Ackermans & van Haaren NV · EURONEXT:ACKB
Ackermans & van Haaren NV — Q1 2012 Earnings Presentation
87 slides from Ackermans & van Haaren NV's earnings presentation, May 15, 2012
Slide 1: Investor Presentation
INVESTOR PRESENTATION May 15, 2012
Slide 2: Ackermans & van Haaren business segments
ACKERMANS & VAN HAAREN business segm LN &N LN SON Marine Engineering & Infrastructure DEME Van Laere Rent-A-Port NMP Private Banking Delen Investments (Delen Private Bank, JM Finn) Bank J.Van Breda & C° ASCO-BDM Real Estate, Leisure & Senior Care Extensa Leasinvest Real Estate Financiére Duval Anima
Slide 3: Consolidated group result
Consolidated group result (in € mio) 2011 2010 2009 Marine Engineering & Infrastructure 54.6 58.7 50.8 P i t B Private Banking ki 88 1 88.1 63 6 63.6 45 3 45.3 Real Estate, Leisure & Senior Care 4.5 8.6 -0.7 Energy & Resources 19.0 16.5 12.8 Development Capital 8.6 13.3 3.4 Result from participation
Slide 4: Other key figures (1Q12)
Other key figures (1Q12) Net conso equity of AvH Group: +10% 10% (excl. dividend) Consolidated balance sheet AvH group 1Q12 2011 2010 (in € mio) Shareholders' equity (group share) 1,882.6 1,711.4 N t cash Net hAAvH H andd subholdings bh ldi 92 1 92.1 73 0 73.0 77 7 77.7 Key figures per share (€) 201
Slide 5: Net equity vs market capitalization
Net equity vs market capitalization (in million euro) Net equity (share of group) Market capitalization Average annual growth of 2500 14.4% over the last 10 year (2002-2011) 2000 1500 1000 500 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 5
Slide 6: Evolution gross dividend
Evolution gross dividend Gross dividend per share (in €) 1,8 Average annual growth of 1,6 13 9 % over the last 10 year 13.9 1,4 1,2 1 0,8 0,6 04 0,4 0,2 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Slide 7: AvH share performance vs. BEL 20
AvH share performance vs. BEL 20 AVH AVH rebased to 100 BEL20 rebased to 100 7
Slide 8: Net cash position AvH group (1Q12)
Net cash position AvH group (1Q12) AvH & Development Total Total (in € 000) subholdings capital (31/12/2011) (31/3/2012) Investment portfolio* 18,768 18,768 21,472 Term deposits 61,543 10,592 72,135 80,142 Intercompany deposits -56 56,435 435 56 435 56,435 0 0 Cash 1,156 395 1,551 1,562 Short term d
Slide 9: Pro forma group figures
Pro forma group figures ( (based upon p conso results 2011,, incl. p pro rata under equity q y method & development capital) Group personnel per segment ‘Consolidated’ turnover per segment ((in € mio)) 18,091 3,080 9
Slide 10: Segment 'Marine Engineering & Infrastructure'
Segment ‘Marine Engineering & Infrastructure’ DEME • One of the largest and most diversified d d dredging andd marine engineering companies in the world • Since 1876 VAN LAERE • General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings • Sinc
Slide 11: Marine Engineering & Infrastructure
Marine Engineering & Infrastructure Contribution to the AvH consolidated net result (group share) (in € mio) 2011 2010 2009 Marine Engineering & Infrastructure 54.6 58.7 50.8 DEME 52.1 58.3 51.5 A.A. Van Laere 1.7 0.5 -1.4 Rent-A-Port -0.8 -1.5 -0.8 Nationale Maatschappij der Pijpleidingen 1.6 1.5 1
Slide 12: DEME: Creating land for the future
DEME: Creating land for the future (AvH 50%) One of the largest and most diversified dredging and marine engineering companies in the world Koksijde (Belgian coast) Panama Canal Scaldis, heavy lifting: Rambiz on Thornton Gladstone Bank (C-Power wind farm) (Australia) Thornton Bank (B) 12
Slide 13: DEME: key figures
DEME: key figures Consolidated key figures (in € mio) 2011 2010 2009 Turnover 1,765.8 1,800.6 1,402.6 EBITDA 300.4 328.7 289.0 EBIT 137.1 176.9 146.8 Net result 104.1 116.5 103.0 Net cash flow 264.5 274.3 246.2 Shareholder'ss equity Shareholder 731 0 731.0 667 3 667.3 569 5 569.5 Net financial posit
Slide 14: DEME: operational highlights 2011 – 1Q12
DEME: operational highlights 2011 – 1Q12 Evolution net result - EBIT - EBITDA as a % of turnover • Turnover of € 1,766 mio with strong capacity utilization • Decrease of EBITDA and net result due to loss on environmental project in Santos (Brazil) (1H11) • Underlying recurring EBITDA FY11 (excl. non
Slide 15: DEME: breakdown turnover
DEME: breakdown turnover Consolidated turnover Consolidated turnover Consolidated turnover per region per activity per type off customer 10% 11% 10% 12% 13% 10% 10% 13% 12% 17% 13% 11% 10% 12% 4% 3% 3% 5% 13% 8% 16% 20% 23% 5% 52% 51% 46% 44% 43% 2010 2011 2010 2011 2011 Europe EU Europe ‐ non EU Ca
Slide 16: DEME: order book (1Q12)
DEME: order book (1Q12) Market fundamentals remain strong – worldwide demand Order book at record level, well-spread over different regions and activities 1Q12: Q € 3,365 , mio ((+40% vs € 2,404 , mio end 2011)) Important new orders in Belgium (Thornton offshore windfarm and maintenance dredging at
Slide 17: DEME: diversification of activities
DEME: diversification of activities New entrepreneurial p initiatives creating g new p potential for future growth - OWA: services for offshore wind assistance - HGO InfraSea Solutions: jack-up vessels for offshore windfarm construction and oil&gas services - DEME Blue Energy: wave and tidal energy
Slide 18: DEME: competitive, multifunctional & versatile fleet
DEME: competitive, multifunctional & versatile fleet (deliveries 2011 2011-2012) 2012) • 1 DP-DT DP DT fallpipe vessel Flintstone (19,000 (19 000 T – Singapore, Singapore operational July ‘11) 11) • 1 gravel trailer Victor Horta (5,000 m³ - IHC, operational July ‘11) • 2 seagoing rock cutters Al Jar
Slide 19: DEME: Gladstone Western Basin dredging project (Australia)
DEME: Gladstone Western Basin dredging project (Australia) - Customer: Gladstone Ports Corporation - Will make this LNG and raw materials port into one of the largest of Australia Four contracts: F t t value l off € 720 mioi - Early works dredging: € 26 mio - Timing: from 4/2010 till 3/2011 - Contra
Slide 20: DEME: Wheatstone LNG project (Australia)
DEME: Wheatstone LNG project (Australia) - Customer: Chevron - Contractor: Bechel Australia - The works include the dredging of the 17km long approach channel, the manoeuvring area the berths pockets and the tug harbour for the Chevron area, Chevron’ss new Wheatstone liquefied natural gas (LNG) proj
Slide 21: Van Laere
Van Laere (AvH 100%) General contractor of large construction projects Highlights 2011 • Increase of turnover with 18% and significant improvement of net result thanks to better project margins • Continuous order book renewal (to € 161 mio) • Acquisition of construction activity of project developer
Slide 22: Rent-A-Port
Rent-A-Port (AvH 45%) Specialized company for port development development, port management and logistics setup around a former DEME CEO • Main activities in Vietnam (Dinh Vu) Vu), Nigeria (OK Free Trade Zone), Oman (Port of Duqm) • Important contract for sale of 102 ha land in Dinh Vu zone in 2H11
Slide 23: Nationale Pijpleidingen Maatschappij (NMP)
Nationale Pijpleidingen Maatschappij (NMP) (AvH 75%) Operator p of 700 km of pipelines pp for transport p of industrial gases and chemicals in Belgium Highlights 2011 • Recurrent activities resulted in stable results • No major expansion projects or modification works have been carried out Consolida
Slide 24: Segment 'Private Banking'
Segment ‘Private Banking’ DELEN INVESTMENTS • Delen Private Bank Bank, fully focused on discretionary asset management and patrimonial advice for private clients • Since 1992 • 2011: Development into UK asset management market via acquisition JM Finn BANK J.VAN BREDA & CO • Specialised advisory bank
Slide 25: Private Banking
Private Banking Contribution to the AvH consolidated net result (group share) (in € mio) 2011 2010 2009 Private Banking 88.1 63.6 45.3 Finaxis-Promofi -0.2 -0.3 -1.1 Delen Investments 45.0 42.7 27.2 o Bank J.Van Breda & C 43.1 20.2 18.4 ASCO-BDM 0.2 0.9 0.8 25
Slide 26: Finaxis organisation chart
Finaxis organisation chart 15% AvH Promofi 75% 25% Finaxis 99% 100% Delen Investments CVA Bank J.Van Breda & Co 100% 73% 92% Delen JM Finn & Co ABK Private Bank 26
Slide 27: Assets under management (1Q12)
Assets under management (1Q12) Total assets under management (in € mio) 1Q12 2011 2010 D l Investments Delen I 23 904 22,570 23,904 22 570 15 272 15,272 Delen Private Bank 16,653 15,666 15,272 JM Finn & Co 7,251 6,904 Van Breda: bancassurance products 1,468 1,438 1,414 Van Breda: AuM at Delen* 2,254
Slide 28: Delen Investments: key figures
Delen Investments: key figures (AvH 78.75%) 78 75%) • Private banking and wealth management • Focused Foc sed on discretionar discretionary asset management for private pri ate clients, clients in Belgium and UK Consolidated key figures (in € mio) 2011 2010 2009 Gross revenues 162.5 141.0 103.3 Net
Slide 29: Delen Investments: income statement
Delen Investments: income statement Conso (in € 000) 2011* 2010 2009 Net interest income 7 220 7,220 3 116 3,116 6 706 6,706 Gross fee income 151,271 133,805 93,605 Other income 4,028 4,080 2,970 Gross revenues 162,519 141,000 103,281 Fees paid -15,849 -13,805 -11,089 Operational expenses -58,783 -4
Slide 30: Delen Investments: balance sheet
Delen Investments: balance sheet (in € 000) 2011* 2010 2009 Cash & loans and advances to banks 739,481 334,545 355,756 Financial assets - Financial assets available for sale 675,580 837,878 754,907 - Financial assets held for trading 36,603 12,396 11,856 - Loans and receivables 87,342 65,559 43,188
Slide 31: Delen Investments: funds under management (1Q12)
Delen Investments: funds under management (1Q12) AuM CAGR 2002-2011: 21.6% JM Finn Discretionary mandates Advisory clients 25.000 Start cooperation Capfi p 20.000 with Bank J.Van Breda & C° BI&A 15.000 De Ferm Havaux 10.000 5 000 5.000 0 1992 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 20
Slide 32: Delen Investments: highlights and outlook (1Q12)
Delen Investments: highlights and outlook (1Q12) Highlights 2011 • AuM Delen Investments grown to new record level of € 22,570 mio: Delen – Private Bank € 15,666 mio (vs 15,272 mio as of 31.12.10) plus JM Finn € 6,904 mio • Cost - income ratio (excl JM Finn) at 40% (41.7% end 2010) • Net equity incr
Slide 33: Delen Private Bank
Delen Private Bank Inflow WAntwerp MBrussels M® Other Be Lux/Swi
Slide 34: JM Finn & Co
JM Finn & Co 2011: Entry into UK asset management market • End of June 2011, Delen Investments announced agreement to acquire a major stake i JM Finn in Fi & Co:C DDelen l 73.5% 73 5% with ith currentt managementt retaining t i i 2626.5% 5% • Regulatory approval received in September 2011 (consolida
Slide 35: Bank J.Van Breda & C°: key figures
Bank J.Van Breda & C°: key figures (AvH 78.75%) Relationship bank focused on private as well as professional needs for entrepreneurs andd lliberal b l professions (in € mio) 2011* 2010 2009 Bank product 99.8 93.4 85.0 Net result 54.9 25.7 23.3 Equity (group share) 395.0 258.6 243.7 Total assets 3 97
Slide 36: Bank J.Van Breda & C°: income statement
Bank J.Van Breda & C°: income statement Conso (in € 000) - IFRS 2011 2010 2009 Net interest income 73,472 73 472 65,805 65 805 65,744 65 744 Net fee income 25,027 23,796 21,348 Other income 1,323 3,840 -2,123 Gross revenues 99,822 93,441 84,969 Operational expenses -57,884 -50,563 -48,358 Amortisati
Slide 37: Bank J.Van Breda & C°: balance sheet
Bank J.Van Breda & C°: balance sheet (in € 000) 2011 2010 2009 Cash & loans and advances to banks , 237,881 71,646 , 97,239 , Financial assets - Financial assets available for sale 630,919 444,929 539,862 - Financial assets held for trading 8,825 9,081 15,716 - Loans and receivables (including finan
Slide 38: Bank J.Van Breda & C°: client assets (1Q12)
Bank J.Van Breda & C°: client assets (1Q12) (€ mio) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 2011 1Q12 BVB ABK Total Total Total deposits and funds 2,673 3,118 3,547 4,077 4,701 5,009 5,645 6,369 7,135 334 7,469 7,713 - Entrusted funds, of which 1,292 1,647 2,071 2,417 2,802 2,788 3,286 3,7
Slide 39: Bank J.Van Breda & C°: extremely conservative bank portfolio
Bank J.Van Breda & C°: extremely conservative bank portfolio (2011) Portfolio f breakdown Maturityy Aaa Aa1 en Aa2 2012 2013 2014 Aa3 Ca 2015 2016 2017‐2020 Corporates Financials and other Undef Undef. 39
Slide 40: Bank J.Van Breda & C°: highlights & outlook (1Q12)
Bank J.Van Breda & C°: highlights & outlook (1Q12) Highlights 2011 • Solid commercial performance of Bank J.Van Breda & Co (ABK: see next slide) − Total client deposits and entrusted funds (+12%): € 7,135 mio (€ 6,369 mio as of 31.12.10), of which € 3,119 mio client deposits (+20%) and € 4,015 mio e
Slide 41: ABK (Antwerps Beroepskrediet)
ABK (Antwerps Beroepskrediet) • End of January 2011 2011, friendly and conditional counter counter-takeover takeover bid launched on ABK • May 20, 2011: 40.8% of shares (87.33% of voting rights), leading to conso badwill of € 35.5 mio • Participation p increased to 91.76% ((3Q11); Q ); additional ne
Slide 42: Segment 'Real Estate, Leisure & Senior Care'
Segment ‘Real Estate, Leisure & Senior Care’ EXTENSA • Land development (300 000 m² (300,000 m - 400,000 m ) in Belgium 400 000 m²) • Real estate development (450,000 m²) in B/Lux, as well as Central Europe and Turkey • Since 1994 (NIM) ( ) LEASINVEST REAL • Real Estate Investment Trust for ESTATE o
Slide 43: Real Estate, Leisure & Senior Care
Real Estate, Leisure & Senior Care Contribution to the AvH consolidated net result (group share) (in € mio) 2011 2010 2009 Real Estate, Leisure & Senior Care 4.5 8.6 -0.7 Extensa(1) -2.8 1.2 -1.9 Leasinvest Real Estate(2) 4.2 4 2 5.0 5 0 5.9 5 9 Cobelguard 0.1 1.0 0.6 Groupe Financière Duval 2.6 1.4
Slide 44: Extensa Group: conso balance sheet
Extensa Group: conso balance sheet (Extensa – LRE combined) (AvH 100%) Consolidated balance sheet (in € mio) 31/12/11 31/12/10 31/12/11 31/12/10 RE investments & Leasings 43.4 50.9 Net equity 109.8 110.9 T Tour &Taxis &T i (50%) (50%): FV yield i ld off 7 7.0% 0% 23 3 23.3 21 0 21.0 Other assets (a.
Slide 45: Leasinvest Real Estate (1Q12)
Leasinvest Real Estate (1Q12) Real Estate Investment Trust (bevak – sicafi) (AvH 30%) (in € mio) 1Q12 2011 2010 2009 Operational result 28.5 28 5 30.9 30 9 32.0 32 0 Net result 12.6 14.3 18.4 Net equity 261.8 275.4 274.9 Portfolio real estate - fair value 505.5 504.4 494.2 537.5 Rental yield (%) 7.2
Slide 46: Leasinvest Real Estate: activity overview 2011 (1/2)
Leasinvest Real Estate: activityy overview 2011 ((1/2)) Retail site of Brixton Business Park • Acquisition head head-lease lease from Redevco on retail site of Brixton Business Park in Q1 2011 • One of the top 5 locations of retail parks in Belgium, 14,454 m² Retail warehouse in Diekirch (Luxembourg
Slide 47: Leasinvest Real Estate: activity overview 2011 (2/2)
Leasinvest Real Estate: activityy overview 2011 ((2/2)) Canal Logistics (Neder-Over-Heembeek) • Strategically S i ll situated i d 47 47,000 000 m²² ((+ 2 2,500 500 m²² offices) ffi ) state-of-the- f h art logistics site • 1st phase purchased 1H10, 2nd phase acquired 3Q11 • 85% of Canal Logistics is
Slide 48: Leasinvest Real Estate: portfolio analysis based on fair value
Leasinvest Real Estate: portfolio analysis based on fair value (31/12/2011) Total portfolio of 53 buildings with a value of € 504 million and 367,661 m² 48
Slide 49: Extensa: land development
Extensa: land development Book value per 31/12/2011: € 15.5 15 5 mio De Lange Velden (Wondelgem) • 90,990 m² of saleable land; 171,900 m² total area • Phases 1 and 2 completely sold • Permit for p phase 3 ((22 p parcels)) expected p mid 2012 De Lange Velden De Nieuwe Heide (Kuringen-Hasselt) • 26,11
Slide 50: Extensa: residential project development (1/3)
Extensa: residential project development (1/3) Book value per 31/12/2011: € 66.4mio 66 4mio Cederpark (Hasselt Runkst) • 125 houses and 165 apartments • First phase sold for 40%. Phases 1A and 1B: 80% delivered, 1C: 28% De Munt (Roeselare) • 143 apartments, 8,634 m³ retail and 471 parking places • F
Slide 51: Extensa: project development (2/3)
Extensa: project development (2/3) Brussels, Tour & Taxis (50%): 30 ha – 370,000 m m² • Royal Ro al Depot 44,880 44 880 m² (32 (32,053 053 m² offices, offices 5,383 5 383 m² archives, archi es 66.277 277 m² retail: ffully ll let) • The Warehouses: trade fair and exhibition center: 17,275 m² Royal
Slide 52: Extensa: project development (3/3)
Extensa: project development (3/3) G.D. Luxembourg, Cloche d d’Or Or (50%): 20 ha – 400,000 m m² • Development De elopment potential of 400,000 400 000 m² • Master plan approved, PAP obtained 3Q10, infrastructure approved 3Q11 • Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail
Slide 53: Extensa: project development
Extensa: project development New markets • Turkey, Istanbul - 100% • 200 apartment t t building b ildi ini central t l IIstanbul t b l (B (Bomonti) ti) delivered in 3Q11. • Studio building (# 114) permit obtained, adjacent to apartments: foundation works started Bomonti •Romania, partnership in reta
Slide 54: Groupe Financière Duval (1Q12)
Groupe Financière Duval (1Q12) ((AvH 39.2%)) French group focused on real estate projects, services and residences Highlights 2011 • Expected improvement of result realized, thanks to increased activity level at CFA and to successful tourism and senior care activities • Real estate promotion activit
Slide 55: Anima Care
Anima Care (AvH 100%) Anima Care focuses on the healthcare sector in Belgium, primarily in the market segment of high quality senior care residences Highlights 2011 • Strong increase of turnover and net result thanks to efficient management, management higher occupancy and acquisitions • Two acquisi
Slide 56: Segment 'Energy & Resources'
Segment ‘Energy & Resources’ SIPEF • Agro industrial group with plantations in Indonesia en Papua New Guinea for palm oil, rubber and tea • Since 1997 SAGAR CEMENTS • Production of cement and clinkers. Together with the Reddy family • Since 2008 ORIENTAL QUARRIES • Stone quarries for building aggreg
Slide 57: Energy & Resources
Energy & Resources Contribution to the AvH consolidated net result (group share) (in € mio) 2011 2010 2009 Energy & Resources 19.0 16.5 12.8 Sipef 16.9 14.3 8.7 Sagar Cements 1.3 0.0 0.5 Henschel Group -0.1 0.9 3.1 Other 0.9 1.3 0.5 57
Slide 58: Sipef: key figures (1Q12)
Sipef: key figures (1Q12) (AvH 26.69%) 26 69%) A Belgian agro-industrial group operating and managing tropical plantation b businesses sinesses (52,158 (52 158 ha palm oil and 9 9,495 495 ha rrubber), bber) mainly in Indonesia and Papua New Guinea ((in USD mio)) 1Q12 Q 2011 2010 2009 € 1 = USD 1.40
Slide 59: Sipef: highlights (1Q12)
Sipef: highlights (1Q12) Highlights 2011 • Increase (+8%) of palm oil production due to climate conditions and more areas coming to maturity . Slight decrease of production of rubber, bananas and tea • Higher sales prices and volume increase resulted in record increase of turnover (+32%) and net res
Slide 60: Sagar Cements
Sagar Cements (AvH 15.12%) Cement plant, located in Hyderabad (Andra Pradesh), India Highlights 2011 • Good result thanks to return to stability on cement market with improvement of pricing and capacity utilization • Merger with Amareswari Cement finalized (April 2011) • Implementation of cement pla
Slide 61: Oriental Quarries & Mines
Oriental Quarries & Mines (AvH 50%) Aggregates quarries, India (in partnership with Oriental Structural Engineers ) Highlights 2011 • Increase of sales volumes offset by operational problems and temporary inactivity of two quarries • Quarries in Nangal, Ghatoli, Gwalior and B Bangalore l • Total cru
Slide 62: Max Green
Max Green (AvH 18.9%) Renewable energy based on biomass / wood pellets (joint venture with Electrabel) Highlights 2011 • First project: conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit with 180 Mwel capacity p y (after conversion) (320,000 households). • Conversion in first half
Slide 63: Henschel Group
Henschel Group (AvH 50%) Development p and manufacturingg of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks Highlights 2011 • Results impacted by the recession on the crane market and startup p los
Slide 64: Development Capital (via Sofinim & GIB)
(via Sofinim & GIB) ICT & Building Retail & Media & Investment Engineering Materials Distribution Printing Funds & Other
Slide 65: Development Capital: key figures
Development Capital: key figures (in € mio - AvH group share) 2011 2010 2009 Sofinim -0.8 0.8 -0.5 0.5 0.0 Contribution from portfolio cies Sofinim(1) 6.3 10.6 2.0 Contribution from portfolio cies GIB 3.1 3.2 1.4 Contribution before capital p gains g 8.6 13.3(2) 3.4 Capital gains -0.9 -0.3 4.4 Total
Slide 66: Development Capital: adjusted net asset value
Development Capital: adjusted net asset value (in € mio) 2011 2010 2009 Sofinim 437 4 437.4 437 1 437.1 429 9 429.9 Unrealised capital gains Atenor(1) 1.5 7.3 6.6 Market value Groupe Flo / Trasys(2) 12.9 24.0 11.6 Total Development Capital 451.7 468.5 448.1 (1) Underlying end-of-period stock price A
Slide 67: Development Capital: highlights (1Q12)
Development Capital: highlights (1Q12) Highlights 2011 • Porfolio cies -Divergent trends at participations due to exchange rate effects (Manuchar) or restructuring costs (Hertel). -Operational performance of individual participations: see next slides • Limited investment/divestment activity -Investm
Slide 68: Development Capital: key figures portfolio 2011
Development Capital: key figures portfolio 2011 in € mio Turnover EBITDA Net Result Net Equity q y Net Fin. Position Sofinim (74%) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Alural Group 30.139 31.684 2.199 2.397 -0.405 0.751 5.328 6.229 -4.361 -0.397 AR Metallizing 66.446 69.346 11.184 11.11
Slide 69: Operational performance of portfolio companies (2011, 1/2)
Operational performance of portfolio companies (2011, 1/2) • Alural: Decrease of turnover and net result due to difficult market in France France, continued restructuring and investments. investments • AR Metallizing: ARM gained new customers and succeeded in p g margins improving g albeit difficult
Slide 70: Operational performance of portfolio companies (2011, 2/2)
Operational performance of portfolio companies (2011, 2/2) • Hertel: Focus by new management on consolidation and strenghtening of operational organisations led to limited turnover increase. Restructuring costs and other non-recurring elements resulted in loss. • Manuchar: Continued turnover increas
Slide 71: Groupe Flo (1Q12)
Groupe Flo (1Q12) (AvH 47.6%) Leading player in casual dining in France - Hippopotamus: Hi t 164 grill ill restaurants t t (72 franchise) f hi ) (150 in i 2010) - Bistro Romain: 22 Italian restaurants (4 franchise) (29 in 2010) - Brasseries: 34 ‘institutional brasseries’ and 39 Tavernes de Maître Ka
Slide 72: Outlook 2012
Outlook 2012 ‘The board of directors of Ackermans & van Haaren is of the opinion p that the group is well positioned for the current year, but continues to point y p out the uncertainty regarding the economic development in many countries where AvH and its participations are present.’ 72
Slide 73: For further questions or additional information, please consult our website
For further questions or additional information, please consult our website: www.avh.be Contact: Luc Bertrand Ch i Chairman off th the E Executive ti C Committee itt Jan Suykens Member of the Executive Committee Tom Bamelis Member of the Executive Committee T +32 3 231 87 79 E [email protected] 73
Slide 74: Annexes
i Annexes ACKERMANS & VAN HAAREN
Slide 75: Ackermans & van Haaren (AvH): values
Ackermans & van Haaren (AvH): values • Fully disciplined public company • Founded by 2 partners • Still controlled (and inspired) by founding families (& by family values) • Providing private equity • From o aan industrial dust al bac background g ou d • With a long term focus • Funded from its own
Slide 76: AvH strategy: 'We work for growth'
AvH strategy: ‘We work for growth’ Focusing g on long-term g growth g • Limited number of strategic participations in companies with considerable growth potential • Systematic creation of shareholder value • Continuous yearly growth Acting as a pro-active shareholder • Selection of top-management •
Slide 77: Multidisciplinary and experienced team
Multidisciplinary and experienced team Born with AvH since Luc Bertrand 1951 1986 (Bankers Trust) Jan Suykens 1960 1990 (Generale Bank) Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group) Piet Bevernage 1968 1995 (Allen & Overy - LCV) Tom Bamelis 1966 1999 (Touche Ross, GBL) Koen
Slide 78: Historical overview
Historical overview 1880 Foundation by H.W. Ackermans & Nicolaas van Haaren 1964 Foundation of Forasol SA 1974 Merger g of dredging g g activities with SGD ((CFE-SGB)) 1984 I.P.O. 1988 1st diversification into brewery sector (Alken-Maes) (Alken Maes) 1991 Acquisition of Creyf’s Interim (renamed Solv
Slide 79: Historical overview (2)
Historical overview (2) 1999 IPO of Leasinvest Real Estate 2000 Increase of stake in DEME from 39.5% to 48.5% 2002 Acquisition 50% stake in GIB (Quick), together with CNP 2004 Increase of stake in Finaxis from 30% to 75 % Increase of stake in DEME from 48.5% to 50% 2005 Sale of Solvus to USG 2006 St
Slide 80: Historical overview (3)
Historical overview (3) 2009 Sale of IDIM to R.D.C.B. and S.R.I.B. and sale of I.R.I.S. to Canon Investments in Oriental Quarries & Mines, Alcofina and Max Green 2010 Creation of Rent-A-Port Energy Co-control Holdingg Groupe p Duval RSPO certification of Sipef 2011 Listing of AvH options on NYSE Lif
Slide 81: Evolution of the AvH share
Evolution of the AvH share (index rebased to 20/6/1984) AvH Belgian all share index AvH share: x35 Stock index: x5 Market capitalization (€ mio, end of year): 55 317 1,066 590 2,244 1,931
Slide 82: Return AvH vs market
Return AvH vs market Source: KBC Securities
Slide 83: AvH: long term track record of growth and value creation: DEME
AvH: long term track record of growth and value creation: DEME Turnover (LHS) (in 000 euro) Net result (RHS) E it (LHS) Equity 2.000.000 140.000 1.800.000 120.000 1.600.000 1.400.000 100.000 1.200.000 80.000 1.000.000 60.000 800.000 600.000 40.000 400.000 20.000 200.000 ‐ ‐ 1990 1992 1994 1996 1998
Slide 84: AvH: long term track record of growth and value creation: Extensa/Leasinvest
AvH: long term track record of growth and value creation: Extensa/Leasinvest (in million euro) 140 Equity 120 100 80 60 40 20 ‐ 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Acquisition -Creation of LRE International AvH 60% AvH 100% E t Extensa (i (invest
Slide 85: AvH: long term track record of growth and value creation: Sofinim
AvH: long term track record of growth and value creation: Sofinim (in million euro) NAV Adjusted net asset value 500 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 NAV • Conservative benchmark (acquisition cost + group’s share of results) • No transaction value, value
Slide 86: Development Capital: overview of major divestments
Development Capital: overview of major divestments 2002 2003 2004 2005 2006 2007 2008 2009 2010 64 1 64.1 IRR % 53.7 34.1 31 9 31.9 28.3 26.7 24.9 25.5 22.6 16 5 16.5 16 5 16.5 14 8 14.8 11.1 -0.8 -1.3 3.4 3.4 * IInvestment term (# years) 3 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 * IRR Engelhardt based
Slide 87: Notes
ACKERMANS & VAN HAAREN
Ackermans & van Haaren — Q1 2012 Earnings Presentation on 6ix