CFE ANNOUNCES ITS INTENT TO SEPARATE ITS STRUCTURE INTO TWO SEPARATE LISTED ENTITIES: CFE AND DEME

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PRESS RELEASE

Thursday December 2, 2021 – 8:00 am CET regulated and inside information

CFE ANNOUNCES ITS INTENT TO SEPARATE ITS STRUCTURE INTO TWO SEPARATE LISTED ENTITIES: CFE AND DEME

Brussels, Thursday, December 2, 2021 – The Board of Directors of Compagnie d’Entreprises CFE SA (“CFE”) announces its intention to split the group into two separate listed entities: CFE and DEME. The objective of this operation is to create two leading players in their respective businesses.

CFE has undergone profound changes since 2013: the civil engineering activities were transferred to DEME, which led to the creation of the DEME Infra segment, while the construction activities in Belgium were merged into the Belgian entities of CFE Contracting . The residual activities of the holding company, such as non-maritime civil engineering and Construction activities in Africa and Central Europe, with the exception of Poland, have been phased out.

Today, the group is made up of three divisions (DEME, CFE Contracting and BPI) led by separate management teams who assume full responsibility for the day-to-day management of their respective divisions, both operationally and financially.

DEME and CFE being present in different segments and geographic markets, each with its own strategic priorities, the Board of Directors considers that it is in the interest of all its stakeholders to take the next step and split the group in two. This split should allow the marine engineering activities as well as the contracting and real estate activities to develop into two solid and separately listed companies, each with its own governance. This operation will also make it possible to better articulate the purpose and the respective ambitions to our shareholders, our employees and other stakeholders. In doing so, we will ensure that each entity further develops its leadership position. Finally, the transaction will help the stock market fully recognize the true value of both entities.

The proposed transaction involves the partial demerger of CFE by transferring its 100% stake in DEME NV to a Newco. In the partial demerger, all CFE shareholders will receive one Newco share for each CFE share in their possession. This transaction will take several months to prepare. It is subject to obtaining a tax ruling from the Belgian Office for Advance Rulings in Tax Matters, the approval of the various partners as well as the extraordinary general meeting of CFE at which at least 75% of the capital represented must vote in favor of the partial demerger. The objective is to close the transaction in the summer of 2022.

Ackermans & van Haaren, majority shareholder, and VINCI, which respectively hold 62.1% and 12.1% of CFE, support the split. VINCI, which is already collaborating with CFE and DEME on several projects, such as the Fehmarnbelt link, wishes to continue this partnership in the years to come.

After the partial demerger, CFE will be a diversified industrial group centered on four lines of activity – real estate development, construction, technical and rail installations – and operating in Belgium, Luxembourg and Poland. Based on strong market positions, the strategy is to pursue the profitable development of each of the four business lines. CFE wants to be recognized for its positive societal impact and to be a benchmark in terms of the satisfaction and loyalty of its customers, employees and partners. Its business model combines a strong local presence, close to its customers, and centralized support and control services that activate synergies and the exchange of best practices between the entities and take full advantage of the size of the group, in particular as part of initiatives in the fields of innovation, digitalization and sustainable development.

Piet Dejonghe, CEO: “In 140 years of existence, CFE has always known how to reinvent itself and evolve to guarantee excellence and meet the needs of its clients. More than ever, our businesses are at the heart of social issues. We have what is necessary to have a positive impact through our business. ”

About CFE

CFE, founded in 1880 is a Belgian industrial group active in three different divisions. The first, Dredging, Environment, Offshore and Infra, is carried out by its 100% subsidiary DEME, one of the world leaders in the field. DEME has a modern fleet of multi-purpose vessels equipped with the latest technology. The second, Contracting, brings together the group’s construction, multitechnics and rail activities in Belgium, Luxembourg and Poland. The third, Real Estate Development, covers real estate projects developed by BPI in Belgium, Luxembourg and Poland.

Today, the CFE group employs more than 8,000 people and is present on all continents. CFE is listed on Euronext Brussels and 62.10% owned by Ackermans & van Haaren.

This press release is available on our website www.cfe.be.

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For more information, please contact:

  • Piet Dejonghe, Managing Director – tel. : +32 2 661 13 19 – mail: [email protected];
  • Fabien De Jonge, Chief Financial Officer – tel. +32 2 661 13 12 – mail: [email protected]

Disclaimer

CFE – Compagnie d’Entreprises SA published this content on 02 December 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 02 December 2021 13:10:04 UTC.

Public now 2021

All the news of COMPAGNIE D’ENTREPRISES CFE SA
Sales 2021 3,554 million
4,032 million
4,032 million
Net income 2021 114 million
129 million
129 million
Net debt 2021 650 million
737 million
737 million
PER 2021 ratio 20.3x
Yield 2021 1.65%
Capitalization 2,309 million
2,615 million
2,619 million
VE / Sales 2021 0.83x
VE / Sales 2022 0.77x
Number of employees 8,000
Free float 25.8%

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Number of analysts 4
Last closing price

€ 91.20

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Spread / Average target 21.7%


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