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Ackermans & van Haaren (0GYM)

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Monday 26 May, 2008

Ackermans & van Haaren

Ackermans & van Haaren: Interim report





(Regulated information in the sense of the Royal Decree of 14
November 2007)

CONTRACTING, DREDGING AND CONCESSIONS
With the fleet almost fully in use, DEME witnessed an extremely  high
degree  of  activity  in  the  first  quarter,  which  leads  to  the
anticipated increase in turnover and  result. DEME also continues  to
top  up   its  order   book  (EUR 1,766 million   for  1Q08   against
EUR 1,811 million at 31.12.07),  thanks in part  to new contracts  in
the Emirates, Brazil, Australia and Panama.
The inauguration and  commissioning of  the Breydel  (9,000 m³)  last
week brought the first phase of its investment programme to a  close.
Early 2008,  DEME  announced a  new  investment scheme  worth  around
EUR 500 million and designed  to bring  about 10  dredgers and  other
specialised marine equipment into service between now and 2011.

ALGEMENE AANNEMINGEN VAN LAERE saw its activities progress as  normal
and has a rather well-filled order book.

AvH made its first  steps into the  construction materials market  in
INDIA. It  accumulated  a participating  interest  of 14.32%  in  the
exchange-listed family owned SAGAR CEMENTS. Sagar Cements Ltd. has  a
clincker production capacity  of 0.6  MTPA in the  southern state  of
Andra Pradesh. Encouraged by the  growth perspectives in the  market,
the company recently started to expand its capacity to 2.6 MTPA.  The
start up of the additional capacity will be for June this year. Sagar
Cements has a market capitalisation  of approximately EUR 77  million
(5 billion Rs.).

REAL ESTATE AND RELATED SERVICES
EXTENSA's  real  estate  development   activities  continue  to   run
according to schedule. Several residential parcellation projects have
obtained the permits  required to  offer them for  sale. Abroad  too,
local projects are progressing in the right direction.

At LEASINVEST REAL ESTATE, the  occupancy rate (96.46% v 97.74%)  and
rental yield  (7.14% v  7.21%) have  remained at  a very  respectable
level. The fair value  of the real estate  portfolio as per  31.03.08
amounted to EUR 468.9 million as opposed to EUR 441.1 million as  per
31.12.07, thanks  in part  to the  acquisition of  a portfolio  of  4
buildings 'logistics & retail' in the Antwerp region. Furthermore  an
agreement has  been  reached  for  the  acquisition  in  terms  of  a
logistical site of 50,000 m² near Brussels.

FINANCIAL SERVICES
Despite  the  extremely  volatile   financial  markets,  BANK   DELEN
succeeded in  partly  offsetting the  negative  effect of  the  stock
market with  a  significant  net  inflow  through  existing  and  new
clients. The  assets  under  management of  Bank  Delen  at  31.03.08
amounted to EUR 11,521 million (against EUR 12,126 million at the end
of 2007) and at the end of April thanks to the stock market  recovery
already EUR 11,900 million. The  integration of Bank Delen and  Capfi
is progressing  as hoped,  both  internally and  with regard  to  the
clientele. The election of Bank Delen  early 2008 for the second time
in a  row  as  the  "Best Private  Bank"  in  Belgium  has  certainly
supported client confidence in the Bank.

Recently AvH has increased, through  a participating interest of  15%
in Promofi, its beneficial interest in Finaxis from 75% to 78.75%. In
the framework of this transaction a  value for Finaxis has been  used
of EUR 957 million.

BANK J.VAN BREDA & C° continues to witness a positive development  in
its activities and its client base, which translates into a growth in
off-balance sheet  investments and  fee income.  Notwithstanding  the
negative interest curve  the result  for the  first quarter  remained
stable  compared to last year.

PRIVATE EQUITY
In the  first quarter,  most participations  developed in  line  with
their budgets. For the time being, the slowdown in growth in the  USA
has  not  affected  the   business  activities  of  most   industrial
participations, while the European  consumer clearly is more  careful
in spending his family budget.

In the course of the first quarter, an opportunity arose to acquire a
20% minority interest in  Koffie F. Rombouts NV.  With a turnover  of
EUR 120  million  in 2006  (net  equity  as per  31.12.06:  EUR  22.4
million) Koffie F. Rombouts  belongs as quality  label to the  market
leaders in Belgium, with a strong presence in France.


AvH & Subholdings
Due in part to the influence of the financial markets on the  group's
investment portfolio on the  one hand, and  the investments in  Sagar
Cements and Koffie  F. Rombouts  on the  other hand,  AvH's net  cash
position   fell   to   EUR 309.9 million   at   31.03.2008   (against
EUR 363.6 million at 31.12.2007).


Prospects 2008
The economic climate  and the  uncertainty at  the financial  markets
induce to be prudent.
Except in case  of unforeseen circumstances,  the board of  directors
expects a strong  contribution to  the group  result of  most of  its
participations.

Calendar 2008
4 June 2008                         payment of dividend
28 August  2008                     announcement  of  the  semestrial
results 2008
17 November 2008                 interim report 3Q08
6 March 2009                       announcement of the annual results
2008



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  460 million euros  -
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.   Market
capitalisation of AvH  is approximately  2.3 billion  euros. The  AvH
share has been  included in  the reference index  BEL20, the  Private
Equity NXT  index of  Euronext Brussels  and  as of  23 June  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 again 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]






                                                                                                                                                                                                                                              

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