Ackermans & van Haaren NV: semestrial results 2008

8/28/2008, 7:36 AM (Source: GlobeNewswire)
(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 : dirsec@avh.be

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

Tom Bamelis
Member of the Executive Committee
tel: +32.3.897.92.42
e-mail : dirsec@avh.be


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

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