Aannemingsmaatschappij CFE NV

Latest Results (24.03.2026):

Aannemingsmaatschappij CFE NV — Q4 2022 (year ended 31 December 2022): The CFE group reported full-year 2022 consolidated results (year ended 31/12/2022). Revenue rose modestly to €1,167.2m (up ~3.7% vs 2021) while operating income (EBIT) declined to €51.0m. Net result for the period was €231.7m driven largely by a €193.3m result from discontinued operations (related to the DEME demerger), producing a group share result of €229.4m and diluted/basic EPS of €9.15. Equity and balance-sheet comparatives were materially affected by the partial demerger of DEME in June 2022.

Revenue and margins

Revenue: €1,167.2m in 2022 vs €1,125.3m in 2021 (+≈3.7%). Operating income (EBIT): €51.0m in 2022, down from €58.0m in 2021. Operating-income margin compressed (EBIT ≈4.4% of revenue in 2022 vs ≈5.2% in 2021), reflecting margin pressure despite slightly higher top-line.

Profit & EPS

Result for the period: €231.7m (includes discontinued ops). Group share result: €229.4m vs €150.0m in 2021. Discontinued operations contributed €193.3m (2022). Earnings per share (diluted & basic) increased to €9.15 from €5.93, while EPS from continuing operations was roughly stable at €1.53 (2022) vs €1.56 (2021).

Comprehensive income drivers

Comprehensive income rose to €311.2m (2022) from €177.4m (2021). A large positive driver was fair-value gains on financial derivatives (≈€94.0m in 2022 vs €21.4m in 2021); deferred tax partly offset these gains.

Balance sheet and equity impact

Significant balance-sheet changes reflect the partial demerger of DEME (29 June 2022). Equity attributable to the group fell to €224.7m at 31/12/2022 from €1,936.3m at 31/12/2021. Assets held for sale were zero at 31/12/2022 (vs €4,297.4m at 31/12/2021).

Cash flow and liquidity

Cash and cash equivalents closed at €127.1m vs €143.6m a year earlier (decrease ≈€16.4m). Operating cash flow improved to €69.9m (2022) from €34.1m (2021). Net investing cash outflow and financing activities (including borrowings repayment, buy-back of own shares and dividends) led to a net cash decrease for the year.

Financial debt

Reported financial liabilities include non-current financial liabilities of €154.0m and current financial liabilities of €22.0m at 31/12/2022. Cash of €127.1m offsets part of these liabilities; the demerger changed the comparative structure of debt on the balance sheet.

Corporate actions & shareholder items

CFE completed a partial demerger (DEME) on 29 June 2022, which materially affected comparatives. The Board proposed a gross dividend of €0.40 per share (total €9.969m) to be submitted to shareholders; the group held 25,314,482 ordinary shares at 31/12/2022. The company also executed a share buy-back (≈€11.7m).

Continuing business outlook & notes

Continuing operations delivered modest organic revenue growth but margin pressure. The large one-off items from the demerger and derivative fair-value movements materially affected reported profit and equity in 2022; review underlying continuing-operating metrics (EBIT, operating cash flow, net financial position) for trend analysis. For details and segment breakdowns consult the consolidated financial statements and notes in the company’s annual report (year ended 31 December 2022).