Information  X 
Enter a valid email address

Ackermans & van Haaren (0GYM)

  Print          Annual reports

Monday 17 November, 2008

Ackermans & van Haaren

Ackermans & van Haaren NV: Interim report





Interim report on  the current  state of  affairs of  the main  group
companies - Third quarter 2008
(Regulated information within the meaning  of the Royal Decree of  14
November 2007)

CONTRACTING, DREDGING AND CONCESSIONS
Driven by an almost complete fleet utilization in the third  quarter,
the turnover and profit targets of  DEME for the financial year  2008
are maintained. Many new  contracts have resulted  in an increase  of
the order book, which amounted to  2,306 million euros at the end  of
October 2008 (versus 1,946 million euros at 30.06.08).

The main new contracts since June 30, 2008 are the following:
*          Port Rashid (Dubai): a contract of 390 million euros for
  the reclamation and expansion of Port Rashid, where residential and
  recreational facilities will be built for 200,000 people. The
  contract will be executed in a temporary joint-venture with
  Boskalis.
*          London Gateway Port: the development of a large new port
  area along the Thames in the United Kingdom. The project of a total
  of approximately 400 million pound will be carried out in a
  temporary joint-venture with Laing O'Rourke.
*          Amoras: an important assignment for the design,
  construction and exploitation of a silt treatment and storage
  system in the port of Antwerp. Half of this 400 million euros
  project will be performed by DEME.
*          South America: dredging in Manzanillo (Mexico) as part of
  the construction of an LNG terminal and a new contract for the
  dredging of the access channel to a new container terminal in
  Panama. Both contracts together represent a value of 40 million
  euros.
*          Asia: new dredging contracts in Taiwan and an
  environmental dredging assignment in the Philippines for a total
  amount of 100 million euros.

Taking into account this positive  evolution of the order book,  DEME
is investigating further investments in its fleet within the  context
of the previously announced investment plan.

At ALGEMENE  AANNEMINGEN  VAN  LAERE,  all  subsidiaries  contributed
positively to the result.  The order book  remained stable thanks  to
new contracts  in,  i.a.,  Vilvoorde,  Machelen  en  Zoetermeer  (the
Netherlands).

REAL ESTATE AND RELATED SERVICES
At the real estate investment trust LEASINVEST REAL ESTATE, the  fair
value of the real estate portfolio remained fairly constant at  487.0
million euros.  The  total  value,  including  project  developments,
amounted to  513.3  million  euros (versus  502.7  million  euros  at
30.06.08). The occupancy rate remained at a very high level of 97.30%
(versus 97.06% at the end of the second quarter) and the rental yield
was 7.20% (versus 7.15% at 30.06.08).

An office project of 1,585 m² was acquired in the city of  Luxembourg
in the third quarter. Additional  investments were also made for  the
ongoing project Bian in Luxembourg.

The development activities of EXTENSA have clearly suffered from  the
slowdown in the demand for new  housing parcels. Due to the low  book
value of  the  land bank  and  a number  of  new permits,  this  land
development activity in Belgium has a low risk profile and  maintains
its recurring profit potential.

The permits for the further development of the Tour & Taxis site  are
in full preparation, amongst others for a first project of 16,000  m²
for the Brussels environment company BIM/IBGE. The shopping centre in
Focsani, Romania will be completed  in the fourth quarter. The  start
of the sale of the residential project in Istanbul (Turkey) has  been
postponed  with  a  couple  of   months  due  to  the  local   market
circumstances.


FINANCIAL SERVICES
Despite the extremely  volatile financial markets  and the  continued
turmoil in the financial sector, both Bank Delen and Bank J.Van Breda
& C° realised a strong commercial growth in the third quarter.

The assets under management of BANK DELEN amounted to  10,889 million
euros at  30.09.08  (against 11,293  million  euros at  30.06.08  and
12,126 million euros at  the end  of 2007). Taking  into account  the
negative stock market impact  over the first 9  months of 2008,  this
implies an important net increase of new assets under management.

The net equity  of Bank Delen  increased over the  first 9 months  of
2008 from 246 million euros to 271 million euros.

Bank Delen  invests its  own  assets almost  entirely in  short  term
government bonds.

BANK J.VAN BREDA & C° has also shown a strong commercial  performance
with  its  target  group  clientele  of  entrepreneurs  and   liberal
professions. The total assets deposited by clients increased to 4,940
million euros  at  30.09.08  (compared  to  4,827  million  euros  at
30.06.08 and 4,701 million  euros at 31.12.07).  The total volume  of
deposits increased in the third quarter with 5% to 2,063 million euro
(or an increase  of 9% over  the first  9 months of  2008), and  with
respect to the off-balance sheet investments, the inflow  compensated
for the negative stock market effect.

The net equity of Bank  J.Van Breda & C°  increased over the first  9
months of 2008 from 207 million euros to 224 million euros.

Also Bank J.Van Breda  & C° has a  tradition to invest its  portfolio
very conservatively  and almost  entirely in  government paper.  Bank
J.Van Breda & C° only grants loans to its target clients with whom it
has a sustainable and global relationship. Furthermore, all loans are
very diversified as  to amounts  and debtors. As  a consequence,  the
write offs due to loan losses were very limited in the third quarter.

The niche  approach of  both banks  and the  traditionally  extremely
cautious investment strategy ensured that neither Bank Delen nor Bank
J.Van Breda  & C°  have any  'subprime' securities  or other  'toxic'
products in their portfolio.


PRIVATE EQUITY
Overall, the  private  equity  participations  continue  to  make  an
important, although  lower, contribution  to  the group  result.  The
impact of the  financial crisis  on the consumer  confidence and  the
economic slowdown  which  is  clearly  evolving  towards  a  profound
recession have resulted in a decrease of the turnover and operational
profit of some of the industrial participations in the third quarter.


AvH & Subholdings
The net  cash position  of  AvH amounted  to 171.7 million  euros  at
30.09.2008 (against 207.6 million at  30.06.2008). This evolution  is
mainly driven by the decrease of the market value of the  investments
in KBC  and Fortis  with 31.6  million euros.  Based on  the  current
evolution of the stock price of Fortis, AvH expects a total  negative
impact on the results of the financial year 2008 of approximately  44
million euros (or 1.3 euro per share AvH).


Prospects 2008
Ackermans & van Haaren still expects  to be able to realise a  decent
operational group result over the  entire financial year 2008  thanks
to the strong cycle  in the dredging sector  and the good  commercial
performance of its banks. In the  mean time, the consequences of  the
weakening  of  the  economic  climate  start  to  impact  most  group
participations.



Calendar 2009

6 March 2009     annual results 2008
18 May 2009      interim report Q1 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 with real estate assets  of approximately  480 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. 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 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.




                                                                                      

a d v e r t i s e m e n t