design-build contract for two ar-

tificial islands for the Saath Al Raazboot (SARB)

offshore oil field. These islands, situated 120

km off the coast of Abu Dhabi, will support the

drilling, processing and distribution operations

of the offshore oil field. The contract includes

the construction of a service harbour in each

of the islands. The detailed design for both

islands is almost completed and civil engineer-

ing and dredging works have started. Another

milestone achieved in 2011 was the delivery

of MEDCO’s new dredger (Al Jarraf), which was

completed in July at the ASL Shipyard in Sin-

gapore. The basic design for the construction

of the Friendship Bridge – the Qatar Bahrain

Causeway – was completed in 2010, but im-

plementation remains on hold due to political

turmoil in the Middle East area during 2011.

indian SuBContinEnt

all the countries in this area

(pakistan, india, Bangladesh,

Sri lanka, the Maldives) offer a

wide range of opportunities due

to impressive infrastructure de-

velopments in both the private

and public sectors. however,

competition is tough, and the

outlook is challenging.

In India ISD (International Seaport Dredging)

was particularly active, with the completion

of the Dhamra construction project and the

deepening of the Karaikal port access channel.

The success of dredging and ground remedia-

tion work at the port of Kakinada strengthened

DEME’s long-standing relations with this port,

which is one of the fastest-growing ports in

India. In Sri Lanka, DEME provided marine

sands for the construction of the motorway to

Colombo Airport. In late 2011, the company

started supplying a second, larger batch of

marine sands. Also in late 2011, DEME resumed

operations in Pakistan with a new mainte-

nance dredging contract at Port Qasim.


aSia and auStralia

australia’s largest dredging

contract!

Work on the expansion of the Port of Singapore

continued during 2011. Work on Phase 4 of the

Jurong Island and Tuas B extension continued

at a moderate pace. In this project, DEME used

sand from Singapore waters, along with sand

imported from countries including Cambodia,

Vietnam, Bangladesh and the Philippines. DEME

also won a contract to supply sand for the Pasir

Panjang Container Terminal extension works.

The company continued its work in Malaysia

with the Tanjung Bin project that began in

2010. Dredging and earthworks were also car-

ried out for the construction of phase 1 of the

PMIP industrial estate, which is due for comple-

tion in 2012.

In Gladstone (Queensland, Australia), a joint

venture including DEME won the largest dredg-

ing contract ever awarded in Australia. The

project covers the main dredging works relating

to the LNG terminals on Curtis Island and the

Wiggins Coal Terminal, including the deepening

and widening of several access channels. The

project will last for 30 months. As regards the

Port Hedland outer port extension (Quantum)

for BHP Billiton, DEME continued phases B and

C of the Early Contractor Involvement (ECI) in

preparation for the actual works, which are due

to start in 2012.

DEME also continued its dredging works in Bige,

Papua New Guinea, for OTML. These important

dredging works will allow environmentally safe

and sustainable mining in the world’s second

largest copper-gold mine. The positive impact

of these works is clearly evidenced by the total

disappearance of flooding and the regeneration

of vegetation along the Fly River.

Unfortunately, the government of the Philip-

pines took the unilateral decision to cancel

the major remediation project that had been

awarded to DEME as part of the Laguna de Bay

project in Manila. Legal proceedings have been

initiated in Washington (ICSID) in order to re-

cover costs relating to preliminary studies and

development work on this project.


oFFShorE aCtiVitiES

firm business levels

in oil and gas

DEME’s oil and gas specialist Tideway Offshore Contractors maintained a high level of activity

both in rock placement and landfall construc-

tion. The company’s fallpipe vessels (Rolling-

stone and Seahorse) performed rock placement

services for the protection and stabilisation of

oil and gas pipelines and cables. This work was

done on behalf of major offshore pipe-laying

contractors and oil-and-gas companies in the

Baltic Sea, in Russian waters and in the North

Sea. Rock placement services relating to the

long-term contract for the Skarv and Idun Field

Project for BP in the North Sea continued in

2011, and will be completed in 2012. Sea-bed

preparation and trenching work was completed

for the Nord Stream project, a twin gas export

pipeline between Russia and Germany. Post-lay

stabilisation and protection works started, and

will continue in 2012.

In Russian waters, in Baydaratskaya Bay, pipe-

line stabilisation and protection works were

performed. For the Prirazlomnoya Bay GBS Plat-

form Project in the Barents Sea, the company

worked in challenging conditions to place scour

protection materials around the GBS structure.

The new patented Inclined Fall Pipe System on

board the Rollingstone proved successful in the

Encana Deep Panuke Project in East Canada.

This project involves the installation of scour

protection materials around the legs of a plat-

form. Various projects on the North Sea were

carried out for various operators such as Talis-

man, Total and RWE. Tideway also carried out

cable protection and scour protection work for

renewable energy projects, including phases 1

and 2 of the Dong/Walney offshore wind farm

in the Irish Sea, and scour protection as part of

the Gwynt y Mor project.

heavy lift operations:

a successful year

Scaldis Salvage and Marine Contractors, in

which DEME has a 55% stake, was involved in

several heavy lift operations in Europe. 2011

was another busy year. Full utilisation of its

Rambiz heavy-lift vessel kept Scaldis’ revenue

at the same high level as 2010. Assignments

included services for maritime civil engineering

works, oil and gas-related projects, decom-

missioning works and work in the renewable

energy sector. At the end of 2011, Scaldis

ordered a second heavy-lift vessel (Rambiz

II). This 4,000-tonne DP2 floating crane can

operate in offshore conditions. Other projects

include the removal of the jacket and topside

of the Welland Platform in the North Sea, the

installation of a jacket and substation for the

Lincs Windfarm in the UK, the transportation

and installation of a jacket and substation for

the Wallney II Windfarm in the Irish Sea , the

installation of London Array substations in the

UK and the installation of a topside onto the

self-elevating Sanaga platform.

nearshore and offshore marine

works

GeoSea, specialises in offshore foundation

techniques, offshore installation works, site

investigation and offshore maintenance. It

focuses on high-tech marine projects where its

engineering capabilities can be combined with

the deployment of innovative jack-up vessels.

A new jumbo DP II jack-up vessel (Neptune) will

be delivered to GeoSea early 2012. The vessel

will have a fixed offshore dynamic crane with

a capacity of 600 tonnes. GeoSea also entered

into a joint venture with Hochtief (HGO Infra Sea Solutions) for the construction and opera-

tion of the world’s largest DP2 jack-up vessel

(the Innovation). The vessel is due for delivery

from the Crist shipyard in Gdynia (Poland) in

mid-2012. Work on the second and third phases

of the C-Power Thornton offshore windfarm


project in Belgian waters progressed, with the

installation of pre-piles for the 48 jackets. This

project confirms GeoSea’s unique capability to

install piles with millimetre accuracy in water

depths of more than 30 m. A test-pile campaign

was executed in the Baltic Sea for the Baltic

II windfarm project. GeoSea also took part

alongside Scaldis in the Walney project and

the London Array offshore windfarm project for

Dong Energy.

In the German North Sea, installation works on

the Borkum West windfarm project progressed

well. Pre-piles for 3-legged offshore foundations

(tripods) were installed for Trianel. Various site

investigation projects were carried out in the

Humber Gateway (Eon), Teesside (EDF) and

Norther (Belgium). GeoSea subsidiary OWA

signed a long-term contract for the mainte-

nance of the Repower offshore wind turbines on

the Belgian C-Power project. In Australia, work

started on the Hay Point pier construction pro-

ject for BMA (BHP Billiton Mitsubishi Alliance).

The project is being carried out in collaboration

with McConnell Dowell, GeoSea’s partner in

Australia. New orders were obtained for the in-

stallation of offshore transformer stations (OTS)

on various German offshore windfarms. GeoSea

was also involved, alongside 3E, in several in-

novative projects such as FLIDAR (Floating Lidar

buoy) and the development of a robot to erect

wind turbines.

Deep sea mining services

OceanflORE is a joint venture between the

offshore specialist IHC Merwede and DEME. It

focuses on providing solutions for the offshore

mining of phosphates, seafloor massive sul-

phides (SMS), manganese nodules and other

rare earth minerals. It also prepares guidelines

for a sustainable approach to deep sea mining.

During 2011, OceanflORE initiated research and

design work in various areas including excava-

tion of deposits, vertical transport to the sur-

face, power supplies and onboard processing

procedures.


EnVironmEntal aCtiVitiES

Soil decontamination, treatment

of polluted sediments and

water purification cleaning:

using technology to support the

environment

DEC, de Vries & van de Wiel, Ecoterres and

Extract-Ecoterres are part of Ecoterres Hold-

ing, DEME’s environmental group. In 2011,

their business levels showed a slight decrease

compared with 2010. The non-feasibility of the

Santos soil remediation and stabilisation pro-

ject resulted in works being brought to a pre-

mature end. As a result, DEC-Ecoterres’ activi-

ties were focused in Europe with an emphasis

on the UK and Benelux markets. The company

has a number of long-term contracts, which

guarantee continuity. The environmental group

continued decontamination and remediation

work at the former Avenue coking works pro-

ject near Chesterfield (UK). This is one of the

largest projects ever undertaken in the UK soil

remediation sector.

In Belgium, a joint venture involving DEC com-

pleted the construction of the silt treatment

and storage system in the port of Antwerp, as

part of the AMORAS project. The exploitation

phase of the project started in October 2011

and the plant was tested in December 2011.

The AMORAS project covers the design, con-

struction and operation of silt treatment and

storage facilities. DEC’s soil and sediment recy-

cling centres at Kallo, Brugge, Heusden-Zolder,

Zwijndrecht, Ruisbroek, Zeebrugge, Desteldonk

and Zwijnaarde performed well.

terra nova, purazur, terranata:

new additions to the decontam-

ination business

In 2010, DEC purchased 140 hectares of unde-

veloped land from the former Nilefos Chemie

in the north of Ghent. DEC will redevelop this

land as part of the Terranova joint venture. The

site will house a treatment centre for dredged

material, a business park and the construction

of the largest solar energy farm in Benelux

(240,000 m² of solar panels).

Purazur is a new DEC subsidiary. It focuses on

high-tech treatment of industrial sediment.

In 2011, Purazur also signed a privileged part-

nership agreement with the water treatment


company Induss, resulting in the creation of a

new company called Induss San.

Together with property development compa-

nies BPI (CFE Group) and Extensa (Ackermans &

van Haaren), DEC created Terrenata, a brown-

field development company. Terrenata acquires

former industrial sites with the aim of decon-

taminating them before reclaiming them for

the development of sustainable projects.

ecoterres: Belgium, europe and

the USa

In Belgium, Ecoterres owns and operates sever-

al soil and sediment recycling centres in Tubize,

Charleroi and Liege (Cetraval). In 2010, the

company also opened the Sedisol dredging sedi-

ment treatment centre in Farciennes, as part of

a joint venture. In Sweden, soil decontamina-

tion projects were completed in Söderhamn.

A new contract was awarded for remediation

work in Valdemarsvik, southern Sweden. In Italy, soil remediation works were awarded and

executed in Pescara and Ravenna. In the Neth-erlands, DEC-Ecoterres carried out a number

of soil and sediment decontamination projects

via de Vries & van de Wiel. In France, Extract-

Ecoterres continued to increase its revenue, and

remains the leading player in environmental

dredging, treatment of polluted sediment

and cleaning of industrial and urban water

treatment installations. In 2011, the company

treated contaminated sediments from the Evry

canal and the port of Paris. It carried out pro-

jects involving soil and groundwater treatment,

environmental dredging and site remediation

in Achères, Magny-le-Hongre, Lyon, Montereau,

Marseille and in the Vendée region. In relation

to these activities, it operates the Trasable silt

recycling centre in the port of Gennevilliers and

another centre in Bonneuil-sur-Marne. In the USA, DEC (via Environmental Remediation Hold-

ing) joined forces with US dredging company

GLDD to create a new US-based company called

TerraSea Solutions Ltd.


Building matErialS

DEME Building Materials (DBM) specialises in

the extraction, processing and sale of marine

aggregates for the construction industry, origi-

nating from its marine sand and gravel conces-

sions. In 2011, DBM launched its gravel trailer

vessel Victor Horta. The geographical distribu-

tion of DBM’s aggregates reserves (up to 200

million tonnes) allows DBM to offer a reliable

long-term alternative to river-dredged material

for concrete production in continental Europe.

Long-term framework agreements have been

signed with industrial partners such as Brett,

Carrières du Boulonnais and Eurovia. DBM is

also continuing its policy of selective invest-

ments in onshore processing units, such as the

one in Boulogne, and new marine concessions

on the Atlantic Coast in France. Current opera-

tions are taking place in the ports of Le Havre,

Dieppe, Dunkirk and Boulogne-sur-Mer in

France, Flushing and Amsterdam in The Nether-

lands, Gdansk in Poland and London in the UK.

At the end of 2011, DBM secured an important

contract for the delivery of all marine sand and

aggregates (1.5 million tonnes) for the new

Deurganckdok lock, which is reputed to be the

biggest in the world.

ORDER BOOK AS OF DECEMBER 31 REVENUE

(IN MILLIONS EUR) AT 100% 2011 2010 2011 2010

DEME 2,404 1,935 1,766 1,801


proJECt dEVElopmEnt,

ConCESSionS and

rEnEWaBlE EnErgy

In the offshore wind farm segment, DEME

developed initiatives in several European coun-

tries through its offshore concession specialist

Power@Sea. Power@Sea provides an all-in-one

service to its customers for offshore energy

projects. The company handles everything in-

cluding the preparation of maintenance plans,

applications for environmental permits, pro-

curement procedures, assistance with regula-

tions, tendering, financing, construction, distri-

bution, operation and life cycle management.

opening doors for other group

companies

Power@sea’s first major project is the C-Power

project on the Thornton Bank, where it will also

handle maintenance after completion of the

project. The multidisciplinary works involved in

this project are being executed by a number of

DEME specialists. In 2011, Power@Sea, togeth-

er with other companies involved in the Otary

partnership, continued the acquisition and

development of new concessions for offshore

wind farm projects on the Belgian continental

shelf, such as Rentel and SeaStar. In addition,

together with Electrabel, Otary submitted an

application under the name of Mermaid for

an offshore energy project in the last available

zone for offshore wind power in the North Sea.

DEME and Power@Sea took a leading role in

this application. In Poland, Power@Sea applied

for a permit for the development, construction

and installation of two offshore wind farms,

called C-Wind and B-Wind, in the Polish Baltic

Sea, with a total maximum installed capacity

of 400 MW.

DeMe Blue energy

The wave and tidal energy activities of DEME

Blue Energy (DBE) also form part of DEME’s

strategy of early involvement in innovative

projects that are likely to have positive reper-

cussions for the DEME Group. In 2011, Flemish

investment company PMV acquired a 30% stake

in DBE. Significant initiatives in this area in

2011 included research by FlanSea to develop a

device that converts wave energy into electric-

ity, and the Eleanore co-operation agreement

between seven European companies operating

in the electricity transmission industry, aimed

at developing the offshore transmission net-

work of tomorrow. DBE signed a co-operation

agreement with Siemens, PDA and Bluewater

(Heerema) regarding the development of the

BLUETEC tidal energy converter.

DBE is also a partner in the REBO (Renewable

Energy Base Oostende) initiative, which is or-

ganized as a special-purpose company intended

to operate in logistics development in the port

of Ostend. REBO obtained a concession for the

use of 10 hectares of dedicated space in the

Ostend outer port. The necessary infrastructure

works were carried out in 2011 so that a logis-

tics port area for renewable energy would be

available in Ostend.

colophon

Copyright for the photos and images, in alphabetical order

DEMEPhilippe van geloovenTom D’Haenens

Design and realisationAntenno Marketing & CommunicatieCogels Osylei 19BE 2600 Berchem

This annual report is available in French, Dutch and English.

Women, men,one group

Compagnie d’Entreprises CFE SAAvenue Herrmann-Debroux 42BE 1160 Brussels

Editor :Yves Weyts

Editorial Contact :Ann VansumereTel [email protected]

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