Information  X 
Enter a valid email address

Ackermans & van Haaren (0GYM)

  Print          Annual reports

Thursday 28 August, 2008

Ackermans & van Haaren

Ackermans & van Haaren NV: semestrial resul...





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

AvH achieves a net profit of  100.6 million euros thanks to a  stable
contribution of the participations

  * Dredging activities (DEME): important growth of turnover (+32%)
    and profit (+57%) in a constantly strong market
  * Real estate activities (Extensa and LRE): strong contribution by
    Leasinvest Real Estate
  * Financial services: both Bank Delen (-7%) and Bank J.Van Breda &
    C° (+6%) maintain their position well thanks to strong commercial
    performances
  * Private Equity: most participations perform reasonably well
    notwithstanding the weakening in the economic climate

The Board of Directors of Ackermans & van Haaren NV is pleased to
announce that the consolidated net profit (part of the group) as at
30.06.2008 amounts to 100.6 million euros, compared with 122.6
million euros as at 30.06.2007.


Breakdown of the consolidated         30.06.2008         30.06.2007
net profit (part of the group)          (million           (million
                                          euros)             euros)
                                            IFRS               IFRS
CONTRACTING
          D.E.M.E.                          32.1               20.5
          Rent-A-Port                        2.7                  -
          Algemene Aannemingen Van           1.3                2.2
Laere
          N.M.P.                             1.2                3.5
                 Subtotal                   37.3               26.2
REAL ESTATE & RELATED SERVICES
          Extensa                           -0.6                0.2
          Leasinvest Real Estate             6.2                5.1
          Cobelguard                         0.3                0.2
          Financière Duval                  -1.1                __-
              Subtotal                       4.8                5.5
FINANCIAL SERVICES
          Finaxis                           -0.8               -0.2
          Bank Delen                        13.1               13.8
          Bank J.Van Breda & C°              9.2                8.5
          BDM - ASCO                        -0.2                0.8
                 Subtotal                   21.3               22.9
PRIVATE EQUITY
          Sofinim                            0.0                7.4
          Contributions                     16.7               19.8
participations of Sofinim
          Contributions                      0.7                1.8
participations of GIB
                    Subtotal                17.4               29.0
Other participations (Sipef,                 6.8                3.1
Henschel)

Result of the participations                87.6   +1.0%       86.7
            Capital gains Private            5.4                0.0
Equity

Result participations (incl. capital        93.0   +7.2%       86.7
gains Private Equity)
AvH and subholdings                          7.3               13.2
GIB                                          0.0               22.5
Other 'non-recurrent' results                0.3                0.2
CONSOLIDATED NET RESULT                    100.6              122.6



Key figures                   30.06.2008            31.12.2007
Consolidated balance     (million euros)                 (million
sheet AvH                                     euros)
                                         IFRS                 IFRS
Net Equity (part of                  1,565.8               1,580.1
the group)
Net cash position of                    207.6                 363.6
AvH and subholdings



Key figures per share                            30.06.2008         30.06.2007
Number of shares
                                        33,496,904           33,496,904
Net result per share (*) -
basic                                   3.03                 3.69
                                   -
diluted                                 3.02                 3.68



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

Comments relating to the most important group companies

CONTRACTING, DREDGING AND CONCESSIONS
Driven by a persistent boom in the dredging sector, DEME's fleet  was
constantly nearly fully utilised. This has resulted in a  substantial
increase in turnover (+32% to 721.4 million euros compared with 547.1
million euros for 1H07) and in EBITDA or operational cash flow  (+34%
to 159.9 million euros compared  with 119.3 million euros for  1H07).
The net result rose by 57% to 64.3 million euros (compared with  40.9
million euros for 1H07). Both traditional dredging activities and the
diversifications contributed to the increase in these results.
As at  30.06.08, the  order  book increased  to 1,946  million  euros
(compared with 1,811 million euros  as at 31.12.07), thanks to  major
new contracts  in, among  others,  Russia, Brazil,  the  Netherlands,
Nigeria, Australia, Panama  and Ras Al  Khaimah. Taking into  account
the recently awarded  contracts for Port  Rashid and London  Gateway,
the order book should amount to 2,500 million euros.
With the inauguration  and launching  of the Breydel  (9,000 m³)  the
first phase  of  DEME's  investment programme  for  2005-2008  (seven
vessels, including one mega cutter  and five hoppers for 460  million
euros) was completed.  Early 2008,  DEME announced  a new  investment
programme of approximately  500 million  euros as a  result of  which
some 10 dredgers (including 2 cutters,  2 hoppers, 1 fall pipe and  1
sand & grind  dredger) and  other specialized  material (including  1
jumbo jack-up) should  be built between  now and 2011.  DEME is  also
expecting to be able to  realise significant growth in both  turnover
and result throughout all of 2008 in line with the market growth.

RENT-A-PORT remains  focused  on harbour  consulting  and  concession
projects.  Of  its  result  as  at  30.06.08,  6  million  euros   is
attributable to the capital gain from the sale of a partcipation.

ALGEMENE AANNEMINGEN  VAN LAERE  achieved a  turnover of  69  million
euros and a net result of 1.3 million euros in the first half year of
2008. All  subsidiaries contributed  positively to  this result.  The
order book remained stable thanks to new contracts in, e.g., Brussels
and Machelen.

REAL ESTATE AND RELATED SERVICES
The result  of EXTENSA  as at  30.06.08 was  slightly negative  (-0.6
million euros), and resulted from the recurrent rental income and the
capital gain on  the sale  of land  in Wondelgem  and was  negatively
affected by  a loss  of  2.3 million  euros on  the  sale of  a  land
position  in  Evere  and  costs  relating  to  the  start-up  of  own
development projects  in  Turkey,  Slovakia  and  Romania.  Extensa's
contribution should develop positively in  the second half year,  due
to  further  sales  in  the  land  development  portfolio  (e.g.,  in
Wondelgem and Hasselt) and the completion of a second shopping centre
in Romania.

The real estate investment trust LEASINVEST REAL ESTATE experienced a
strong first  half of  2008 (20.6  million euros  compared with  17.9
million euros as  at 30.06.07) a.o.  thanks to the  increase in  fair
value in an amount of 14.4 million euros following the renovation and
extension of the CFM  building in Luxembourg. The  fair value of  the
real estate portfolio as at  30.06.08 amounts to 486.8 million  euros
(441.1 million euros as at 31.12.07). An occupancy rate of 97.1%  and
a rental yield of 7.2% illustrate the quality of this portfolio.  New
acquisitions were carried out in  the sector of retail and  logistics
with the acquisition of distribution  sites in Wommelgem (28,000  m²)
and Meer (5,000 m²  + 8,000 m²)  and a site  still to be  constructed
called 'Canal  Logistics'  (50,000 m²)  in  Neder-over-Heembeek  near
Brussels. A  real  estate lease  agreement  was also  concluded  with
Cegelec for  a  new building  (3,500  m² of  offices  + 1,000  m²  of
warehouses) at Zwijndrecht, Antwerp.

COBELGUARD witnessed a strong semester with a growth in both turnover
(+30% to 22.7  million euros)  and net  result (+61%  to 1.3  million
euros) thanks to a successful  commercial strategy which resulted  in
some major new clients.

FINANCIERE DUVAL's  contribution is  negative,  due entirely  to  the
seasonal character  of  its  tourism  activities  (from  November  to
April). The  real estate  development activities  (CFA) and  services
(a.o., Residalya)  are  evolving  as  planned.  Given  the  many  new
investment projects, AvH has agreed to accelerate the exercise of the
warrants which enabled it to increase its participation from 20.8% to
30% in  June 2008.  This represented  an investment  of 12.5  million
euros.

FINANCIAL SERVICES
Both Bank Delen and Bank J.Van Breda & C° were able to hold out  well
despite the extremely  volatile financial markets  and the unrest  in
the financial sector.

Partly under the influence of volatile, declining stock markets, BANK
DELEN's net profit decreased slightly with 6.8% to 17.1 million euros
(compared with 18.4 million euros  as at 30.06.07). The assets  under
management of  Bank Delen  amounted  to 11,293  million euros  as  at
30.06.08 (compared with 12,126 million euros as at 31.12.07).  Taking
into  account  the  downturn  in  the  stock  markets  (BEL20:  -23%,
Eurostoxx50: -24%), this figure implies an important growth in assets
both for new  clients and  additional deposits  by existing  clients,
completely in  line  with the  strong  growth in  recent  years.  The
integration of Bank Delen and Capfi is progressing as expected,  both
internally and with  regard to the  clientele. The cost/income  ratio
has remained at  a competitive  45.7% despite  the many  acquisitions
made in recent years.

Thanks to its  strong commercial  performance BANK J.VAN  BREDA &  C°
increased its net profit by 6%  to 11.9 million euros (compared  with
11.3 million euros as at 30.06.07). Interest revenue was more or less
stable, although  the rise  in  market interest  rates had  a  direct
impact on interest payments on the short-term deposits. The volume of
the loan  portfolio further  increased to  1,817 million  euros  (+4%
compared with  31.12.07: 1,755  million  euros,  +17%  compared  with
30.06.07: 1,553  million euros).  Fee  revenue was  up by  7%  partly
thanks to  the  growth of  off  balance sheet  investments  to  2,853
million euros (+2% compared with 31.12.07: 2,801 million euros, +  6%
compared with  30.06.07: 2,688  million euros)  in the  area of  both
insurance investments  and asset  management, which  is a  remarkable
performance. The total assets deposited by clients increased to 4,826
million euros (+3% compared with  31.12.07: 4,700 million euros,  +9%
compared with 30.06.07: 4,443 million  euros). The write offs due  to
credit losses were very  limited (0.8 million euros  or 0.04% of  the
average loan  portfolio). The  cost/income ratio  remained stable  at
about 59% despite a rise in costs of 5%.

Considering the fact that both Bank  Delen and Bank J.Van Breda &  C°
traditionally invest   their  own  investment  portfolios  mainly  in
government bonds, and that their portfolios therefore do not  include
"sub-prime" securities,  the  equity  of  both  banks  has  not  been
affected at all by  the credit crisis on  the financial markets.  The
shareholders' equity  of Bank  Delen as  at 30.06.08  totalled  263.1
million euros (246.0 million euros as at 31.12.07). The shareholders'
equity of Bank J.Van Breda & C° as at 30.06.08 totalled 218.2 million
euros (compared with 206.6 million  euros as at 31.12.07). Despite  a
constantly strong commercial performance,  the results of both  banks
will be influenced partly by the evolution of the interest rates  and
the development on the financial markets.

During the first semester AvH has increased, through a  participating
interest of 15% in Promofi,  its beneficial interest in Finaxis  from
75% to 78.75%.

PRIVATE EQUITY
The contribution of  the Private Equity  participations decreased  to
17.3 million euros compared with 29.0 million as at 30.06.07. On  the
one hand, no portfolio  capital gains were  recorded as at  30.06.08,
while at 30.06.07 7.6 million euros in capital gains were realised on
the sale of shares in Telenet. On the other hand, the  participations
gave mixed  impressions  with good  results  of Alupa,  NMC,  Hertel,
Oleon, Turbo's Hoet  and Manuchar, a  result in line  with budget  at
Spano Group,  while  results  were  under  pressure  because  of  the
economic situation and/or seasonal  effects at Distriplus and  Groupe
Flo.

Investments were  limited  to  follow-up  investments  (11.8  million
euros) in, a.o., Hertel and Synvest/Corelio. As a result of the  sale
by KBC, Sofinim increased its indirect interest in Corelio from 15.9%
to 20.2% through an increase of its shareholding in Synvest to 49.9%,
which in turn has increased its stake in Corelio from 32.8% to 40.3%.
The divestments (11.8 million euros) were limited to the sale of  the
10% stake in Arcomet, which resulted in a capital gain of 5.4 million
euros (part AvH).

The adjusted  net  asset  value  of  the  Private  Equity  portfolio,
including unrealised capital gains (losses) on the listed shares held
by Sofinim and on  Groupe Flo amounted to  469.5 million euros as  at
30.06.08 (compared with 478.7 million euros as at 31.12.07).

Other participations
This division includes the contribution of Sipef and Henschel.
Thanks to high production at the plantations in North Sumatra and  at
the Ivory Coast, Sipef was able to increase the oil palm volume  with
12,5%. Furthermore,  the continuously  strong demand  from China  and
India, together with  the increasing petroleum  prices, kept the  oil
palm market  price for  some  time at  a  historic high  level  (>USD
1,200/ton). This resulted in almost a doubling of both the  operating
profit and the net  group profit which amounted  to 40.3 million  USD
(30.06.07:21.6 million USD).
Henschel was included in the  half-yearly figures for the first  time
and is evolving in line with last year.

AvH & subholdings
The contribution from "AvH and  subholdings" as at 30.06.08  remained
limited to 7.3 million euros (13.2 million euros as at 30.06.07)  and
did not contain significant capital gains.

Consolidated balance AvH
The net cash position  of AvH amounted to  207.6 million euros as  at
30.06.08 (compared with  363.6 million euros  as at 31.12.07),  which
can primarily be explained by the decrease in the market value of the
investment portfolio (-63.3 million euros) and by the net  investment
activity  (mainly  Sagar  Cements,   Koffie  F.  Rombouts,   Promofi,
Financière Duval amounting to 74.2 million euros).

This net  cash position  takes into  account, on  the one  hand,  the
investment portfolio (a.o.,  Fortis, KBC) of  AvH, which at  30.06.08
was worth 162 million  euros (as at  31.12.07: 225.9 million  euros),
and on  the  other hand  liquidities,  treasury shares  and  external
financial debt in the form of commercial paper of 43.3 million euros.

The consolidated  shareholders'  equity  (part  group,  IFRS)  as  at
30.06.08 amounted  to  1,565.8  million euros  (compared  with  1,580
million euros as at 31.12.07).

New investments AvH (1H08)
AvH made its first  steps into the  construction materials market  in
India.  Further   to   several   acquisitions,   it   accumulated   a
participating interest of  14.3% in  the listed,  family owned  group
Sagar Cements Ltd. Sagar Cements  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 is taking place in the  course of the summer. Sagar  Cements
has a market  capitalisation of approximately  69 million euros  (4.7
billion Rs.).

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
122.0 million euros in 2007 (net equity as per 31.12.07: 24.8 million
euros), Koffie F.  Rombouts, being  a quality  label, is  one of  the
market leaders in Belgium, with a strong presence in France.

Prospects 2008
AvH expects to  be able  to realise a  decent group  result over  the
entire financial  year  2008 thanks  to  the strong  climate  in  the
dredging sector, the good commercial performance of its banks and the
rather conservative financial structure of most of the Private Equity
participations. However, the  weakening of  the economic  environment
urges to be somewhat cautious.

Calendar 2008-2009
17 November 2008                   interim report Q3 2008
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

Declaration by the Auditor
We have compared  the accounting  data presented  in the  semi-annual
press release of Ackermans  & van Haaren  with the interim  condensed
consolidated financial statements as per June 30th, 2008, which  show
a balance  sheet  total of  ¤ 4,976,311(000)  and net  income  (group
share) for  the  period  of ¤ 100,554(000).  We  confirm  that  these
accounting data do  not show any  significant discrepancies with  the
interim condensed consolidated financial statements.

We have issued  a limited  review report on  these interim  condensed
consolidated financial statements, in which we declare that, based on
our review,  nothing has  come to  our attention  that causes  us  to
believe  that   these   interim  condensed   consolidated   financial
statements are not prepared, in  all material aspects, in  accordance
with IAS 34 Interim Financial  Reporting, as adopted for  application
in the European Union.

Antwerp, August 27th, 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 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  2.2 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 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]


Anexe:
The semestrial financial report will be available on the AvH  website
as at 30 June 2008.






                                                                           

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