cfe_jaarverslag_en.pdf
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Jaarverslag CFETRANSCRIPT
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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
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
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
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
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 RIGHTS16
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.
SOME INFORMATION ON THE SHARE AND ExERCISE OF THE RIGHTS 17
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)
SOME INFORMATION ON THE SHARE AND ExERCISE OF THE RIGHTS18
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
SOME INFORMATION ON THE SHARE AND ExERCISE OF THE RIGHTS 19
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 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 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
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
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
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
CO2 EMISSION By REVENUE
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
CO2 EMISSION By REVENUE
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
CO2 EMISSION By REVENUE
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
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ry
ma
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ma
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FEB
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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
St
dEC
EmB
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PPP-CONCESSIONS DIVISION40
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)
PPP-CONCESSIONS DIVISION42
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 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
REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION48
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.
REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION 49
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
REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION50
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
REAL ESTATE DEVELOPMENT AND MANAGEMENT SERVICES DIVISION 51
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 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.
CONSTRUCTION DIVISION56
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 DIVISION 57
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
CONSTRUCTION DIVISION58
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
CONSTRUCTION DIVISION 59
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
CONSTRUCTION DIVISION60
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-
CONSTRUCTION DIVISION 61
(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
CONSTRUCTION DIVISION62
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.
CONSTRUCTION DIVISION 63
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
CONSTRUCTION DIVISION64
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.
CONSTRUCTION DIVISION 65
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
CONSTRUCTION DIVISION66
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.
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
MULTITECHNICS DIVISION72
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.
MULTITECHNICS DIVISION 73
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
MULTITECHNICS DIVISION74
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.
MULTITECHNICS DIVISION 75
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
MULTITECHNICS DIVISION76
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.
MULTITECHNICS DIVISION 77
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
MULTITECHNICS DIVISION78
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.
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.
DREDGING AND ENVIRONMENTAL DIVISION84
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.
DREDGING AND ENVIRONMENTAL DIVISION 85
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 ENVIRONMENTAL DIVISION86
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.
DREDGING AND ENVIRONMENTAL DIVISION 87
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 ENVIRONMENTAL DIVISION88
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).
DREDGING AND ENVIRONMENTAL DIVISION 89
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.
DREDGING AND ENVIRONMENTAL DIVISION90
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.
DREDGING AND ENVIRONMENTAL DIVISION 91
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.
DREDGING AND ENVIRONMENTAL DIVISION92
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.
DREDGING AND ENVIRONMENTAL DIVISION 93
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.
DREDGING AND ENVIRONMENTAL DIVISION94
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
DREDGING AND ENVIRONMENTAL DIVISION 95
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.
DREDGING AND ENVIRONMENTAL DIVISION96
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
DREDGING AND ENVIRONMENTAL DIVISION 97
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.
DREDGING AND ENVIRONMENTAL DIVISION98
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
DREDGING AND ENVIRONMENTAL DIVISION 99
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
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