CFE Posts Results for Financial Year 2013 (Belgium)

CFE has announced that they are expecting that certain companies in the construction and the multitechnics division have incurred further losses.

The losses incurred during the second half year will be higher than those recorded during the first half year.

Specific difficulties encountered by some entities of the multitechnics division will furthermore lead to an additional goodwill impairment.

The results of the dredging and environmental division, rail & road division, real estate division and PPP-concessions division do not call for particular comments, based on the information currently available.

Based on these preliminary elements and considering the consolidation of 50% of DEME over the past financial year, the net income, part of the group, is expected to remain slightly positive.

This forecast does not take into account the impact of specific entries relating to the capital increase and to the treatment of the goodwill resulting from the contribution in kind of a 50% stake in DEME.

Moreover, the orderbook remains at a high level and the net financial debt has decreased significantly compared to June 2013.

CFE is a multidisciplinary group active in dredging, construction and ancillary services. They are listed on Euronext Brussels and for 60.39%-owned by Ackermans & van Haaren.

CFE is the sole shareholder of DEME, one of the world’s leading dredging contractors. They are also a major player in the construction sector, with a presence in the Benelux, Central Europe and Africa, and in real estate development.

[mappress]

Press Release, January 22, 2014