Ackermans & van Haaren

Ackermans & van Haaren NV: annual results 2007

  * AvH achieves a net profit of 241.4 million euros thanks to a
    strong increase (+43%) in the results of the participations

     * Dredging activities (DEME) achieve important growth in
       turnover and profit in a very active market
     * Real estate activities (Extensa and LRE) live up to
     * Financial services: strong growth of assets under management,
       partly thanks to the acquisition by Bank Delen of Capfi,  and
       good commercial results for Bank J.Van Breda & C�
     * Private Equity: strong results in most of the participations

  * Increase (+20.87%) of gross dividend to 1.39 euros 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 2007  amounts to  241.4 million  euros, compared  to the  record
profit over 2006 (influenced by  the exceptional capital gain on  the
sale of Quick in an amount of 150.4 million euros)  of 307.6  million

Breakdown of the consolidated        31.12.2007          31.12.2006
net profit (part of the         (million euros)            (million
group)                                                       euros)
                                           IFRS                IFRS
          D.E.M.E.                         45.1                25.2
          Rent-A-Port                       0.8                   -
          Algemene                          3.2                 4.3
Aannemingen Van Laere
          N.M.P.                            4.7                 1.8
                 Subtotal                  53.8                31.3
          Extensa                          15.2                18.8
          Leasinvest Real                   9.8                 9.5
          Cobelguard                        0.5                 0.2
          Groupe Financi�re                 1.6                ___-
              Subtotal                     27.1                28.5
          Finaxis (Bank                    43.4                40.3
Delen-Bank J.Van Breda & C�)
          BDM - ASCO                        0.9                 1.3
                 Subtotal                  44.3                41.6
          Sofinim                           6.2                 2.7
          Contributions                    37.0                12.2
participations of Sofinim
          Contributions                     4.0                12.0
participations of GIB
                    Subtotal               47.2                26.9
Other participations (Sipef,               10.8                   -

Result of the participations              183.2   +42.8%      128.3
            Capital gains                  18.1               155.8
Private Equity

Result participations (incl. capital      201.3               284.1
gains Private Equity)
AvH and subholdings (incl.                 34.3                 6.8
Other 'non-recurrent' results               5.8                16.7
CONSOLIDATED NET RESULT                   241.4               307.6

Key figures                                      2007            2006
Consolidated balance sheet AvH-group  (million euros) (million euros)
                                                 IFRS            IFRS
Net Equity (part of the group)                1,580.1         1,423.7
(Net equity before allocation of
Net cash position of AvH and                    363.6           340.7
Net cash position, including cash                               552.0
from sale Quick

Key figures per share                       2007       2006
Number of shares                      33,496,904 33,496,904
Net result per share (*) - basic            7.27       9.26
                         - diluted          7.24       9.23

Gross dividend          1.39   1.15
Net dividend
               Ordinary 1.0425 0.8625
               VVPR     1.1815 0.9775

(*) based on the shares issued, adjusted for treasury shares in

 General comments on the figures

The AvH group  achieved a  consolidated net profit  of 241.4  million
euros in 2007 compared to the record result of 307.6 million euros in

This good result was achieved thanks to

  * strong profit contributions of the participations (183.2 million
    euros, being +42.8% compared to 2006), of which 10.8 million
    euros coming from the newly consolidated participations in Sipef
    and Henschel
  * capital gains within the Private Equity portfolio amounting to
    18.1 million euros (mainly Corn.Van Loocke and UBF/EuroMedia)
    compared to 155.8 million euros in 2006 (mainly Quick)
  * good contribution from AvH & sub-holdings (9.4 million euros),
    partly due to 9.5 million euros capital gains on the sale of
    Agridec and KBC shares
  * the reversal of the largest part of the remaining GIB provisions
    (19.2 million euros)
  * other non-recurrent results including a capital gain of 5.5
    million euros on the sale of Belfimas shares.

As of 31.12.2007, AvH's net  cash position amounted to 363.6  million
euros compared to 340.7  million euros as per  the end of 2006.  This
position takes  into account,  on the  one hand,  the AvH  investment
portfolio (including Fortis and KBC shares) that was valued at  225.9
million euros (including  unrealised capital gains  of 130.4  million
euros) as  of  31.12.2007 (233.7  million  euros as  of  31.12.2006),
liquidities and treasury shares amounting to 181.1 million euros and,
on the other hand, the external financial debt, mainly in the form of
commercial paper, amounting  to 43.3 million  euros. Furthermore,  in
the course of 2007, 248.2 million euros were invested and divestments
took place in an amount of 37.9 million euros.

The following investments were made:
-154.0 million euros at the Private Equity level, of which
137.9 million  euros of  new  investments (Distriplus,  Spano,  Iris,
16.1  million  euros  of  follow-up  investments  (including  Alural,
UBF/EMG, Turbo's Hoet Group);
-94.2 million euros at the AvH-group level, of which
27.0 million euros  of new investments  (including Financi�re  Duval,
67.2 million euros  of follow-up investments,  of which 53.0  million
euros for the capital increase by Finaxis in Bank Delen, in  addition
to increases  in  the participations  in  Sipef and  Leasinvest  Real

The (IFRS) consolidated net  equity (part of  the group) amounted  to
1,580.1 million euros  as of 31.12.2007  compared to 1,423.7  million
euros as of  31.12.2006. The consolidated  balance sheet total  under
IFRS increased to 4,888.0 million  euros compared to 4,721.5  million
euros as of 31.12.2006.

Comments relating to the most important group companies

Based on a continuously strong order book, DEME achieved a very  high
degree of activity with an almost full utilisation of the fleet.
The turnover in  2007 rose  by 22%  to 1,313.9  million euros  (2006:
1,077.5 million euros) while operational  cash flow (EBITDA) rose  by
47% to  259.4  million euros  (2006:  176.6 million  euros)  and  net
profits rose by 79% to 90.2 million euros (2006: 50.4 million euros).
These favourable developments  in the  results are  due to  excellent
operational  course  of  business  and  were  hardly  influenced   by
exceptional  results.  Notwithstanding   a  very  active   investment
programme (460 million euros over 2005 - 2008), the net debt could be
reduced to 362.4 million euros  against a consolidated net equity  of
410.6 million euros.
In the meantime,  DEME has  announced a new  investment programme  of
approximately 500  million euros  between now  and 2011  in  dredging
ships and  other maritime  equipment that  will provide  DEME with  a
versatile, flexible and very competitive fleet.
The order  book  amounted  to  1,811 million  euros  as  of  31.12.07
(compared to 1,601 million euros  as of 31.12.06) and is  diversified
across the different continents with new contracts, in amongst others
France, Bulgaria, Russia, South  Africa, Nigeria, Brazil, India,  the
United Arab Emirates, Australia and across the different specialities
of the  DEME group.  Based on  the existing  order book  and the  new
orders being  tendered for,  DEME expects  to be  able to  achieve  a
growth in turnover and in operational profit for 2008.

RENT-A-PORT (AvH 45%) was incorporated in December 2006  by 2  former
DEME executives as a port consultancy company.
In its first year of operations, RAP carried out studies primarily in
West African  countries  and  further  developed  its  activities  in

ALGEMENE AANNEMINGEN VAN  LAERE achieved  a decent result  in a  very
competitive market (3.2 million euros vs. 4.3 million euros in 2006).
Despite a difficult start in 2007, the order book was replenished  to
a sound level (187  million euros as of  31.12.07) with contracts  in
Luxembourg, Diegem, Courtrai, Beveren and Antwerp.
Van Laere wants to further concentrate on a number of specific niches
and, also wants  to operate  more often in  collaboration with  other
construction companies  or financial  groups  within the  context  of
"design, build & finance"  projects, some of which  in the form of  a

N.M.P saw a significant increase in its result (6.3 million euros vs.
2.4 million euros in 2006) thanks to an exceptional capital gain. The
current operational results were in line with previous years,  thanks
to the portfolio of long-term contracts.

The contribution of real estate activities remained relatively steady
with a result of 27.1 million euros.

EXTENSA (AvH  100%, real estate development) again realised a  strong
result of 15.2 million euros (compared to 18.8 million euros in 2006)
due to, on the one hand, the  capital gains of 10.1 million euros  on
the sale of  its participation in  the first retail  park in  Romania
(Targu Mures) and 5.75 million euros of positive changes in the  fair
value of Tour & Taxis and, on the other hand, 3.3 million euros  from
the sale of land.

Meanwhile, Extensa continues working on the development of the Tour &
Taxis site in  Brussels for which,  in 2007, a  building request  was
submitted, and of the Cloche d'Or site in Luxembourg, the master plan
of which must be approved in 2008.
Joint ventures  in Slovakia,  Romania  and Turkey  should  contribute
further to the group  result during the course  of 2008. New  permits
are also expected  within the land  portfolio for the  period 2008  -
2012 which should contribute to the recurrence of the results.

The real estate investment trust LEASINVEST REAL ESTATE (AvH: 30.01%)
realised a net result  of 33.4 million euros  over the calendar  year
2007 (compared  to 29.5  million  euros in  2006). This  increase  is
explained by 11.9  million euros  of positive changes  in fair  value
within the real  estate portfolio  and capital gains  of 5.8  million
euros on  the  sale of  3  buildings in  Belgium  and 1  building  in
The fair value of the real estate portfolio amounted to 441.1 million
euros as of 31.12.07 and incorporates a total surface area of 263,716
m�, of which 70% is situated in Belgium and 30% in Luxembourg.
The  quality  of  the  portfolio  is  illustrated  by  the  excellent
occupancy rate of 97.74% and a rental yield of 7.21%.

COBELGUARD (AvH  40%)  realised again strong growth  in 2007 with  an
increase in turnover of 35% to 40.2 million euros and an increase  in
operational profit of 45% to 2.4 million euros. Cobelguard realised a
number  of  commercial  successes  and  continues  to  work  on   the
development of new regions and services.

FINANCIERE DUVAL, in  which AvH   acquired a stake  of almost 21%  in
March 2007, realised an increase of turnover of 22% to 261.3  million
euros, and of its current operational  result of 62% to 20.2  million
euros. Development activities as well as the holiday parks operations
(Odalys,  NR  2  in  France  with  80,000  beds)  and  elderly  homes
(Residalya, 1,000 beds) contributed to this.

BANK DELEN  achieved noticeably  strong growth  in its  assets  under
management in  a  very fluctuating  stock  market climate  to  12,126
million euros (compared to  8,416 million euros  as of 31.12.06),  of
which 2,747 million  euros originated from  the acquisition, in  July
2007, of the Brussels based assets manager "Capital & Finance".  This
represents a net in-flow for Bank Delen which amounts to nearly twice
the average  of previous  years. Thanks  to this  strong growth,  the
gross operational income  was over 100  million euros (108.4  million
euros) for the first time and the  net profits rose by 22.4% to  36.7
million euros (30 million euros for 2006).
Notwithstanding the  increase  in personnel,  the  cost/income  ratio
remained stable at  a very  competitive 44.6%.  The consolidated  net
equity of Bank Delen amounted to  246.0 million euros as of  31.12.07
(compared to 148.7 million euros as of 31.12.06), of which 60 million
euros originated from  the capital  increase at the  occasion of  the
acquisition of Capfi.
At the  beginning of  2008, Bank  Delen was  nominated "Best  Private
Bank" in Belgium by Euromoney for the second consecutive  time.
Despite a great  deal of  turbulence in the  financial markets,  Bank
Delen hopes that the growth in assets under management over the  last
years and the integration of a complete financial year of Capfi  will
contribute to  an  increase  of  the recurrence  and  growth  of  the

BANK J.VAN BREDA  & C�  realised a strong  commercial performance  in
2007. The assets invested by clients grew by 624 million euros (+ 15%
to 4,701 million euros) and the  loan portfolio increased by 17%  (to
1,755 million  euros). The  volume of  off balance-sheet  investments
grew by  16%  to 2,802  million  euros both  in  the areas  of  asset
management (+17%) and life insurance investments (+19%).

This record growth could, however, not compensate for the decrease in
profits  due   to  the   unfavourable  interest   climate.  The   net
consolidated result  amounted to  22.4  million euros,  against  24.4
million euros  in 2006  (-8%). In  the first  half of  the year,  the
profit decreased by  17%. However, in  the second half  of the  year,
profits grew +3% compared to the second half of 2006.
The bank's investment portfolio  was not in any  way affected by  the
crisis in the financial markets. The amounts written off on the  loan
portfolio remain  at a  very low  level (0.13%  of the  average  loan
portfolio). The portfolio  of inland shipping  clients acquired  from
the Ethias Bank was integrated successfully.

Notwithstanding the  considerable  investment  in  strengthening  the
commercial organisation,  the cost/income  ratio remained  stable  at
58%. As of 31.12.07,  the net equity amounted  to 207 million  euros,
representing a solvency  ratio of  11.8%. Despite the  fact that  for
2008 the  interest  climate  outlook is  again  unfavourable,  it  is
expected that  the interest  income  will increase  slightly.  Unless
there would be unexpected negative evolutions in the market  interest
rates or in the provisions for  credit losses, Bank J.Van Breda &  C�
is hopeful that its strong commercial positioning will enable it,  in
2008, to accelerate the growth in  profits which began in the  second
half of 2007.

Other participations
As a result of the  shareholders agreement which was concluded  early
2007 with the family Bracht, the  participation in SIPEF in 2007  was
consolidated for 18.80%.   In November  2007, this participation  has
been increased up to  19.55%. Thanks to the  higher palm oil  prices,
turnover increased by 28% to 209.5 millions USD. These higher prices,
together with  an efficient  cost control,  resulted in  more than  a
doubling of  the net  profit  of 22.1  millions  USD (2006)  to  48.1
millions USD  (2007).   Meanwhile,  Sipef continues  to work  on  the
extension of its  rubber and  oil palm plantations  in Indonesia  and
Papua-New Guinea.

HENSCHEL, in which AvH holds 50%, is consolidated for the first time,
due to the increase  in its size.  Henschel produces telescopic  arms
and other accessories  for cranes,  as well as  loading platforms  of
light trucks.  The company,  with locations  in Belgium  and  Poland,
achieved a consolidated turnover of 62.7 million euros (-2%  compared
to 2006 (fiscal  year 15  months)) and a  net profit  of 8.5  million
euros (+25% compared to 2006 (fiscal year 15 months)).

The current contribution of  "Private Equity" achieved a  substantial
increase in 2007  of 75% to  47.2 million euros  (2006: 26.9  million
euros), including a capital gain of 7.6 million euros on the sale  of
617,676 shares Telenet.
Within the Private  Equity-portfolio, capital gains  of 18.1  million
euros (AvH part) were also achieved, of which 3.1 million euros  were
on the sale of the stake in  Corn. Van Loocke and 14.9 million  euros
on the contribution of UBF to the new EuroMediaGroup.

A few remarkable performances within the portfolio:

  * ATENOR (Sofinim 12.01%) realised a very strong year with a net
    profit of 35.4 million euros thanks to the profit on 2 projects
    in Luxembourg (Pr�sident-Pixel).
  * HERTEL (Sofinim 36%) realised an increase in turnover of 28% to
    671.0 million euros and an increase in net profits of 136% to
    22.0 million euros due to a good operational course of business
    in all its departments.
  * OLEON (Sofinim 37.07%) realised a net profit of 23.0 million
    euros and a turnover of 416.4 million euros, despite the fire
    that hit the factory in Ertvelde in January 2007. This result
    includes of course the damages that were paid by the insurer.
  * SPANO INVEST (Sofinim 72.92%) realised an important first
    contribution thanks to a net profit of 17.2 million euros on a
    turnover of 270.7 million euros, based primarily on a strong
    first half of the year in 2007.
  * TURBO'S HOET GROUP (Sofinim 50%) contributed for the first time
    for an entire year and realised a strong increase in turnover
    (+25% to 317.9 million euros) and a net profit (+79% to 11.4
    million euros) thanks to the high degree of investment in the
    truck sector. In 2007, Turbo's Hoet Group has managed to extend
    significantly its activities in renting trucks and sale of trucks
    and parts in Bulgaria and Russia.
  * In 2007, GROUPE FLO (GIB 46.7%) opened 20 Hippos, 5 brasseries
    and 3 tabla-pizza restaurants, and now has a total of 184
    restaurants. With this, Groupe Flo realised a turnover of 380
    million euros (+9% vs. 2006: 348.5 million euros) and a net
    profit of 19.0 million euros.
  * With the merger of UBF (Sofinim 47.3%) with the French group
    Eurom�dia T�l�vision, the new EuroMediaGroup (EMG) was created.
    This way, EMG has become the European market leader in television
    facilities with a turnover (pro forma 2007) of 268.2 million
    euros and an EBITDA of 49.7 million euros. EMG can offer to its
    clients 80 studios, a fleet of 45 mobile Outside Broadcast trucks
    (of which 16 in HD), 93 postproduction units and 83 ENG units.
    Sofinim has a 22% participation in EMG, along with Bollor�,
    Allianz Capital Partners and the family Barry.

Within Private Equity, Sofinim and GIB had an active investment  year
in which 154 million euros were invested and 29.3 million euros  were

- 137.9 million  euros of  new investments. Apart  from Spano  Invest
(see above), investments were made in:

  * IRIS (June 2007): participation of 6.12% acquired at the occasion
    of a capital increase of 10 million euros for which Sofinim
    subscribed in an amount of 5 million euros. Iris is an important
    European player in Optical Character Recognition (OCR),
    intelligent document recognition (IDR) and document management.
    For 2007 Iris expects an increase of turnover to 95 million euros
    (+16% compared to 2006).
  * MANUCHAR (June 2007): participation of 20%. Manuchar,
    historically a trading company, develops itself into a logistics
    player and distributor active in steel and chemicals, among other
    things, via a network of affiliates spread over 23 growth
    countries in Latin America, Africa, the Middle East and Asia.
    Manuchar realised a turnover of 571.7 million euros in 2007 for
    an operational result of 24.3 million euros and a net profit of
    8.6 million euros.
  * DISTRIPLUS (July 2007), together with CNP, each for 50%.
    Distriplus encompasses the specialised retail chains CLUB (27
    shops), Planet Parfum (71 shops) and Di (90 own shops and 40
    franchises). In the second part of 2007 these chains realised a
    joint turnover of 130.2 million euros and an operational result
    of 3.1 million euros.

- 16.1  million euros  follow-up  investments, primarily  in  Alural,
UBF/EMG and Turbo's Hoet Group

The adjusted  net  asset  value  of  the  Private  Equity  portfolio,
including unrealised  capital  gains on  the  listed shares  held  by
Sofinim and  on Groupe  Flo amounted  to 478.7  million euros  as  of
31.12.2007 (compared to 631.5 million euros as of 31.12.2006, at that
moment still including Quick for 211 million euros).

Prospects 2008
Except in case  of unforeseen circumstances,  the Board of  Directors
again expects a strong  contribution to the group  result of most  of
its participations.

Calendar 2008
15 April 2008                        annual report available online
26 May 2008                        annual shareholders'meeting and
quarterly update Q1 2008
4 June 2008                         payment of dividend
28 August 2008                    announcement of the semestrial
results 2008
6 March 2009                       announcement of the annual results

Declaration by the Auditor
The auditor has confirmed that his review of the consolidated  annual
accounts has been completed and  that no meaningful corrections  have
come to  its  attention  that  would require  an  adjustment  to  the
accounting information included in this press release.
Antwerpen, March 6th 2008

Ernst & Young Bedrijfsrevisoren BCV
represented by
Patrick Rottiers                       Christel Weymeersch
Partner                                   Partner

Ackermans &  van  Haaren is  a  diversified  group active  in  4  key
sectors: contracting,  dredging and  concessions  (DEME, one  of  the
largest dredging companies  in the world  - Algemene Aannemingen  Van
Laere, a  leading contractor  in Belgium),  Real Estate  and  related
services (Leasinvest  Real Estate,  a listed  real-estate  investment
trust with real estate assets of  approximately  450 million euros  -
Extensa, an  important  land and  real  estate developer  focused  on
Belgium, Luxemburg and Central Eurospe), private banking (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  private
equity providers in Belgium, and GIB).
The  group   concentrates   on   a  limited   number   of   strategic
participations  with  an  important  potential  for  growth.   Market
capitalisation of AvH  is approximately  2.2 billion  euros. The  AvH
share has been included in the reference index BEL20 and the  Private
Equity NXT index of Eurosnext Brussels.

New website
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For further information please contact:
CEO - President of the Executive Committee
e-mail :  [email protected]

Jan Suykens
Member of the Executive Committee
tel: +32.3.897.92.36
e-mail : [email protected]

Annex: see attached PDF