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Ackermans & van Haaren (0GYM)

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Monday 18 May, 2009

Ackermans & van Haaren

Ackermans & van Haaren: Interim report firs...





Interim report on  the current  state of  affairs of  the main  group
companies - First quarter 2009
(Regulated information within the meaning of the Royal Decree of 14
November 2007)

CONTRACTING, DREDGING AND CONCESSIONS
DEME (AvH 50%) continued  its high level of  activity with an  almost
complete fleet utilization in the first quarter of 2009. The turnover
and operational result were in line with 2008. DEME has also  renewed
its order book at a relatively high level (1,972 million euros at the
end of March  2009 versus  2,192 million euros  at 31.12.2008),  a.o.
driven by new  contracts in  Nigeria, Russia,  Brazil, Angola,  South
Africa, Libya and Germany. The  project in Port Rashid was  cancelled
by the customer early 2009, after the execution of the first phase at
the end of 2008/early 2009 (impact  on the order book per  31.03.2009
-286 million euros). The  successful diversification of DEME  towards
environmental activities, maritime works  (e.g. offshore wind  farms)
and offshore oil and gas projects supports the positive evolution  to
a large  extent. DEME  is  working on  a  significant number  of  new
tenders. However,  on  average  the grant  of  such  tender  projects
nowadays takes more time given  the uncertain economic and  financial
circumstances.

ALGEMENE AANNEMINGEN  VAN  LAERE (AvH  100%)  continued to  stand  up
relatively well despite a difficult construction climate.

REAL ESTATE AND RELATED SERVICES
At LEASINVEST REAL ESTATE - LRE (AvH 30.01%), the occupancy rate (98%
versus 97.3% at 31.12.2008) and the rental yield (7.45% versus 7.27%)
remained at  a  very respectable  level,  which resulted  in  a  good
operational real estate  result. The  fair value of  the real  estate
portfolio, including project developments (due to the changes in  the
IFRS standard IAS 40), amounted to 570.9 million euros at  31.03.2009
(versus 563.2 million  euros at 31.12.2008).  The unrealised  capital
gain (12 million euros) on the project development Bian in Luxembourg
more than compensates the negative changes in the fair value of other
buildings.

EXTENSA (AvH 100%) maintained a limited selling activity in the  land
development activities.  The  project  development was  at  a  normal
level, but has not  yet contributed to the  result as there have  not
yet been any completions.

The turnover of COBELGUARD (AvH 40%) continued to evolve successfully
in very competitive market circumstances.

The first  quarter is  traditionally a  negative quarter  for  GROUPE
FINANCIERE DUVAL (AvH 30%), due to the low season in the exploitation
activities (e.g. holiday parks). Despite the clear delay in promotion
activities, the order book remained at a reasonable level.

ANIMA CARE (AvH 100%), the new initiative of AvH in the health & care
sector, has  now acquired  its first  nursing home.  The senior  care
facility 'De  Toekomst/Sautstraetpoorte'  in Aalst  has  85  licensed
nursing home beds and 38 service  flats. Anima Care is in  discussion
for the  acquisition  of other  senior  care operations,  and  has  a
pipeline of new real estate projects and options on land. Anima  Care
has the ambition to  become a respectable player  in the senior  care
sector with a broad offer of services, and will invest in real estate
as well as in qualitative operations.


FINANCIAL SERVICES
Despite the extremely volatile financial  markets, the net inflow  of
assets from  existing and  new clients  is in  line with  the  record
growth of the  previous years.  The assets under  management of  BANK
DELEN (AvH  78.75%)  amounted  to 10,615 million  euros  at  31.03.09
(against 10,343  million euros  at 31.12.08).  All branches  of  Bank
Delen, as well as the network from Bank J.Van Breda & C°,  contribute
to the growth in the net  inflow. The nomination at the beginning  of
2009 of Bank Delen as 'Best Private Bank' in Belgium by Euromoney for
the third  consecutive year  has certainly  supported the  confidence
from the clientele.

BANK J.VAN  BREDA  &  C°  (AvH 78.75%)  has  also  shown  a  positive
evolution in the first quarter 2009, both in volume of deposits as in
off-balance  sheet  investments  (5,263  million  euros  invested  by
clients at  31.03.2009  -  of  which 1,429  million  euros  in  asset
management  at  Bank   Delen  -  against   5,009  million  euros   at
31.12.2008).  The results were supported by a return to a more normal
interest rate curve, which has a positive effect on the interest rate
result. Despite the fact that provisions for credit losses were  very
low in the first quarter, the economic recession prompts us to remain
cautious.

PRIVATE EQUITY
The private equity  participations felt  a stronger  impact from  the
economic recession in the  first quarter of 2009  than in the  fourth
quarter of  2008.  This  results  in  a  mixed  picture  whereby  the
companies which are  more cyclical  or consumer driven  showed a  net
loss in  the  first  quarter.  Our  traditionally  prudent  financing
structure of  private equity  investments allows  these companies  to
focus on their operational  priorities. So far,  there have not  been
any new investments in private equity. The sale of the  participation
IDIM has resulted in a capital gain of 1.5 million euros (share AvH).

OTHER INVESTMENTS
In the first quarter  of 2009, the plantation  group SIPEF (AvH  20%)
has increased its production of palm  oil in Indonesia and Papua  New
Guinea with 13.7%. The price of palm oil started to increase again in
2009,  after  reaching  a  bottom  in  4Q2008.  The  combination   of
encouraging production numbers, improving  palm oil prices and  lower
production costs leads to  an expectation of a  good 2009 for  Sipef,
without however reaching the record level of 2008.

HENSCHEL (AvH 50%) was still able to realize a very strong result  in
the first quarter  driven by a  good order book  and supported by  an
efficiency increase. It  is understood that  in the current  economic
climate, the renewal of the order book is under pressure.

In addition to the investment in SAGAR CEMENTS (AvH 14,8%), a  second
participation in India has recently been realized. AvH is  investing,
in joint venture with the Delhi-based ORIENTAL STRUCTURAL  ENGINEERS,
in the exploitation and production  of aggregates, intended for  road
infrastructure as well as for  the production of concrete. The  joint
venture owns currently a total capacity of 1.2 million tons per  year
of aggregates, with the ambition to substantially increase this  over
the coming  years.  This  investment  allows  us  to  anticipate  the
expected, continuous increase  of the demand  for basic  construction
materials in India,  which are  driven by both  economical (need  for
additional infrastructure) and demographic (housing) criteria.


AvH & Subholdings
The net  cash position  of  AvH amounted  to 143.7 million  euros  at
31.03.2009 (against 106.4 million euros at 31.12.2008). This position
takes into  account  a limited  negative  impact from  the  financial
markets on the  share portfolio  and 7.5 million  euros of  follow-up
investments mainly in  the private  equity portfolio, as  well as  57
million euros revenues form the sale of participations (mainly  Oleon
and IDIM).



Prospects 2009
The present economic crisis calls for great caution. Nevertheless the
board of directors is  confident that most  of the participations  of
the group are well positioned.



Calendar 2009

25 May 2009      annual shareholders' meeting
27 August 2009   half year results 2009
16 November 2009 interim report Q3 2009



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 - Extensa, an important land and real estate developer  focused
on Belgium,  Luxemburg and  Central  Europe), 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. The AvH  share
is included  in the  reference index  BEL20, the  Private Equity  NXT
index of Euronext Brussels and in the European DJ Stoxx index 600.


Website
All press  releases  issued  by  AvH and  its  most  important  group
companies  as  well  as  the  'Investor  Presentation'  can  also  be
consulted on the AvH website: www.avh.be. Anyone who is interested to
receive the press releases via email has to register to this website,
under the 'News' section.

For further information please contact:
Luc
Bertrand
CEO        -        President         of        the         Executive
Committee
tel:
+32.3.231.87.70
e-mail :  [email protected]

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

Tom Bamelis
Member of the Executive Committee
tel: +32.3.897.92.42
e-mail : [email protected]


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.




                                                                                                                                                                                                         

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