Ackermans & van Haaren - 2013 annual results

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Investor Presentation 2013 2013 FEBRUARY 28 2013 FEBRUARY 28 , 2013

description

Ackermans & van Haaren: 2013 annual results: investor presentation

Transcript of Ackermans & van Haaren - 2013 annual results

Page 1: Ackermans & van Haaren - 2013 annual results

InvestorPresentation20132013

FEBRUARY 28 2013FEBRUARY 28, 2013

Page 2: Ackermans & van Haaren - 2013 annual results

ACKERMANS & VAN HAAREN A diversified

group active in

Limited number of

at a glance

2013

group active in 5 segments

strategic participations

Net result Equity Gross dividend

€ 294 mioIncl. remeasurement DEME of € 109.4 mio

€ 2,252 mio € 1.70Total payout: € 57 mio

Market capitalization Personnel

We work for € 2,853 mio

Share price: € 85.16 (31/12/2013)

22,706Incl. CFE

growth

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Page 3: Ackermans & van Haaren - 2013 annual results

Ackermans & van Haaren: Introduction (1/3)

• Family controlled public companyy p p y• 1876: First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans

• 1924: Incorporation of Ackermans & van Haaren NV

• 1984: IPO

• 2007: Inclusion in Bel20 index

• Still controlled and inspired by founding families & by family values

• Providing development capital• Providing development capital• From an industrial background

• With a long term focusg

• Financed with its own financial resources

• Working for growth

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Ackermans & van Haaren: Introduction (2/3)

• Company values• Discretion

• Independence

• Common sense (“Hollandse nuchterheid”)

C t t g• Company strategy• Long term vision

• Diversificiation in a limited number of strategic participationsDiversificiation in a limited number of strategic participations

• Sound financial policy: positive net cash position

• Opportunistic approach

• Corporate governance• Board of Directors (9 members): majority of family representatives

• Management (6 members): meritocracy4

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Ackermans & van Haaren: Introduction (3/3)

• Acting as a pro-active shareholder within the participations• Selection of top-management

• Definition of long-term strategy

• Strategic focus

• Strict operational and financial discipline

A ti b d t ti• Active board representations

• Value creation fully aligned with management

• Not a holding company• No holding company inefficiencies

• No shared financing structure / cross guarantees

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AvH strategy: We work for growth

Ensure equity growth above 10% Focus on strategic participations

Average annual growth of 12.0% (2004-2013)

Create shareholder value Dividend payout of € 1.70

AvH share: x42Stock index: x8

(1984-2013)

Average annual growth of 11.3% (2004-2013)

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Consolidated group result

(in € mio) 2013 2012(2) 2011(3)

Marine Engineering & Infrastructure 59.7 51.7 54.6Private Banking 84.5 71.5 88.1Real Estate Leisure & Senior Care 15 8 3 6 4 5Real Estate, Leisure & Senior Care 15.8 3.6 4.5Energy & Resources 8.7 16.4 19.0Development Capital -6.6 5.9 8.6

Result from participations 162.1 149.1 174.8Capital gains development capital 29.5 22.7 -0.9R l f i i i (i l i l i ) 191 6 171 8 173 9Result from participations (incl. capital gains) 191.6 171.8 173.9

AvH & subholdings -7.2 -3.9 -0.9Other non-recurrent result 109.5(1) -0.6 4.5Consolidated group result 293.9(1) 167.3 177.5

(1) Incl. € 109.4 mio result on the “remeasurement” of AvH’s existing 50% stake in DEME when ki f ll l DEME i D b 2013

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taking full control over DEME in December 2013(2) Restated financial statements 2012 (IAS19)(3) Incl. € 27.9 mio negative goodwill contribution upon acquisition of ABK, leading to 2011 implicit

contribution from Private Banking of € 60.2 mio and consolidated group result of € 149.6 mio

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Evolution of the consolidated group result(in € mio)

293 9106 8 293.9+106.8

167.3+6.8

-12.5-7.7

+12.2+13.0+8.0

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Highlights 2013

• The result includes a remeasurement income of 109 4 million euros which AvH had to

The consolidated net result of AvH amounts to 293.9 million euros for 2013

• The result includes a remeasurement income of 109.4 million euros which AvH had to recognize on the basis of the IFRS rules on the contribution of its 50% stake in DEME to CFE when it acquired control over CFE in December 2013. Excluding that remeasurement income, the net profit amounts to 184.5 million euros (5.51 euros per share), which is a 10% increase on the net profit of 167.5 million euros in 2012.

• The particularly high level of activity at DEME was reflected in a turnover that for the first time topped 2.5 billion euros as well as in a higher net profit (109.1 million euros).

• As of 24 December 2013 AvH exercises exclusive control over CFE (and therefore over • As of 24 December 2013, AvH exercises exclusive control over CFE (and therefore over DEME as well) with a 60.4% stake.

• Delen Investments and Bank J.Van Breda & C° reported an outstanding performance in 2013, and managed to grow their assets under management to a new record level.

• A proactive portfolio management permitted Leasinvest Real Estate to let its real estate portfolio grow to 718 million euros. Extensa was able to make a profit again by a recovery in its real estate development results.

• Due to lower output volumes and lower market prices for palm oil and rubber Sipef’s• Due to lower output volumes and lower market prices for palm oil and rubber, Sipef sresult decreased in 2013. Sagar Cements and Max Green were confronted with difficult market conditions.

• Performance in the Development Capital segment is mixed: a substantial capital gain

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was realized on the sale of the stake in Spano, while restructuring costs and impairments continued to depress the contribution from the other companies in 2013.

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Other key figures

(i € i ) 2013 2012 2011Consolidated balance sheet AvH group(in € mio) 2013 2012 2011

Shareholders' equity (group share) 2,251.5 2,003.3 1,882.6Net cash AvH and subholdings -3.1 87.9 73.0g

(i €) 2013 2012 2011Key figures per share(in €) 2013 2012 2011

Number of shares (#) 33,496,904 33,496,904 33,496,904Net result per share 8 87 5 05 5 36Net result per share 8.87 5.05 5.36

Gross dividend 1.70 1.67 1.64

Net equity 67 22 59 92 56 20Net equity 67.22 59.92 56.20Stock price: highest (31/12) 85.16 65.09 71.72 lowest (18/4) 62.74 56.50 50.57 close (31/12) 85 16 62 27 57 64

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close (31/12) 85.16 62.27 57.64

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Pro forma group figures(based upon conso results 2013, incl. pro rata (based upon conso results 2013, incl. pro rata under equity method)

Group personnel per segment ‘Consolidated’ turnover per segment (in € mio)

22,706 5,66918,752 3,308

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* Taking into account acquisition of control of CFE and DEME (both taken for 100%)

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AvH share performance vs. BEL 20

AVH AVH rebased to 100 BEL20 rebased to 100

13

12/2013

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Marine Engineering & Infrastructure: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

DEME 44.7

(€ mio) 2013 2012 2011

52.153.7

A.A. VAN LAERE 1.2 1.70.7

RENT-A-PORT 4.8 -0.83.8

NMP

TOTAL

1.0

51 7

1.6

54 6

1.5

59 7TOTAL 51.7 54.659.7

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Marine Engineering & Infrastructure

CFE

• One of the largest and most diversified dredging and marine engineering companies in the world

DEME

• An industrial group active in Construction, Rail and Road,

VAN LAERE G l t t f l g id ti l ffi d i il

g p , ,Multitechnics, Real Estate Development and Management Services, Public-Private Partnership and Concessions

VAN LAERE(see slide 61)

• General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings

• 2013: Decrease of turnover to € 122 mio due to exceptionally long winterlong winter

• Order book at € 169 mio

• Specialised in port development and logisticsRENT-A-PORT

NMP • Operator of pipelines for chemicals

• 2013: Result driven by continued growth in Vietnam and Oman and sale of a development in Nigeria

(see slide 62)

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NM(see slide 63)

Ope ato o p pel es o c e cals• 2013: Slightly higher results in line with expectations

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AvH gained exclusive control over DEME, through the acquisition of CFE (1/2)through the acquisition of CFE (1/2)

Sep 19, 2013: AvH and Vinci reach an agreement

Dec 24, 2013: AvH acquires a 60.39% stake in CFE•AvH contributes to CFE its 50% stake in DEME (€ 550 mio) in exchange for 12,222,222 new CFE shares

•AvH acquires 3,066,440 CFE shares of Vinci’s stake (€ 45 per share or € 138 mio in total)

AvH evolves to exclusive control of DEMEI t i t t t i 2013 li it d t d t t•Impact on income statement in 2013 limited to mandatory remeasurementof 50% stake in DEME (IFRS). Capital gain of € 109.4 mio recorded.

•Higher % in DEME and Rent-A-Port will be applied as from 2014.

Feb 7, 2014: AvH launches mandatory public offer on CFE (€ 45 per share)

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AvH gained exclusive control over DEME, through the acquisition of CFE (2/2)through the acquisition of CFE (2/2)

Public

Structure on February 27, 2014

12.1%60.4% + x%

Public

27.5% - x%

100%

x = shares that will be offered in the mandatory public bid (until March 5, 2014)

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DEME: key figures (1/2)(AvH 60.39% from 2014; 50% in 2013)(AvH 60.39% from 2014; 50% in 2013)

One of the largest and most diversified dredging and marine engineering companies in the worldmarine engineering companies in the world

(in € mio) 2013 2012 2011Consolidated key figures(in € mio) 2013 2012 2011Turnover 2,531.6 1,914.9 1,765.8EBITDA 437.8 350.9 300.4EBIT 216.5 140.4 137.1Net result 109.1 89.4 104.1

Net cash flow 330.9 300.9 264.5Sh h ld ' i 847 7 773 7 731 0Shareholder's equity 847.7 773.7 731.0Net financial position -711.3 -741.9 -651.1Total assets 2,837.0 2,725.4 2,496.3Capex 209 343 372Capex 209 343 372

# personnel 4,582 4,011 3,815

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DEME: key figures (2/2)

Capacity utilization (# weeks)Evolution as % of turnover

**

* Turnover impacted by procurement of supplies (€ 230 mio)

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SARB energy island (Abu Dhabi)Amoras (Antwerp)Lazaro Cardenas (Mexico)Valdemarsvik (Sweden)

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DEME: breakdown turnover

Turnover per regionTurnover per type

of customerTurnover per activity

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DEME: highlights

Highlights 2013• Strong increase of turnover (+32% impacted by € 230 mio procurement of supplies) and net • Strong increase of turnover (+32%, impacted by € 230 mio procurement of supplies) and net

result (+22%) driven by high activity level, good fleet utilization and order book of € 3,049 mio • Traditional dredging activities represent 62% of turnover. Dredging-plus activities represent

already 38%: strong growth of Tideway and GeoSea, driven by trends in renewable energy sector and in oil and gas

• Large projects in Australia (Gladstone, Wheatstone) generating positive contribution to the results. New Port Project in Doha (Qatar) on track. Important project in Abu Dhabi, from a technical point of view perfectly finished but negotiations with customer related to additional technical point of view, perfectly finished, but negotiations with customer related to additional work and costs.

• DEC finished Terranova project (140 ha of formerly polluted redevelopment in Ghent) with installation of 15 WW solar park

• Investment program finalized with last payment for Ambiorix. Total capex in 2013 of € 209 mio (capex 2008-2013: > € 1,430 mio)

• In January 2013, successful launch of € 200 mio bond (maturity 2019, annual interest rate 4.145%) to diversify funding4.145%) to diversify funding

Terranova Solar (Ghent) NorthwindNew Doha Port (Qatar) Citavecchia (Italy) 21

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DEME: examples of projects

Artificial energy island at Abu Dhabi Thornton Bank

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Gladstone (Australia) Colombia

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DEME: order book

Order book 2013 maintained at a high level: € 3,049 mio (vs € 2,954 mio 1H13 and €3 317 mio end 2012) with orders across different regions and activities3,317 mio end 2012), with orders across different regions and activities• Several specialized oil and gas related projects (Colombia, Venezuela, Australia, Ireland,

India) signed for a total amount of € 250 mio• Large contract for Jurong Island (Singapore) for a total amount of € 625 mio (DEME +- 50%)• Wind farms Kentish Flats Extension (UK) and Gode Wind (Germany) added to order book by

Tideway and GeoSea for € 200 mio (8 offshore wind farm projects over 2014-2015)• New orders obtained in 4Q13 in France (Seine, Bayonne, La Réunion), Germany (Bremen,

Duisburg) Nigeria (Onne) Brazil (Bay of Sepetiba)Duisburg), Nigeria (Onne), Brazil (Bay of Sepetiba)

Other

Evolution order book (€ mio)

21% Other

Middle East + India

Asia

21%

9%

26%

Europe23%

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Benelux21%

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DEME: diversification of activities (1/2)

Marine and civil engineering

Tideway Rock dumping, landfalls and cable laying DEME (100%)

GeoSea Nearshore and offshore foundation works for offshore energy projects and oil & gas projects

DEME (100%)

Scaldis Hoisting of heavy loads at sea and salvaging services

DEME (54%), Jan De Nul, Herbosch-Kiere

HGO Infra Jack-up vessels for offshore windfarm construction Hochtief Solutions Solutions

pand oil&gas services and GeoSea (50%)

OWA Services for offshore wind assistance GeoSea (100%)

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Innovation Flintstone Neptune

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DEME: diversification of activities (2/2)

Environmental services

DEC/ Ecoterres Environmental group of DEME companies DEME (75%) and SRIW

Purazur High technological treatment of industrial waste water

DEC (100%)

TerraSea GLDD and DEC

Fluvial and marine aggregates

DEME B ildi E t ti i d l f i DEME (100%)DEME Building Materials (DBM)

Extraction, processing and sales of marine aggegrates for construction industry

DEME (100%)

OceanflORE Deepsea mining DEME (50%) and IHC MerwedeMerwede

Maritime services

CTOW Marine services for sea terminals DEME (54%), Herbosch-d l hKiere and Multraship

Renewable energy and concessions: offshore wind

C-Power Offshore wind farms DEME (11%)

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Renewable energy and concessions: wave and tidal energy

DEME Blue Energy Wave and tidal energy DEME (70%)

( )

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DEME: long term track record of stable long term shareholding and entrepreneurial growthshareholding and entrepreneurial growth

(in 000 euro) Turnover Equity

2.000.000 

2.500.000 

1.000.000 

1.500.000 

500.000 

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 20121974 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 201297

ScaldisDBM Creation DEME

Holding G SCTOWCreation Dredging

International (AvH Tideway

DEC

(Building Materials)

Holding(Acquisition Decloedt)

GeoSea DEME Blue EnergyOceanflore

International (AvH + CFE dredging) Power@Sea

Tideway

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AvH 38% AvH 48.5% AvH 50% AvH 60.4%

Consolidation Partnership

AvH 50%

Control

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Structural growth drivers of global dredging marketdredging market

Global population increase and tourism Global warming leading to rising sea levels

Northwind

Seaborne trade in line with GDP Energy & raw materials consumption growing

27Source: Rabobank

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CFE: key figures

Belgian industrial group active in Construction, Rail and Road, Multitechnics, Real Estate Development and Management Services Public-Private Partnership and Concessions

(in € mio) 2013 2012 2011

Turnover 2,267.3 1,898.3 1,793.8EBITDA 213 2 199 1 181 7

Development and Management Services, Public Private Partnership and Concessions

EBITDA 213.2 199.1 181.7EBIT 67.2 81.2 84.9Net result 7.9 49.4 59.1Net result (incl. specific

accounting re DEME transaction) -81.2

Order book 4 388 2 868 2 382Order book 4,388 2,868 2,382Net financial debt 781.4(1) 400.0(2) 350.8

Highlights 2013

Liefkenshoekspoortunnel (Antwerp)

(1) DEME 100%; (2) DEME 50%

Highlights 2013• Strong revenue growth• Decrease in operating income due to losses in Contracting and Multitechnics. Improvement

measures being implemented

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g p• Net loss due to items specifically related to the capital increase• Resilience of the order book• Stronger financial position and initial decrease in debt levels

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CFE: a multidisciplinary contractor with six cornerstoneswith six cornerstones

Order book 2013: € 4,388 mio PPP-Concessions

19% stake in PPP Schulen Eupen 45% stake in Rent-A-Port, Rent-A-

Port Energy 25% stake in Locorail

Ci il E i i

Construction

0%

% 18% stake in Coentunnel 25% stake in Bizerte Study costs concessions

Dredging and Environment100% k i DEME

Civil Engineering Infrastructure projects - tunnels,

bridges, roads Buildings – offices, industrial,

commercial and residential Renovation & rehabilitation

69%25%

100% stake in DEME Capital dredging Maintenance dredging Environmental business Oil & Gas

Real Estate and Management services

Bonded laminates

3%

2%1%

M ltit h i

Real estate development Specific associated services:

- Project management- Property management

Multitechnics Electrical contracting Railroad electrification and

signalisation Installation of high

signalization and track-laying works railway works, railway overhead lines transport of energy high and low voltage

Rail & Road

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gtension lines

Industrial & process automation HVAC

p gy g glines

road and rail works asphalt works

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CFE: key figures by segment

(in € mio) 2013 2012 2013 2012 2013 2012Dredging 1,265.8 957.8 105.1 69.1 52.0 43.3

Turnover Operational result Net result

g g ,Construction 711.0 645.2 -23.7 -2.5 -28.8 -1.3Rail & Road 95.5 99.3 4.5 5.7 2.9 4.0Multitechnics 170.1 156.3 -10.3 1.8 -11.8 0.9Multitechnics 170.1 156.3 10.3 1.8 11.8 0.9Real Estate 21.8 35.0 3.8 10.4 1.8 5.7PPP-Concessions 4.3 11.7 -1.4 3.7 0.9 3.1

Construction (Brussels) Rail & Road (Bruges)MultitechnicsConstruction (Knokke) PPP (Amsterdam)

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Private Banking: Contribution to the AvH consolidated net resultconsolidated net result

FINAXIS-PROMOFI -0.2

(€ mio) 2013 2012 2011

-0.2-0.4

DELEN INVESTMENTS 49.3 45.059.9

BANK J.VAN BREDA & CO 21.9 43.124.8

ASCO-BDM

TOTAL

0.5

71 5

0.2

88 1

0.2

84 5TOTAL 71.5 88.184.5

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Private Banking

DELEN INVESTMENTS Discretionary asset management and patrimonial DELEN INVESTMENTS

• Specialised advisory bank for entrepreneurs and

• Discretionary asset management and patrimonial advice for private clients

BANK J VAN BREDA & CO Specialised advisory bank for entrepreneurs and liberal professions

BANK J.VAN BREDA & C

• Insurance group focused on marine and property ASCO-BDMinsurance

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Finaxis organisation chart

AvH Promofi15%

75% 25%

Finaxis

75% 25%

Bank J Van Breda & CoDelen Investments CVA

99% 100%

Bank J.Van Breda & CDelen Investments CVA

100% 73% 99.9%

JM Finn & CoDelen Private Bank ABK

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Assets under management

(in € mio) 2013 2012 2011Total assets under management

Delen Investments 29,536 25,855 22,570 Delen Private Bank 20,210 17,884 15,666 JM Finn & Co 9,326 7,971 6,904

Van Breda: bancassurance products 1,507 1,496 1,438Van Breda: AuM at Delen* 3,036 2,504 2,115Van Breda: client deposits 3,683 3,424 3,453(*) Already included in Delen Private Bank AuM

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Delen Investments: funds under management

JM FinnAuM CAGR 2004-2013: 20.7%

Start cooperationwith Bank J.VanBreda & C°

BI&A

Capfi

HavauxBI&A

(in € mio) 1992 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013Discretionary mandates 118 2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748 5,579 8,719 7,049 8,901 10,816 15,416 18,075 20,939Advisory

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Advisory clients 428 1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723 2,837 3,407 3,294 4,342 4,456 7,154 7,780 8,597

Total 546 3,595 4,075 4,693 4,726 4,024 4,535 5,445 7,471 8,416 12,126 10,343 13,243 15,272 22,570 25,855 29,536

Acquisitions 610 757 117 2,748 6,377

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Delen Investments: key figures(AvH 78.75%)(AvH 78.75%)

Private banking and wealth management. Focused on discretionary asset management for private clients in Belgium and UK

(in € mio) 2013(2) 2012 2011(3)

G 255 2 214 8 162 5

management for private clients, in Belgium and UKBrussels

Gross revenues 255.2 214.8 162.5Net result 76.0 62.6 57.2Equity 464.1 414.5 364.3Assets under management 29,536 25,855 22,570

Cost - income ratio(1) 54.8% 55.2% 44.2%Ghent

ROE (IFRS) 17.3% 16.1% 16.1%Core Tier1 capital ratio 25.3% 23.1% 20.0%

# personnel 552 551 530

(1) Excl. JM Finn = 38.8% (2012), 42.4% (2013)

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( ) ( ), ( )(2) Impact of JM Finn on revenues of € 67.6 mio, on net result of € 4.6 mio (after amortization of intangibles (clients) and

and 26.51% minorities of € -2.9 mio) (impact on net result in 2012: € 2.4 mio)(3) JM included for 3 months

Page 37: Ackermans & van Haaren - 2013 annual results

Delen Investments: highlights and outlook

Highlights 2013• Continued growth at Delen Private Bank and JM Finn & Co, positively impacted by g , p y p y

markets and strong inflow from existing and new customers (mainly at Delen Private Bank)

• AuM Delen Investments grown to € 29,536 mio (vs € 25,855 mio as of 31.12.12), of which € 20 210 mio at Delen Private Bank (€ 17 884 end 2012) and € 9 326 mio at JM Finn & Co € 20,210 mio at Delen Private Bank (€ 17,884 end 2012) and € 9,326 mio at JM Finn & Co (€ 7,971 mio end 2012). € 4.5 billion net new money over last 5 years

• Focus on increasing discretionary mandates in portfolio: 74% at Delen Private Bank, 63% at JM Finn & Co

• Slight decrease of cost - income ratio to 54.8% (55.2 % end 2012): Delen Private Bank 42.4%, JM Finn & Co 84.5%

• Net equity increased to € 464 mio (€ 415 mio end 2012), largely exceeding Basel II and III requirementsrequirements

• Core Tier1 increasing to 25.3%, well above sector average• New office in Ghent and entirely renovated office in Brussels

Outlook 2014• Delen Private Bank: well positioned thanks to continued strong inflows• JM Finn & Co: continued focus on strengthening JM Finn model towards discretionary

asset management a o via launching Coleman Street Investment services and efficient asset management, a.o. via launching Coleman Street Investment services and efficient commercial strategy with focus on new inflows

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Bank J.Van Breda & C°: client assets(incl ABK and Van Breda Car Finance)(incl. ABK and Van Breda Car Finance)

6000 Total deposits & funds

300040005000

Total deposits & fundsCAGR 2004-2013: 12.5%

0100020003000

02004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Entrusted funds Client deposits Private loans

(€ mio) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Total deposits and funds 3,118 3,547 4,077 4,701 5,009 5,645 6,369 7,469 8,010 9,018

- Entrusted funds, of which 1,647 2,071 2,417 2,802 2,788 3,286 3,772 4,015 4,586 5,335 AuM at Delen 815 1,037 1,220 1,463 1,370 1,668 1,968 2,115 2,504 3,036 Bancassurance 596 739 880 1,044 1,174 1,309 1,414 1,438 1,496 1,507

Client deposits 1 471 1 476 1 660 1 899 2 221 2 359 2 597 3 453 3 424 3 683

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- Client deposits 1,471 1,476 1,660 1,899 2,221 2,359 2,597 3,453 3,424 3,683

Private loans(1)1,671 1,670 1,798 2,057 2,202 2,328 2,631 3,044 3,306 3,455

(1) Van Breda Car Finance included (2013: € 300 mio)

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Bank J.Van Breda & C°: key figures(AvH 78 75%)(AvH 78.75%)

Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions

(in € mio) 2013 2012 2011(incl. 7 months ABK)

entrepreneurs and liberal professions

Bank product 117.7 113.9 99.8Net result 31.5 27.7 54.9*Equity (group share) 447.9 427.3 395.0Total assets 4,410.3 3,992.8 3,979.6Total client assets(1) 9,017.9 8,010.5 7,469.1

Cost - income ratio 58.9% 58.3% 61.1%Cost income ratio 58.9% 58.3% 61.1%ROE 7.2% 6.7% 16.4%CAD (solvency ratio) 15.6% 16.4% 17.3%Core Tier 1 capital ratio 13.7% 14.2% 14.7%N l i ff / l f 0 04% 0 08% 0 06%Net loan write-offs / avg loan portf 0.04% 0.08% 0.06%Leverage (equity/assets) 10.2% 11.1% 10.3%

# personnel 466 465 462

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p

* Incl. € 35.5 mio of negative goodwill on acquisition of ABK(1) Deposits and entrusted funds

Page 40: Ackermans & van Haaren - 2013 annual results

Bank J.Van Breda & C°: highlights & outlook

Highlights 2013• Continued steady growth of commercial volumes at Bank J Van Breda & Co (incl ABK)• Continued steady growth of commercial volumes at Bank J.Van Breda & C (incl. ABK)• Total client deposits and entrusted funds increased to € 9,018 mio (vs € 8,010 mio as

of 31.12.12, +13%), of which € 3,683 mio client deposits and € 5,335 mio entrusted funds

• Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,455 mio (€ 3,306 mio as of 31.12.12, +5%)

• Very limited net loan loss provisions: 0.04% (vs 0.08% for FY12)• Cost - income ratio of 58 9% (vs 58 3 % for FY12) despite continued investments in new • Cost income ratio of 58.9% (vs 58.3 % for FY12) despite continued investments in new

IT systems, commercial organization and renovation of offices• Net equity increased to € 448 mio (vs € 427 mio as of 31.12.12), with a Core Tier1 ratio

of 13.7% and financial leverage (equity/assets) of 10l• Increase of net result with 14% to € 31.5 mio despite a competitive market

environment• Participation in ABK bank increased to 99.9% at the end of 2013

Outlook 2014• Bank J.Van Breda & Co: strong commercial franchise, leading to continuous volume

growth of both deposits and AuM as well as loan portfolio. Interest margins under pressure due to highly competitive deposit market but compensated by successful ‘asset

40

pressure due to highly competitive deposit market, but compensated by successful asset gathering’ strategy

• ABK: continued focus on repositioning of brand

Page 41: Ackermans & van Haaren - 2013 annual results

Structural growth drivers of the Belgian private banking marketprivate banking market

High level of net financial assets per capita

High level of household savings rateHigh level of household savings rate

41Source: Rabobank

Page 42: Ackermans & van Haaren - 2013 annual results

Real Estate, Leisure & Senior Care: Contribution to the AvH consolidated net resultto the AvH consolidated net result

LEASINVEST REAL ESTATE 6.5

(€ mio) 2013 2012 2011

4.28.7

EXTENSA -5.3 -2.84.5

GROUPE FINANCIERE DUVAL 1.8 2.62.0

ANIMA CARE

TOTAL

0.6

3 6

0.4

4 515 8

0.6

TOTAL 3.6 4.515.8

42

Page 43: Ackermans & van Haaren - 2013 annual results

Real Estate, Leisure & Senior Care

LEASINVEST REAL ESTATE • Real Estate Investment Trust for offices, logistics and retail in Belgium and Luxembourg

EXTENSA • Land development in Belgium• Real estate development in B/Lux, as well as Central

E d T k

retail in Belgium and Luxembourg

Europe and TurkeyFINANCIERE DUVAL(see slide 64)

• Real estate group with activities in RE promotion, tourism, golf sites, senior care and parkings

d l b d lf• Odalys: 115,000 beds, 329 sites; NGF: 33 golf sites; Residalya: 1,957 beds, 26 sites; Park’A: 6,000 parking places2013 D f t d t ti i f l • 2013: Decrease of turnover due to timing of real estate activities

• Increase of result driven by growth of Residalya and profitability of construction and promotionprofitability of construction and promotion

ANIMA CARE(see slide 65)

• Health & senior care sector in Belgium• 2013: Increase of turnover driven by portfolio

expansion

43

expansion• Total portfolio of more than 1,300 beds and service

flats (834 beds and 60 service flats in operation)

Page 44: Ackermans & van Haaren - 2013 annual results

Leasinvest Real Estate(AvH 30%)(AvH 30%)

Real Estate Investment Trust (bevak – sicafi) for offices, logistics and retail in Belgium and Luxembourg Belgium and Luxembourg

(in € mio) 2013 2012 2011Operational result 34.2 29.0 28.5Operational result 34.2 29.0 28.5Net result 26.9 20.5 12.6Net equity 335.3 256.0 261.8

Portfolio real estate (fair value) 718.2 617.8 504.4Rental yield (%) 7.31 7.30 7.23Occupancy rate (%) 96.9 94.9 92.6N t d bt ti (%)(1) 53 5 56 2 47 3Net debt ratio (%)(1) 53.5 56.2 47.3

Per share (€) Net asset value 67 90 63 80 65 51 Net asset value 67.90 63.80 65.51 Stock price - closing 73.60 67.10 64.99 High/Low 82.45/65.10 69.58/61.50 70.00/58.27

Dividend 4.50 4.40 4.15

44

(1) Total net debt: € 406 mio (2013), € 362 mio (2012)

Page 45: Ackermans & van Haaren - 2013 annual results

Leasinvest Real Estate: highlights

Highlights 2013S i i i i d L b (60% 18 i ) i i • Strategic reorientation continued: Luxembourg (60%, 18 sites) most important investment market, compared to Belgium (40%, 16 sites) and retail most important asset class (42%)

• Increase of real estate portfolio with 16% to € 718 mio, driven by acquisition of second Increase of real estate portfolio with 16% to € 718 mio, driven by acquisition of second Knauf shopping center, Hornbach retail site and further investments in Royal20 office project (all in Luxembourg)

• Divestments of the office buildings Pasteur and Mercure (Luxembourg), two units of the Vi i d b i k d l i ti it i V t (B l i )Vierwinden business park and a logistics site in Vorst (Belgium)

• Occupancy rate increased to 96.9% (2012: 94.9%); average duration increased to 5.2 years (2012: 4.9 years)(2012: 4.9 years)

• Financing diversified through successful public capital increase of € 60.7 mio (AvH share maintained), public bond of € 75 mio and private bond of € 20 mio.

• Increase of equity to € 335 mio and decrease of debt ratio to 53.53%

• Early 2014, sale of office building Louizalaan 66, Brussels for €10.4 mio with limited capital Early 2014, sale of office building Louizalaan 66, Brussels for €10.4 mio with limited capital gain

45

Page 46: Ackermans & van Haaren - 2013 annual results

Leasinvest Real Estate: examples of projects

Knauf Pommerloch (Luxemburg)Monnet

4646

The Crescent (Anderlecht)Motstraat (Mechelen)

Page 47: Ackermans & van Haaren - 2013 annual results

Extensa Group: consolidated balance sheet (Extensa – LRE combined) (AvH 100%)(Extensa LRE combined) (AvH 100%)

Real estate developer with focus on residential and mixed projects in Belgium and Luxembourg(in € mio) 31/12/13 31/12/12 31/12/13 31/12/12

Land development 14 6 15 2 Net equity 125 1 107 9

and Luxembourg

Land development 14.6 15.2 Net equity 125.1 107.9

Real estate projects 83.3 74.8

RE investments & Leasings 41.9 42.0Tour &Taxis (50%): FV yield of 7.0% 26.7 23.8Other assets 15.2 18.2

Leasinvest Real Estate 98.1 74.9 Financial debts(2) 125.9 114.51,444,754 shares(1)

Other assets 29.1 33.9 Other liabilities 16.0 18.4a.o. cash € 20.1 mio (2012), € 13.2 mio (2013)

47

Total assets 267.0 240.8 Total liabilities 267.0 240.8(1) AvH holding directly 37,211 shares (2) Net financial debt 2012: € 94.4 mio; 2013: € 112.6 mio

Page 48: Ackermans & van Haaren - 2013 annual results

Extensa: highlights

Highlights 2013Increase of net res lt to € 4 5 mio compared to a loss of € 5 3 mio in 2012 E tensa leaving • Increase of net result to € 4.5 mio, compared to a loss of € 5.3 mio in 2012. Extensa leaving behind it a few difficult years that were due to delays in obtaining permits and impairments

• Land development and residential projects in Belgium: De Lange Velden (Gent), Cederpark p p j g g ( ), p(Hasselt), De Munt (Roeselare) ongoing and on schedule. Sales of remaining houses, apartments and plots foreseen for 2014

City development: Tour & Taxis (Brussels) (Extensa 50% 30 ha 370 000 m²): Building for • City development: Tour & Taxis (Brussels) (Extensa 50%, 30 ha – 370,000 m²): Building for Brussels Department of Environment (16,725 m² + 77 parking places; 18 yr lease) on track for delivery 1H14. Exploitation of Post Office Building started in 2Q13. Development of 105 apartments, 48,000 m² office and underground car park (187 places) planned.p , , g p ( p ) p

• Cloche d’Or (Luxembourg) (Extensa 50%, 20 ha – 400,000 m²): Infrastructure works started for phase I (300 residential units, 20,000 m² offices and 80,000 m² retail & leisure), commercialization of residential units expected in 2014 LOI signed for regional shopping commercialization of residential units expected in 2014. LOI signed for regional shopping center.

• New markets: Slovakia - Business Park Trnava (37 ha): construction of first phase of retail

48

( ) pwarehouse park (7,730 m²) started. 58% of shops already rented.

• Turkey: First residential project expected to be fully commercialized in 2014

Page 49: Ackermans & van Haaren - 2013 annual results

From real estate leasing over real estate development to real estate servicesdevelopment to real estate services

Extensa

it

140 (in million euro)

equity

80

100 

120 

40

60 

80 

20 

40 

AvH 100% Acquisition -Creation of LRE AvH 60%

19941995199619971998199920002001200220032004200520062007200820092010201120122013

AvH 100% Extensa(real estate development)

(investment trust)-Acquisition Brixton(real estate management)

AvH 60%(equipment & real estate leasing)

49

Recent diversification into ‘Real estate services’:

Groupe Duval (41%) - France (real estate exploitation & services)

Anima Care (100%)Senior care facilities & services

Page 50: Ackermans & van Haaren - 2013 annual results

Energy & Resources: Contribution to the AvH consolidated net resultto the AvH consolidated net result

SIPEF 14.1

(€ mio) 2013 2012 2011

16.911.2

SAGAR CEMENTS 0.3 1.3-0.4

TELEMOND 1.0 -0.13.0

OTHER

TOTAL

1.0

16 4

0.9

19 08 7

-5.1

TOTAL 16.4 19.08.7

50

Page 51: Ackermans & van Haaren - 2013 annual results

Energy & Resources

SIPEF • Agro industrial group with plantations in Indonesia and SIPEF g g p pPapua New Guinea for palm oil, rubber and tea

• Production of cement and clinkers. In partnership with the Reddy family

SAGAR CEMENTS(see slide 66) Reddy family

• 2013: Lower turnover and net result due to overcapacity and low demand, leading to lower prices and sales volumes

(see sl de 66)

ORIENTAL QUARRIES • Stone quarries for building aggregates. In partnership with O N QU S & MINES(see slide 67)

Sto e qua es o bu ld g agg egates. pa t e s p w t the Bakshi family

• 2013: Production impacted by new legislation, operational problems and temporary inactivity of quarries

• Net result again positive, after loss in 2012

MAX GREEN(see slide 68)

• Renewable energy based on biomass (wood pellets), in JV with Electrabel

• 2013: Lower output due to maintenance of site• Difficult to manage continuously changing legal framework

• Development & manufacturing of welded steel structures TELEMOND GROUP l d 69

51

and equipment, mainly in Poland• 2013: Diversified product portfolio led to higher results

(see slide 69)

Page 52: Ackermans & van Haaren - 2013 annual results

Sipef: key figures(AvH 26 78%)(AvH 26.78%)

A Belgian agro-industrial group operating and managing tropical plantation businesses (54 541 ha palm oil and 9 945 ha rubber) in Indonesia and Papua businesses (54,541 ha palm oil and 9,945 ha rubber), in Indonesia and Papua New Guinea(in USD mio) 2013 2012 2011€ 1 USD 1 33 (2013)€ 1 = USD 1.33 (2013)

Group production (in T)(1)

Palm oil 253,912 265,778 258,099Rubber 10,403 10,641 9,545Tea 2,850 2,923 2,641

T 291 7 332 5 367 7Turnover 291.7 332.5 367.7EBIT 79.0 94.2 129.3Net result 55.6 68.4 95.1Net equity 508 1 472 6 425 3Net equity 508.1 472.6 425.3Net cash position -31.9 18.2 47.5Share high/low (in €) 65.03/50.00 71.89/54.51 75.78/49.01

Market cap (€ mio) 516 5 523 7 519 2

52

(1) Own + outgrowers

Market cap (€ mio) 516.5 523.7 519.2

Page 53: Ackermans & van Haaren - 2013 annual results

Sipef: highlights & outlook

Highlights 2013• Decrease of turnover (-12 3%) to USD 291 7 mio and of net result (-18 7%) to USD 55 6 mio • Decrease of turnover (-12.3%) to USD 291.7 mio and of net result (-18.7%) to USD 55.6 mio

due to lower volumes and decreasing prices in palm oil, rubber and tea

• Decrease in palm oil production volumes (-4.5%), compared to record volumes in 2012, due to bad weather. Rubber production volumes also below expectations.

• Relatively limited volatility in sales prices for palm oil over the year

Average market price(in USD/ton) 2013 2012 2011 2010€ 1 = USD 1.33 (2013)

Palm oil 857 999 1,125 901

• Expansion plans in Papua New Guinea and Indonesia slowed down due to weather, sustainability procedures and technical limitations 1 459 ha added resulting in total

Rubber 2,795 3,377 4,823 3,654

sustainability procedures and technical limitations. 1,459 ha added, resulting in total planted areas of 66,942 ha, of which 17.6% hasn’t reached production stage yet.

Outlook 2014

53

• Sipef expects a stable recurrent result in 2014, as a result of the expected production volumes and the current market prices

Page 54: Ackermans & van Haaren - 2013 annual results

Development Capital: Contribution to the AvH consolidated net resultthe AvH consolidated net result

SOFINIM -1.3

(€ mio) 2013 2012 2011*

-0.8-2.8

CONTRIBUTION PORTFOLIO SOFINIM 4.3 6.3-6.3

CONTRIBUTION PORTFOLIO GIB 2.9 3.12.5

CONTRIBUTION BEFORE CAPITAL GAINS

CAPITAL GAINS

5.9

22 7

8.6

0 929 5

-6.6

CAPITAL GAINS 22.7 -0.929.5

TOTAL CONTRIBUTION DEVELOPMENT CAPITAL 28.6 7.722.9

54

* IFRS implies ‘fair value’ changes taken into account on all portfolio companies

DEVELOPMENT CAPITAL

Page 55: Ackermans & van Haaren - 2013 annual results

55

Page 56: Ackermans & van Haaren - 2013 annual results

Development Capital: adjusted net asset valueasset value

(in € mio) 2013 2012 2011

Sofinim 493.2 466.4 437.3

Unrealised capital gain Atenor 8.2 6.2 1.5p gShare price Atenor (in €) 34.25 32.05 24.21

Market value Groupe Flo / Trasys 10.0 8.4 12.9Sh i G Fl (i €) 3 00 3 00 3 56Share price Groupe Flo (in €) 3.00 3.00 3.56

Total Development Capital 511.4 481.0 451.7

56

Page 57: Ackermans & van Haaren - 2013 annual results

Development Capital: key figures portfolio 2013p(see slides 69-72 for highlights)

in € mio Turnover EBITDA Net Result Net Equity Net Fin. Position

Sofinim (74%) 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012

Atenor 110.133 45.943 24.016 8.935 12.028 9.489 104.786 98.605 -174.932 -131.849

Axe Investments 0.587 0.733 0.123 0.249 0.278 0.870 15.613 16.088 5.157 5.185

Amsteldijk Beheer -0.124 0.049 -0.489 0.031 1.230 1.719 0.267 -18.599

Corelio 300.054 349.453 21.339 19.443 -26.660 -3.864 53.421 73.933 -74.750 -71.602

Distriplus 247 230 246 785 13 728 14 856 -0 039 2 661 62 665 62 704 -61 267 -61 307Distriplus 247.230 246.785 13.728 14.856 0.039 2.661 62.665 62.704 61.267 61.307

Egemin International 105.040 107.521 7.144 5.739 2.363 1.764 21.914 20.323 12.586 2.228

Euro Media Group 301.344 333.020 68.226 76.126 9.425 21.557 189.000 179.828 -81.011 -89.521

Hertel Holding 767.418 907.246 3.259 24.455 -34.356 -32.939 128.655 161.513 -35.994 -102.639

Manuchar 1,010.521 921.433 41.967 27.039 4.558 3.560 54.295 50.942 -257.521 -231.139

NMC 197.645 195.712 27.145 24.459 11.852 10.175 99.994 93.277 -15.873 -15.274

Turbo's Hoet Groep 405.553 471.255 17.870 19.487 5.638 7.755 88.109 87.717 -95.955 -79.863

GIB (50%)( )

Groupe Flo 346.843 365.837 35.347 41.778 7.966 12.522 165.824 159.101 -57.702 -74.711

Trasys 73.185 69.283 4.913 5.102 2.781 1.908 21.959 18.985 -8.562 -12.077

57

Page 58: Ackermans & van Haaren - 2013 annual results

Development Capital: overview of major divestmentsdivestments

64 1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2012

53.7

64.1

IRR %

34.131 9

39.0

28.3

22.6

16 5

26.7

16 5

24.9

31.9

14 8

25.5

19.0

-0.8

16.5

-1.3

16.5

11.114.8

3.4 5.7 2.2

I 3 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 6 11 6

Investment term (# years)

58

Page 59: Ackermans & van Haaren - 2013 annual results

Other participations

59

Page 60: Ackermans & van Haaren - 2013 annual results

Van Laere(AvH 100%)(AvH 100%)

General contractor of construction and civil engineering projects

(in € mio) 2013 2012 2011Turnover 122 3 161 2 137 3

Consolidated key figures

Turnover 122.3 161.2 137.3Net result 0.7 1.2 1.7

Shareholder's equity 36.6 35.7 34.7q yNet financial position 6.1 4.0 5.8

# personnel 463 500 482 Brussels Department of Environment

Highlights 2013• Decrease of turnover due to bad weather in first quarter• Decrease of turnover due to bad weather in first quarter• Positive result thanks to the completion of a number of projects• Order book: € 169 mio (2012: € 131 mio), excluding the A11 project. Including this

project, order book at record level despite difficult market environment

60

Page 61: Ackermans & van Haaren - 2013 annual results

Rent-A-Port(AvH 72.18% from 2014; 45% in 2013)(AvH 72.18% from 2014; 45% in 2013)

Specialized company for port development, port management and logistics consultancy

Consolidated key figures

(in € mio) 2013 2012 2011Turnover 6.8 26.5 5.6Net result 12.3 12.3 -1.7

Shareholder's equity 25.9 13.7 1.5Net financial position 0.5 -3.8 -8.1

Highlights 2013• Stable net result mainly driven by further growth in Vietnam (Dinh Vu industrial

zone) and Oman (port and industrial zones of Duqm) zone) and Oman (port and industrial zones of Duqm) • Strategic reorientation in Nigeria: agreement signed with Dangote (Nigerian

industrial group) for the sale of largest part of the development project OK Free Trade Zone with limited capital gain.

61

Page 62: Ackermans & van Haaren - 2013 annual results

Nationale Maatschappij der Pijpleidingen (NMP)(AvH 75%)(AvH 75%)

Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgiumand chemicals in Belgium

(in € mio) 2013 2012 2011Consolidated key figures( ) 2012 2011Turnover 13.9 15.9 12.5Net result 2.0 1.4 2.1

Net cash flow 4.3 3.2 3.9Shareholder's equity 27.5 26.8 28.4Net financial position 13 5 13 4 14 4Net financial position 13.5 13.4 14.4

Highlights 2013

Scheldelaan (Antwerp)

• Slightly higher results in line with expectations• Acquisition of 10.5 km pipeline in port of Antwerp by Nitraco (joint venture with

Praxair), as part of large project (operational 2016)

62

Page 63: Ackermans & van Haaren - 2013 annual results

Groupe Financière Duval(AvH 41.14%)(AvH 41.14%)

French group focused on real estate projects, services and residences

(in € mio) 2013 2012 2011Turnover 501.1 514.1 430.4

Consolidated key figures

EBIT 13.4 11.9 16.3Net result 4.7 3.9 6.6

Shareholder's equity 107.1 102.3 99.1Net financial position -96.1 -80.0 -63.4 Odalys – Le Château de Kergonano (Baden)

Highlights 2013• Decrease of turnover mainly driven by timing of real estate activities (CFA)• Operational result improved, mainly thanks to growth of Residalya and profitability of p p , y g y p y

Construction and promotion• Services (Yxime): approx. 5.5 mio m² property under management• Parkings (ParkA’) (6,000 parking places in Paris and Nîmes)

Exploitation activities: Tourism holiday parks (Odalys) (115 000 beds 329 sites); NGF (33

63

• Exploitation activities: Tourism – holiday parks (Odalys) (115,000 beds, 329 sites); NGF (33 golf sites); Health (Residalya) (1,957 beds, 26 sites): new residences and higher occupancy

Page 64: Ackermans & van Haaren - 2013 annual results

Anima Care(AvH 100%)(AvH 100%)

Anima Care focuses on the market segment of high quality senior care residencescare residences

(in € mio) 2013 2012 2011Azur Soins et SantéConsolidated key figures

Turnover 27.4 20.5 15.4EBITDA 3.4 2.4 2.1Net result 0.6 0.6 0.4

Shareholder's equity 32.4 21.2 12.0Net financial position -40.8 -15.2 -13.7p

Highlights 2013• Increase of turnover driven by portfolio expansion: “St James” in La Hulpe (59 beds) and

Château d’Awans (168 beds)

Les Comtes de Méan (Blegny)

Château d’Awans (168 beds)• Net result in line with 2012 due to construction of new residences: Blegny (150 beds,

delivery 4Q13), Zemst (93 beds, 23 service flats; 1Q14), Haut-Ittre (127 beds, 36 service flats; 2014) and Kasterlee (133 beds, 63 service flats; 2014)

64

; ) ( , ; )• Total portfolio: of more than 1,300 beds and service flats (834 beds and 60 service flats

in operation)

Page 65: Ackermans & van Haaren - 2013 annual results

Sagar Cements(AvH 18.55%)

Cement plant, located near Hyderabad (Andra Pradesh, India), with capacity of 2 5 million tonnes cement per year

(AvH 18.55%)

of 2.5 million tonnes cement per year

(in € mio) 2013 2012 2011€ 1 INR 77 52 € 1 INR 68 97 € 1 INR 64 94

Consolidated key figures

€ 1 = INR 77.52 € 1 = INR 68.97 € 1 = INR 64.94

Turnover 61.7 85.6 88.8EBITDA 3.7 11.4 23.1Net result 2 4 2 2 9 3Net result -2.4 2.2 9.3

Shareholder's equity 29.7 37.7 38.3Net financial position -25.0 -27.5 -29.7

Highlights 2013

Net financial position 25.0 27.5 29.7

Share high/low (in INR) 291.4/162.0 289.4/138.9 150.0/121.1Market cap (INR mio) 2,960 5,032 2,480

Highlights 2013

• Continued overcapacity in South Indian market leading to lower prices and sales volumes

• Impact of significant cost increase of electricity and coal only partially offset

65

• Cement plant with Vicat Group (Sagar: 47%) in Karnataka operational since beginning of 2013

• Increase of AvH participation to 18.55%

Page 66: Ackermans & van Haaren - 2013 annual results

Oriental Quarries & Mines(AvH 50%)(AvH 50%)

Aggregates quarries, India (in partnership with Oriental Structural Engineers )

(in € mio) 2013 2012 2011€ 1 = INR 77 52 € 1= INR 68 97 € 1= INR 64 94

Consolidated key figures

€ 1 = INR 77.52 € 1= INR 68.97 € 1= INR 64.94

Turnover 4.9 3.6 6.8EBITDA 0.2 -0.5 0.3Net result 0 1 -0 4 0 2Net result 0.1 -0.4 0.2

Shareholder's equity 6.0 7.0 7.8Net financial position 1.5 2.1 3.1 Bidadi quarryp

Highlights 2013

• Impacted by new legislation and temporary inactivity of quarries

Bidadi quarry

• Impacted by new legislation and temporary inactivity of quarries

• Improvement program started to improve sales margins and operational efficiency resulted in 54% increase of turnover and a positive net result (compared to a loss in 2012)

• Quarries in Moth Gwalior and Bangalore with total crushing capacity of 1 5 million tons

66

• Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tons

Page 67: Ackermans & van Haaren - 2013 annual results

Max Green(AvH 18.9%)(AvH 18.9%)

Renewable energy based on biomass / wood pellets (joint venture with Electrabel)

Highlights 2013

(joint venture with Electrabel)

• Conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit

• 180 -200 Mwel capacity

• Lower output 2013 due to longer than expected maintenance period: 1,26 TWH green energy (2012 1,46 TWH)

• Turnover of € 157 mio (2012: € 193 mio) and EBITDA of € 0.4 mio (2012: € 11.0 mio) negatively impacted by limited capacity utilization, decreasing market prices for electricity and green certificates and by changing

Rodenhuize (Ghent)

for electricity and green certificates and by changing legal framework

67

Page 68: Ackermans & van Haaren - 2013 annual results

Telemond Group (AvH 50%)(AvH 50%)

Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks

Consolidated key figures(in € mio) 2013 2012 2011

Turnover 78.7 74.3 64.4Net result 6 6 3 1 -0 7

Consolidated key figures

Net result 6.6 3.1 -0.7

Net financial position -10.9 -14.1 -14.2

Highlights 2013

• Increase of turnover and net result thanks to diversified product portfolio

68

Page 69: Ackermans & van Haaren - 2013 annual results

Development Capital: highlights

Highlights 2013• Divergent results in development capital segment: capital gain of € 34

mio (AvH) on sale of Spano-group. Lower contribution from other companies due to restructuring costs and impairments.

• Atenor: Result impacted by the sale of apartments in UP-site (Brussels), the start of the Trébel project and the construction of Port du Bon Dieu (Namur)

• Corelio and Concentra merged their Flemish newspapers and digital activities in Mediahuis (Corelio 62%, Concentra 38%). Agreement signed with Tecteo for sale of French speaking newspaper activities in Sep with Tecteo for sale of French speaking newspaper activities in Sep, regulatory approval still pending. Due to exceptional amortizations of intangibles by De Vijver Media (Corelio 33%) and other restructuring charges, Corelio realized a net loss.

• Distriplus: Stable turnover despite a difficult economic environment thanks to commercial strategy of the 3 chains. Due to exceptional costs, Distriplus booked a breakeven result.costs, Distriplus booked a breakeven result.

69

Page 70: Ackermans & van Haaren - 2013 annual results

Development Capital: highlights

Highlights 2013• Egemin Automation: Delays in new projects and longer decision cycles

due to economic climate. Margin improvement thanks to better selection of orders and strict control of implementation.

• Euro Media Group: Acquisition of the technical resources from Alfacam, specialised in the recording and broadcasting of images internationally. Decrease of net result due to restructuring costs in French activity, exceptional impairment on rentals and capital gain on the sale of real estate. As a consequence, Sofinim recorded an impairment.

• Groupe Flo: Decrease of turnover (-4 6% like-for-like) and net result in a • Groupe Flo: Decrease of turnover ( 4.6% like for like) and net result in a persistently difficult market. Focus on strengthening Hippopotamus (9 new restaurants in 2013). Continued decrease of debt.

• Hertel: Turnover decrease of 15% due to divestitures in 2012, closing of activities and critical selection of projects. Disappointing result due to restructuring costs, goodwill impairment and other non-recurring elements Solid financial basis thanks to refinancing early 2013 when elements. Solid financial basis thanks to refinancing early 2013, when shareholders Sofinim and NPM Capital injected € 75 mio cash, and working capital management. Net debt decreased to € 36 mio

70

Page 71: Ackermans & van Haaren - 2013 annual results

Development Capital: highlights

Highlights 2013• Manuchar: Strong recovery with increase of turnover and net result. On

its way to become a top 3 player in distribution of chemicals in emerging markets. Trading in steel and non-ferro also performed well. Acquisition of one of its main suppliers in hardwoodAcquisition of one of its main suppliers in hardwood.

• NMC: Stable turnover but significant growth (+18%) in net result, due to internal improvement program focused on productivity. Sales prices adjusted to the increasing cost of raw materials.

• Trasys: Increase of turnover (+6%) and net result (+47%) in a very competitive IT marketcompetitive IT market.

• Turbo’s Hoet Groep: Decline of market of new trucks leading to decrease of sales of Turbotrucks, mainly in Russia and Belarus. Increasing revenues at Turboparts and stable, but profitable, leasing and renting activities. New workshop and warehoude opened in Moscow, garage in Namur renovated and Torhout site closed.

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Page 72: Ackermans & van Haaren - 2013 annual results

Groupe Flo (GIB 47.13%)(GIB 47.13%)

Leading player in casual dining in France, with a portfolio of complementary brands of theme restaurants (Hippopotamus Tablapizza and Taverne de Maître Kanter) and

(i € i ) 2013 2012 2011

of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and famous brasseries

Consolidated key figures(in € mio) 2013 2012 2011Turnover 346.8 365.8 382.2EBITDA 35.3 41.8 48.1N t lt 8 0 12 5 15 0Net result 8.0 12.5 15.0

Net financial position -57.7 -74.7 -79.0

Highlights 2013• Decrease of turnover (-4.6% like-for-like) due to continued decline in consumption

M t k t d t th ti g d l t l d l til l h • Measures taken to adopt the operating model to lower and more volatile volumes, have only partially offset the impact of the lower turnover

• The positive operating cash flow has allowed further debt reduction resulting in a sound financial structure

• Flo adapts its offering to meet the expectations of customers who are increasingly price sensitive

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Page 73: Ackermans & van Haaren - 2013 annual results

Outlook 2013

‘The board of directors is positive about the group’s outlook for the current the group s outlook for the current

financial year.’

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Page 74: Ackermans & van Haaren - 2013 annual results

For further questions or additional information, please consult our website: www.avh.be

Contact:Luc BertrandCh i f th E ti C ittChairman of the Executive Committee

Jan SuykensMember of the Executive Committee

Tom BamelisMember of the Executive Committee

T +32 3 231 87 79E [email protected]

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Page 75: Ackermans & van Haaren - 2013 annual results

Annexes

75

Page 76: Ackermans & van Haaren - 2013 annual results

Multidisciplinary and experienced team

Born with AvH sinceBorn with AvH sinceLuc Bertrand 1951 1986 (Bankers Trust)

Jan Suykens 1960 1990 (Generale Bank)

Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group)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 Janssen 1970 2001 (Recticel, ING)( , )

Marc De Pauw 1953 1994 (NIM)

André-Xavier Cooreman 1964 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)

Hilde Delabie 1968 1998 (Deloitte)

Matthias De Raeymaeker 1975 2005 (Arthur D. Little)

Sofie Beernaert 1975 2005 (Eubelius)

John-Eric Bertrand 1977 2008 (Deloitte, Roland Berger)

Katia Waegemans 1969 2008 (McKinsey, Agfa-Gevaert)

Ben De Voecht 1979 2010 (ExxonMobil)

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Page 77: Ackermans & van Haaren - 2013 annual results

Historical overview

1880 Foundation by H.W. Ackermans & Nicolaas van Haaren

1964 Foundation of Forasol SA

1974 Merger of dredging activities with SGD (CFE-SGB)g g g ( )

1984 I.P.O.

1988 1st diversification into brewery sector (Alken Maes)1988 1st diversification into brewery sector (Alken-Maes)

1991 Acquisition of Creyf’s Interim (renamed Solvus)

1992 Acquisition of Belcofi – Delen (start of Private banking)

1994 Acquisition of privatised Société Nationale d’Investissement(start of private equity via Sofinim and of real estate via Leasinvest)(start of private equity via Sofinim and of real estate via Leasinvest)

1996 Sale of Forasol – Foramer to Pride Petroleum

1998 Creation of joint holding company (Finaxis) of Bank Delenwith Bank J. Van Breda & C° (AvH 60% / beneficial 30%)

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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 Strong investment (Flo, Trasys, Turbo’s Hoet Group, Cobelguard) as well as divestment (Quick, SCF) activity(Q , ) y

2007 Bank Delen: acquisition of CAPFI (€ 2,747 mio)DEME: 2nd phase of fleet investment programPrivate equity: strong investment activity (Spano, Iris, Manuchar, Distriplus: q y g y (Sp , , , p€ 154 mio)

2008 Investment in Rombouts (20%) and Sagar CementsSale of Arcomet, Oleon Holding and Oleon BiodieselSale of Arcomet, Oleon Holding and Oleon Biodiesel

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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 CanonInvestments in Oriental Quarries & Mines, Alcofina and Max Green

2010 Creation of Rent-A-Port EnergyCo-control Holding Groupe Duvalg pRSPO certification of SipefSale of Engelhardt Druck

2011 Listing of AvH options on NYSE Liffe2011 Listing of AvH options on NYSE LiffeAcquisition ABK by Bank J.Van Breda & Co

Acquisition JM Finn & Co by Delen Investments

2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)

2013 Sale by Sofinim of stake in Spano Invest (73%) Acquisition of CFE (60%) and exclusive control of DEME

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Page 80: Ackermans & van Haaren - 2013 annual results

Evolution of the AvH share(index rebased to 20/6/1984)( )

AvHBelgian all share index

AvHBelgian all share index

1984-2013AvH share: x42

share indexshare index

Stock index: x8

80

Market capitalization (€ mio, end of year):55 317 2,2445901,066 2,853

Page 81: Ackermans & van Haaren - 2013 annual results

Return AvH vs market

81Source: KBC Securities

Page 82: Ackermans & van Haaren - 2013 annual results

Net cash position AvH group

(in € 000)AvH &

subholdingsDevelopment

capitalTotal

(31/12/2013)

Investment portfolio* 23 610 0 23 610Investment portfolio 23,610 0 23,610Term deposits 46,412 26,194 72,606Intercompany deposits -124,400 124,400 0Cash 4,581 1,456 6,037Cash 4,581 1,456 6,037Long term debt -87,990 -87,990Short term debt - commercial paper -38,853 -38,853Own shares (#361,525) 21,172 21,172( , ) , ,Net cash GIB (50%) and Other 322(equity consolidation)

-155,468 152,050 -3,096, , ,

* Primarily Delen Private Bank funds

82

Page 83: Ackermans & van Haaren - 2013 annual results

Delen Investments: income statement

Conso (in € 000) 2013 2012 2011(3 months JM Finn)

Net interest income 2,994 4,192 7,220Gross fee income 245,800 212,444 151,271Other income 6,417 -1,800 4,028Gross revenues 255 211 214 836 162 519Gross revenues 255,211 214,836 162,519

Fees paid -21,892 -19,430 -15,849

Operational expenses -112,725 -96,162 -58,783Amortisations & provisions -11,243 -9,948 -6,182Other expenses -2,328 -2,172 -861Loan loss provision -27 -25 -22Expenses -126 324 -108 307 -65 848Expenses 126,324 108,307 65,848

Share of profit (loss) from equity accounted investments 0 507 240

Profit before tax 106,996 87,606 81,063

Income taxes -28,804 -23,602 -23,513

Profit of the period

83

Profit of the period Minority interests -2,159 -1,387 -379 Share of the group 76,033 62,617 57,171

Page 84: Ackermans & van Haaren - 2013 annual results

Delen Investments: balance sheet

(in € 000) 2013 2012 2011

Cash & loans and advances to banks 658,767 698,990 739,481Financial assets - Financial assets available for sale 537,717 494,015 675,580 Fi i l t h ld f t di g 33 633 33 073 36 603 - Financial assets held for trading 33,633 33,073 36,603 - Loans and receivables 125,987 102,316 87,342 - Other 0 0 1,881Tangibles assets 55,070 52,157 38,823g , , ,Goodwill and other intangible assets* 248,607 249,258 243,016Other assets 25,240 24,588 23,685Total assets 1,685,021 1,654,397 1,846,411

Financial liabilities- Deposits from credit institutions 2,403 1,603 1,468- Deposits from clients 1,080,732 1,120,207 1,350,950p , , , , , ,- Other 30,267 28,146 33,949Provisions, tax and other liabilities 107,247 89,653 95,523Equity (including minority interests)* 464,372 414,788 364,521T t l li biliti 1 685 021 1 654 397 1 846 411Total liabilities 1,685,021 1,654,397 1,846,411

84

* JM Finn at 100% taking into account put/call rights on minority stake of 26.51% as from 2011

Page 85: Ackermans & van Haaren - 2013 annual results

Delen Private Bank: Annualised returns (after all costs) since inception(after all costs) since inception

31/12/2013 1 year 3 years 5 years 10 yearsSince

Fixed Income* -2,04% 0,94% 1,73% 2,12% 1,69%

G % % % % %

31/12/2013 1 year 3 years 5 years 10 years inception

Peer Group 1,04% 4,36% 4,92% 3,74% 5,12%

Low 2,17% 2,70% 5,96% 3,85% 5,80%

Peer Group 3,97% 3,57% 5,66% 3,25% 3,97%

Medium 4,91% 4,07% 8,82% 5,35% 4,69%

Peer Group 7,68% 4,41% 8,15% 3,86% 2,63%

High 9,81% 5,61% 12,43% 6,13% 6,72%

Peer Group 12,40% 5,94% 10,90% 4,58% 3,52%

Flexible 12,12% 6,83% 10,79% 6,87% 8,73%

* Returns tot  31/12/2013 van Universal Invest Low, Medium, High, Flexible en een selectie van fondsen uit de betreffende Morningstar categorie.. 

Peer Group 3,76% 2,03% 6,29% 3,45% 6,14%

85Source: Morningstar

Page 86: Ackermans & van Haaren - 2013 annual results

JM Finn & Co

• End of June 2011, Delen Investments announced agreement to acquire a major stake in JM Fi & C D l 73 5% ith t t t i i 26 5% ( l i S 11)JM Finn & Co: Delen 73.5% with current management retaining 26.5% (closing Sep 11)

• 100% transaction value: £ 85 mio (net equity as per sep 2011: £ 19 mio)

UK private client wealth management firmp g• Established in 1945 as partnership, incorporated in 2006• 305 headcount of which 190 Front Office, 45 Central Services and 70 Back Office• 90 investment managers, making each independent investment decisions for their clients

• Head office in London, offices in Leeds, Bristol, Ipswich, Bury St Edmunds and Cardiff

AuM per type 18%

59%23%

Discretionary (63% per Sep 13)Portfolio advisoryNon portfolio advisory and execution only

86

AuM: £ 5.5 billion (30.09.11) £ 7.8 billion (31.12.13)

Page 87: Ackermans & van Haaren - 2013 annual results

Bank J.Van Breda & C°: income statement

(in € 000) 2013 2012 2011Net interest income 76,767 79,144 73,472Net fee income 31,601 26,772 25,027Other income 9,348 7,992 1,323Gross revenues 117 716 113 908 99 822Gross revenues 117,716 113,908 99,822Operational expenses -64,756 -62,914 -57,884Amortisations & provisions -4,544 -3,543 -3,073Loan loss provision -1,488 -2,391 -1,675p , , ,Impairment AFS -13 -2,292 -9,802Expenses -70,801 -71,141 -72,434Negative goodwill 35,472Share of profit (loss) from equity accounted investments 220 278 200Exceptional cost* -60,112Profit before tax 47 135 17 067 63 059Profit before tax 47,135 -17,067 63,059Income taxes -14,760 45,049 -7,697Profit of the period Minority interests -828 -243 -482

87

y Share of the group 31,546 27,739 54,880

* Exit Beroepskrediet statute

Page 88: Ackermans & van Haaren - 2013 annual results

Bank J.Van Breda & C°: balance sheet

(in € 000) 2013 2012 2011

Cash & loans and advances to banks 243,164 91,104 237,881Cash & loans and advances to banks 243,164 91,104 237,881Financial assets - Financial assets available for sale 640,743 517,209 630,919 - Financial assets held for trading and fvo 1,243 5,462 8,825 L d i bl (i l di fi l ) 3 455 495 3 306 419 3 043 941 - Loans and receivables (including finance leases) 3,455,495 3,306,419 3,043,941 - Derivatives used for hedging 931 3,747 2,753Tangible assets 33,156 31,764 31,320Goodwill and other intangible assets 12,359 10,629 7,990Goodw ll a d ot e ta g ble assets ,359 0,6 9 ,990Other assets 23,204 26,431 15,937Total assets 4,410,294 3,992,765 3,979,566

Fi i l li bilitiFinancial liabilities- Deposits from credit institutions 106,320 68,647 12,818- Deposits from clients 3,598,537 3,327,944 3,343,184- Debt certificates (incl. bonds/ CP) 128,019 18,200 30,522( ) , , ,- Subordinated liabilities 84,473 87,305 93,974- Other 5,815 19,086 24,254Provisions, tax and other liabilities 38,856 27,341 63,849Mi it i t t 367 16 975 15 996Minority interests 367 16,975 15,996Equity (group share) 447,907 427,267 394,969Total liabilities 4,410,294 3,992,765 3,979,566

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Page 89: Ackermans & van Haaren - 2013 annual results

Solvency of banks

Bank J.Van Breda & C° Bank J.Van Breda & C

Evolution financial strength banks Source: IMFbanks Source: IMF

89

89

Page 90: Ackermans & van Haaren - 2013 annual results

ABK

• 1997-2010: Consistent track record of profitable internal growth o Stable number of branches: 40o Stable number of branches: 40o Increase of number of relationship managers: from 49 (1998) to 135 (2010)

• 2010: Acquisition of ABK (Antwerps Beroepskrediet)

Antwerp based niche bank catering towards small enterprises • Cooperative bank• 56 employees, 16 agencies

L t fi l ( di g D b 2010)• Last fiscal year (ending December 2010):• Loans of € 239.7 mio (€ 231 mio as of 30.06.11)• Deposits of € 293.2 mio (€ 308 mio as of 30.06.11)• Net equity of € 229.4 mioq y

• Net equity (after provisions and IFRS) as of May 31, 2011: € 195 mio

• Acquisition cost for 91.76%: € 57 mioParticipation in ABK increased to 99 9% in Dec 2013• Participation in ABK increased to 99.9% in Dec 2013

o LT strategic rationale: Development of new client segment close to Bank J.Van Breda core clientele and competencesST financial implications:

90

o ST financial implications: o Conso equity boosted from € 258 mio to € 413 mioo Core tier 1 equity ratio strengthened from 11.3% to 14.6%

Page 91: Ackermans & van Haaren - 2013 annual results

Sipef: Expansion

Planted area (in hectares) – beneficial interest

120.000

80 000

100.000

60.000

80.000South Sum expansion

PNG expansion

PNG

Bengkulu expansion

40.000

Bengkulu

North Sum expansion

North Sum

20.000

02005 2008 2012 2020

91Source: Sipef company presentation

Page 92: Ackermans & van Haaren - 2013 annual results

Sipef: Palm oil

92

Page 93: Ackermans & van Haaren - 2013 annual results

AvH: long term track record of growth and value creation: Sofinimvalue creation: Sofinim

NAV

600

Adjusted net asset value(in € mio)

300

400

500

100

200

300

02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

NAVNAV• Conservative benchmark (acquisition cost + group’s share

of results)No transaction value nor P/E based revaluations• No transaction value, nor P/E based revaluations

93

Page 94: Ackermans & van Haaren - 2013 annual results

Notes

94