Ackermans & van Haaren

Ackermans & van Haaren: Interim report thir...

Interim report on  the current  state of  affairs of  the main  group
companies - Third quarter 2009

Thanks to an almost full fleet utilization in the third quarter, DEME
(AvH 50%) has realized a turnover  and operational cash flow in  line
with the expectations. The outstanding order book remained at a  high
level of 2,081 million  euros (vs 2,127  million euros at  30.06.2009
and 1,906 million euros  at the end of  2008), driven by several  new
contracts in a.o.  Venezuela, Mexico,  India, Latvia  and the  United
Kingdom. This evolution also  reflects DEME's successful strategy  of
geographical  spread  and   diversification  of  activities   towards
environment  and  maritime  works.  The  investment  program  is   on
schedule. The trailing  suction dredger Artevelde  has been put  into
operation early November.
In August, GeoSea (100% DEME) started operating the jack-up  platform
Goliath, the largest  jack-up platform  of its type  ever built.  The
Goliath will mainly  be used for  the construction of  wind farms  at
sea, for offshore soil investigations  in far-shore deep waters,  and
for drilling and hammering of  large-diameter piles. It is  currently
deployed in an offshore wind farm construction assignment - the Alpha
Ventus project - near the German island Borkum.
Early September, Flanders  Investment & Trade  has awarded DEME  with
the "Export  Lion  2009". The  title  rewards an  exceptional  export
performance, such as growth in  export, specific export strategy  and
future prospects in the export area, but also an innovative approach,
growth in turnover and employment.

ALGEMENE AANNEMINGEN VAN LAERE (AvH  100%) has been able to  maintain
the level of its order book in difficult market circumstances, but is
also been confronted  with losses on  a few problematic  construction

LEASINVEST REAL  ESTATE -  LRE (AvH  30.01%) continued  the  positive
trend of the first half of the  year in the third quarter, despite  a
relative unfavourable  market  situation.  Both  the  occupancy  rate
(98.43%) and the rental  yield (7.58%) as well  as the fair value  of
the real  estate portfolio,  including project  developments,  (536.9
million euros) increased slightly compared  to the end of June  2009.
The increase of rental income was  mainly driven by the retail  sites
in Luxembourg which were acquired at the end of 2008. The increase of
the fair  value was  also influenced  by the  investments in  ongoing
project developments (Montimmo,  Canal Logistics,  Cegelec). The  net
debt rate decreased to 47.37%.

EXTENSA (AvH  100%)  witnessed an  increased  activity level  in  the
project  development   activities   in   the   third   quarter.   The
infrastructure  works  at  Cederpark  Hasselt  have  been  completed,
resulting in the start  of the first phase  of the construction.  The
sale on plan  of apartments and  retail sites in  the new project  De
Munt in  Roeselare also  started smoothly.  In the  land  development
activities,  a  number  of  important  new  residential  permits  are
expected before  the end  of the  year. The  market circumstances  in
Central Europe  cause a  delay  in the  realisation of  the  shopping
centre projects in Rumania.  The land portfolio  and the real  estate
projects continue  to represent  an important  potential for  capital
gains in the medium long-term.
Extensa  and  the  Luxemburg   family  Becca  have  increased   their
respective shares in the project 'Cloche d'Or' from 25% to 50%.

COBELGUARD  (AvH  40%)  continued  to  perform  strongly  in  a  very
competitive market.

The exploitation  activities  (mainly holiday  parks)  of  FINANCIERE
DUVAL (AvH 30%) realized the expected seasonal recovery. Despite  the
fact that  the order  book of  the real  estate promotion  activities
remained stable, the economic  crisis clearly causes  a delay in  the
start of new development sites.

ANIMA CARE (AvH 100%), the new initiative of AvH in the health & care
sector, has acquired a second senior care facility in Berlare.  Anima
Care now houses in total 213 residents in Aalst and Berlare, where it
also owns the  property. Anima  Care is in  discussion regarding  the
acquisition of other senior care operations, and continues to work on
its pipeline of greenfield projects.

BANK DELEN (AvH 78.75%) has again realized a very good result in  the
third quarter.  The assets  under  management continued  to  increase
significantly, both  as  a consequence  of  a positive  stock  market
effect, as from a sharp net inflow of new assets from the branches of
Bank Delen, as well as  from the Bank J.Van  Breda & C° network.  The
total assets under  management amounted  to 12,574  million euros  at
30.09.2009 (11,423  million  euros  at 30.06.2009),  a  22%  increase
compared to  end 2008  (10,343 million  euros) and  above the  record
level at the end  of 2007 (12,126 million  euros). The clientele  has
clearly confidence in the consistent and prudent investment  strategy
of Bank Delen.

BANK J.VAN BREDA & C° (AvH 78.75%) also continues to realize a strong
commercial growth with its target group clients of entrepreneurs  and
liberal professions.   The  total  client assets  amounted  to  5,610
million euros at the end of  September, a small increase compared  to
the end of June  2009 (5,449 million euros)  but a 12% increase  over
the  first  nine  months  of   the  year  (5,009  million  euros   at
31.12.2008). The volume of deposits  was 2,402 million euros and  the
entrusted funds amounted to 3,208 million euros. The loans to  target
group clients also increased slightly  in the third quarter to  1,911
million euros (1,887 million euros at 30.06.2009). The impact of  the
economic recession on the credit losses still remains limited.

The private equity  participations contributed  slightly positive  to
the AvH group result in the third quarter, despite the fact that most
cyclical and consumer driven companies still suffered from the impact
of the economic recession. A number of participations still showed an
exceptional loss as a consequence of some restructuring measures.

GROUPE FLO (GIB  47.3%) improved  its operating margin  in the  third
quarter compared  to the  first half  of the  year. The  lowered  VAT
rates,  productivity   improvements   and   lower   purchase   prices
contributed to this  result. Groupe Flo  has successfully launched  a
capital increase of 20 million euros in September.

The participation of 6% in I.R.I.S.  has been sold to Canon in  July.
On this transaction AvH  realized a capital  gain of approximately  3
million euros and an  IRR of more than  25%, since its investment  in

The participation in MANUCHAR has been increased from 20% to 30%,  as
a result of exercising the warrants.

SIPEF (AvH 20.6%) has again succeeded in significantly increasing its
palm oil production in the third quarter. The first 9 months of  2009
showed a  16% increase  compared  to last  year,  the result  of  the
continued efforts related to the  production and of excellent  crops.
On the other hand, the price of palm oil was under a lot of  pressure
and moved back  and forth.  Despite optimistic  expectations for  the
production of palm oil and an  increase in the demand of rubber,  the
higher production costs  and irregular  weather patterns  may have  a
mitigating effect on the results for the remainder of the year.

HENSCHEL ENGINEERING (AvH 50%) and Telemond Holding feel the delay in
the market  in  their  turnover,  but  have  succeeded  in  realizing
positive results  in  the  third  quarter  thanks  to  a  substantial

SAGAR CEMENTS  (AvH  14.8%) has  been  confronted with  the  negative
impact of the recent  floodings in Andra  Pradesh on the  traditional
improvement of the demand after  the monsoon. The combination of  the
delay in demand with the systematic increase of the capacity has  led
to a pressure on the sales prices in South India. The production runs
now almost at full capacity and delivers the expected results.

Since April  2009, ORIENTAL  QUARRIES &  MINES (AvH  28%) operates  2
quarries in  the  region  of  Delhi (India)  for  the  production  of
aggregates. The maximum capacity has  been almost fully used for  the
first time in  the month  of October.  The joint  venture is  already
profitable after the first half year (April 1 - September 30).

At the end of June, AvH signed an agreement for the acquisition of  a
30% participation in ALCOFINA. Alcofina owns a 45.3% participation in
the Swiss trading company  Alcotra, one of  the largest exporters  of
bio ethanol from Brazil. The approval of the competition  authorities
is expected before the end of November.

AvH and Electrabel have  set up a joint  venture MAX GREEN, in  which
AvH controls  27%, and  which  will focus  on projects  in  renewable
energy. A first  project is  the conversion of  the coal-fired  power
unit in  the Rodenhuize  station (Ghent)  into a  100% biomass  unit,
which will supply green energy based on wood pellets originating from
producers who apply sustainable forestry.

AvH & Subholdings
The net cash position of AvH  amounted to 135.4 million euros at  the
end of the third quarter (against 123.4 million euros at 30.06.2009).
This increase  can be  explained by  the revenues  from the  sale  of
I.R.I.S. shares (7.9 million euros) and from the impact of the  stock
exchange recovery on the investment portfolio. AvH has actually  even
used the strengthening stock prices to sell approximately 680,000 KBC
shares. In the  third quarter,  12.5 million  euros investments  have
been made, mainly for the  increase of the participation in  Manuchar
and the first phase of the participation in Max Green.

"The present economic  crisis still  calls for  great caution.  DEME,
Leasinvest Real  Estate,  Finaxis and  the  new segment  'Energy  and
materials'  offer  good   prospects  even  in   the  current   market
circumstances.  The  real   estate  promotion   and  private   equity
activities remain  subject  to the  impact  of the  present  economic
recession and the strength of the potential recovery."

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