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EURONEXT BRUSSELS
Ackermans & van Haaren
is a diversified services group active in 4 key sectors: dredging and environmental
services (DEME, one of the largest dredging companies in the world), human
resources services (Solvus Resource Group, N°5 in the European temporary
labor market), financial services (Bank Delen, one of the largest independent
private asset managers in Belgium – Bank J. Van Breda & C°, niche
bank for entrepreneurs and liberal professions) and private equity (Sofinim,
one of the largest risk capital providers in Belgium with an EVCA-value
of € 290.3 million). The group concentrates on a limited number of
strategic participations with a potential for growth.
Ackermans
& van Haaren: Quarterly trading update
Quarterly
trading update on the current state of affairs of the main group companies
DREDGING,
ENVIRONMENTAL AND CONSTRUCTION SERVICES
DEME
continued to achieve a high level of activity with a nearly full occupation
of its fleet, which resulted in a further increase of turnover and operational
profit in line with the 1st half of the year. The order book was renewed
at a record level of € 1,846 million (€ 1,811 million on 30/06/2007)
partly as a result of new projects in (amongst others) Germany, Spain,
Russia, Tunisia, Venezuela, Australia, Libya, Nigeria and the Emirates.
DEME
confirms its general expectation of being able to continue the trend of
the 1st half of 2007 over the whole year and to be able to further increase
its order book based on the the assignment of important new projects.
ALGEMENE
AANNEMINGEN VAN LAERE experienced a normal course of operations based on
an order book that was successfully maintained at a reasonable level of
activity.
REAL
ESTATE
The
real estate development projects of EXTENSA showed a further positive evolution,
which should lead to the realisation of (portfolio) capital gains in the
4th quarter. The land development activities (amongst others, in Bergen
and Wondelgem) contributed to the growth of the results in the 3rd
quarter.
LEASINVEST
REAL ESTATE realised a further growth in results arising from, amongst
others, the capital gains (€ 2.2 million) from the sale of a building
in Luxembourg and further positive fair value fluctuations of the real
estate portfolio. The fair value of the real estate portfolio on 30/09/2007
amounted to € 439.8 million (€ 445.9 million on 30/06/2007) with
a rental yield of 7.22% and an occupancy rate of 97.85%.
FINANCIAL
SERVICES
The
assets under management of BANK DELEN increased to € 12,188 million
on 30/09/2007 (€ 9,491 million on 30/06/2007), of which € 2,729
million can be attributed to the acquisition of Capital & Finance (Capfi)
last August. The cooperation between Bank Delen and Capfi is fully satisfactory,
both internally and with respect to the clientele.
The
results of Bank Delen continued to evolve positively over the first 9 months.
BANK
J.VAN BREDA & C° realises a further growth of its franchise, both
in terms of the number of clients as well as in terms of the assets under
management and fee income. In line with the trend of the first 6 months,
the results remain subject to the inverse yield curve leading to a decrease
in the interest income. Meanwhile, Bank J.Van Breda & C° has made
a small acquisition by taking over the customer portfolio of the self-employed
inland shipping contractors of Ethias Bank. This customer portfolio represents
about € 100 million in loans and € 45 million in deposits.
As
indicated earlier, the pressure on the interest margin and the higher commercial
charges are temporarily impacting the result of the current financial year.
Neither
Bank Delen nor Bank J.Van Breda & C° have subprime loans or other
derived risks (CDOs, conduits, etc.) in their portfolios.
PRIVATE
EQUITY
The
participation in Distriplus (37% beneficial AvH) is included for the first
time in the 3rd quarter of 2007. The fair value of the private equity portfolio
of both Sofinim and GIB evolved positively for almost all participations.
In
addition, a capital gain of € 14.9 million (AvH part) was realised
on the contribution of UBF in the EuroMediaGroup (EMG). Sofinim thus acquires
a 22% stake in a group (78 studios and 45 outside broadcast units) which
represents a turnover of approximately € 300 million for a (pro forma
2007) EBITDA of approximately € 50 million.
The
sale of Corn Van Loocke to Umicore will lead to a capital gain of approximately
€ 3.5 million in the 4th quarter of 2007.
AvH
& Subholdings
The
net cash position of AvH on 30/09/2007 amounted to € 366.0 million
(compared to € 423.0 million on 30/06/2007). This position takes into
account the investment activity during the 3rd quarter (€ 67 million
in private equity, € 60 million capital increase of Bank Delen) as
well as cash proceeds and stock market fluctuations of the investment portfolio.
Prospects
2007
Except
in case of unforeseen circumstances and based on the good operational progress
of affairs of the group companies in the first nine months 2007, the Board
of Directors confirms its expectation for a further strengthening of the
current result of the group.
Calendar
2008
7
March 2008
announcement of the annual results 2007
26
May 2008
annual shareholders' meeting and quarterly update Q1 2008
28
August 2008 announcement of the
semestrial results 2008
27
November 2008 quarterly update Q3 2008
AvH
acquires a 20%-stake in Manuchar
Ackermans
& van Haaren (acting through its 74% subsidiary Sofinim) has reached
an agreement with the family Patrick Maas and the management of Manuchar,
led by Mr Philippe Huybrechs, for the acquisition of a 20%-stake in Manuchar.
Sofinim has also an option to increase its participation to 30%.
Manuchar,
located in Antwerp, is a trader, distributor and a logistics player mainly
active in chemicals, steel and wood. Over the past years Manuchar recorded
a strong growth. In 2000, turnover amounted to € 120 million with
a result after taxes of € 0.5 million. In 2006, consolidated turnover
of Manuchar amounted to € 469 million, on which Manuchar realised
an EBITDA of € 24 million and a result after taxes of € 9 million.
More
specifically, Manuchar provides its customers with:
sourcing
of products (mainly chemicals, steel and wood) through the world
organisation
of logistics between producer and customer
financing
of goods during transportation
further
handling and repackaging of goods
distribution
and marketing of these products through its local network.
Ackermans
& van Haaren: Trading update Q107
Antwerp,
May 29th 2007
Quarterly
trading update on the current state of affairs of the main group companies.
DREDGING,
ENVIRONMENTAL and CONTRACTING SERVICES
DEME
achieved a high level of activity, with a nearly complete occupation of
its fleet. In the meantime, DEME received major new orders, amongst others
in South Africa (Durban), Liberia, Guinea, France (Fos), Italy and Spain
further to which the order book is currently close to EUR 2 billion. The
turnover and operational results of DEME are thus evolving as expected.
ALGEMENE
AANNEMINGEN VAN LAERE experienced a normal course of activities with its
order book filled at a very reasonable level.
REAL
ESTATE AND RELATED SERVICES
EXTENSA
continued to work actively on several of its development projects, of which
particularly the land development project in Wondelgem and also the international
developments will contribute to the results for the 2007 financial year.
At
LEASINVEST REAL ESTATE, the degree of occupation (96.34% versus 96.97%)
and rental yields (7.23% versus 7.45%) remained at a considerable level.
The fair value of the real estate portfolio amounted to EUR 457 million
on 31.03.2007, compared to EUR 476.3 million on 31.12.2006. This results
on the one hand from positive value fluctuations in an amount of EUR 4.2
million, and on the other hand from the sale of the Extensa Square buildings
in Brussels.
In
March 2007, AvH acquired a 20% stake in the French GROUPE FINANCIERE DUVAL,
which operates in the development of, and services for, real estate and
residential property (tourism & elderly homes). In 2006, Groupe Duval
achieved a turnover of EUR 213.6 million with an operational result (EBIT)
of EUR 10.2 million. This investment represents an amount of EUR 20 million.
FINANCIAL
SERVICES
In
the first quarter of 2007, the total assets entrusted to BANK DELEN increased
to EUR 11,031 million (EUR 10,568 million on 31.12.2006). Euromoney's award
as Best Private Bank in Belgium 2007 certainly contributed to this growth.
BANK
J.VAN BREDA & C° enjoyed a positive development in its activities
and its client base. In particular asset management and insurance investments
enjoyed strong growth during the first quarter. As expected, pressure on
the interest rate margin and higher commercial costs temporarily affect
results.
PRIVATE
EQUITY
The
activities of most participations evolved favourably.
In
the meantime, two new investments have already been realised or announced:
SPANOGROUP:
a leading player on the Belgian market for wood-based products (chipboard,
laminated plates, MDF and laminate parquet) which in 2006 achieved a turnover
of EUR 235 million and an EBITDA of EUR 27 million. Sofinim acquired a
stake of 72.9%, next to management.
DISTRIPLUS,
a new retail holding set up by Sofinim and CNP, each for 50%, will participate
in:
DI, a store chain for drugstore/perfumery with 90 own stores and 42 under
franchise and with a turnover of EUR 95 million.
PLANET PARFUM, the N° 2 on the Belgian market for the distribution
of perfumes and cosmetics, which achieved a turnover of EUR 86 million
with 68 stores.
CLUB, a Belgian distributor of books and paper articles, with 26 stores
and a turnover of EUR 48 million.
This
transaction, which still depends on the approval of the European competition
authorities, will represent an investment of EUR 66 million for Sofinim.
AvH
Holding
The
net cash position of the AvH-group amounted to EUR 487.9 million on 31.03.2007
(compared to EUR 340.7 million on 31.12.2006). This amount includes, on
the one hand, the sales proceeds of Quick (EUR 211 million), and, on the
other hand, the new investments in, among others, Spanogroup and Groupe
Financière Duval.
Prospects
2007
Based
on the operational trends of the major participations in the first quarter
of 2007, the Board of Directors maintains its expectations pointing to
a further strengthening of the group's current results.
Ackermans
& van Haaren: Annual results 2006 - Embargo until 7:30 a.m. 
AvH
achieves a record profit of EUR 307.6 million in 2006
Dredging
activities (DEME) achieve growth in turnover and profit in a very active
market
Real
estate operations (Extensa and LRE) realise strong growth in current profit
Financial
services (Bank Delen and Bank J. Van Breda & C°) confirm their
strong niche position with good profits
Nearly
all Private Equity participations make a positive contribution to the AvH
group results
Extraordinary
results of EUR 172.5 million, including EUR 150 million from the sale of
Quick Restaurants
Results
of participations (before capital gains Private Equity) increases by 44%
from EUR 88.9 million in 2005 to EUR 128.3 million in 2006
Increase
(+28%) of gross dividend to EUR 1.15 per share
The
Board of Directors of Ackermans & van Haaren NV is pleased to announce
that the consolidated net profit (part of the group) for the year 2006
amounts to EUR 307.6 million, compared to the already exceptionally strong
profit over 2005 of EUR 279 million.
Ackermans
& van Haaren acquires a 20% stake in the french group "Financière
Duval"
Ackermans
& van Haaren (AvH) has acquired a 20%-stake in Groupe Financière
Duval (GFD), mainly through a capital increase. Attached to the new shares
are warrants permitting AvH to increase its participation to 30%.
GFD,
with headquarters in Boulogne-Billancourt, was founded in 1978 by Mr Eric
Duval.
Created
around project development activities (originally named 'Maisons de Bretagne'),
the group Financière Duval nowadays has, through different majority
participations, developed in the field of real estate and residential property
(tourism and elderly homes).
The
strategy of Group Financière Duval is based on the synergies between
the different activities and geographic proximity.
Group
Financière Duval concentrates on services related to real estate,
but never positions itself as an end-investor of the projects that are
realised or real estate that is being managed.
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