Ackermans & van Haaren: Interim report

5/26/2008, 7:46 AM (Source: GlobeNewswire)
(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
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For further information please contact:
Luc
Bertrand
CEO - President of the Executive
Committee
tel:
+32.3.231.87.70
e-mail :
dirsec@avh.be

Jan Suykens
Member of the Executive Committee
tel: +32.3.897.92.36
e-mail : dirsec@avh.be

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