DREDGING, ENVIRONMENT and CONTRACTING SERVICES
Based on a well-filled order book, DEME had a high level of activity, with its fleet in almost full use. Large new orders, in line with the expected strong market demand, are expected in the coming months. In addition, the environmental activities of DEC are experiencing further steady growth. Recently, the first of 2 new (5,800m³) trailing suction hopper dredgers was launched.
The activities of ALGEMENE AANNEMINGEN VAN LAERE evolved in the ordinary course and the company is preparing to tender for a number of large PPC projects.
FINANCIAL SERVICES
Supported by a continuous positive stock exchange climate in the first quarter of 2006, and thanks to among other things the acquisition of the Brussels stockbroker Rampelberghs & Cie (EUR 115 million in assets under management or advice), the capital entrusted to BANK DELEN increased by EUR 565 million to EUR 9,757 million (as against 31/12/05: EUR 9,192 million). Meanwhile, Bank Delen continues to invest in strengthening its commercial teams.
BANK J.Van BREDA & C° also had a promising start in what should be seen as a transitional year in view of the absence of the recurrent contribution of the leasing activities that were sold last year. The rise in interest rates puts the interest result under pressure; however, it was possible to compensate this through a further development of the clientele. Bank J.Van Breda was also able to count on strong growth of the asset management and insurance investments.
REAL ESTATE
LEASINVEST REAL ESTATE has increased its real estate portfolio from EUR 272.2 million to 420.3 EUR million. LRE acquired 51.13% in Dexia Immo Lux (D.I.L.), followed by a public take-over bid on the remaining shares. D.I.L. has a portfolio of 48,651 m² (mainly office buildings in the Grand Duchy of Luxembourg) at its disposal, with an occupancy rate of 94.39% and a rent yield of 7.04%. Furthermore AXA Belgium shall contribute a real estate portfolio of EUR 46.4 million in the share capital of LRE. AXA Belgium bought this portfolio of offices (14,000m²) and logistics centres (32,000m²) from Extensa. After this contribution, Extensa (100% AvH) will have an 28.9% interest in LRE.
EXTENSA made a capital gain of EUR 7.3 million on the sale of the above-mentioned portfolio to AXA Belgium. Extensa continues to work actively on its various real estate development projects. The Tour & Taxis Royal Warehouse is now completely occupied.
PRIVATE EQUITY
The activities of most portfolio companies are progressing normally:
- the participation in UBF was increased to 40.39% as a result of the entrance of Allianz Capital partners in replacement of NPM Capital;
- Oleon started the construction of a factory for the production of biodiesel which will be operational from 01/01/2007;
- Synvest increased its participation in VUM from 29.46% to 32.81%;
- the entire participation in IlloSpear has been transferred to the American group SPEAR in execution of the agreement in principle which was announced earlier this year. At this occasion, Sofinim took over the participation of 100% in Alupa from IlloSpear;
- Sofinim has also reached an agreement regarding the sale of its participation of 25% in SCF (E5-Mode) for a total price of EUR 19.6 million. This transaction, which should be completed before summer 2006, will generate for Sofinim a capital gain of EUR 4.9 million (part AvH: EUR 3.6 million). Taking into account an earlier group restructuring, the total IRR on the SCF-investment (1995 - 2006) equals 16.49%.
Net treasury and investment activity of the AvH group
- at the level of AvH:
- at the level of SOFINIM:
- at the level of GIB:
The total of these already-realised (Finaxis, Flo, Cobelguard, Trasys, Alupa) and still to be finalised investments represents an amount of EUR 165 million.
The net treasury position of the AvH group evolved from EUR 434.4 million (as of 31/12/05) to EUR 341.2 million (as of 31/03/06), from which only the Finaxis and Flo investments could be taken into account in this 1st quarter.
AvH Holding
In the 1st quarter of 2006, a capital gain of EUR 3.9 million was realised on the sale of Soficatra, IBF (as part of the MBO after which the AvH-group holds a minority interest of 30%) and a group restructuring at Henschel Engineering (AvH-group 50%).
Prospects 2006
Based on the operational progress of affairs in the largest important participations in the first quarter of 2006, the Board of Directors confirms the prospect of "a further improvement of the current results of the operational participations".
Calendar 2006
1 June 2006 payment of dividend
8 September 2006 announcement of the semestrial results 2006
27 November 2006 quaterly update Q3 2006
2nd week of March 2007 announcement of the annual results 2006
AvH- Bel 20 Share Index
Euronext Brussels reported that as of May 11th 2006, the AvH share is the only one that fulfils the criteria for admission into the Bel 20 Index if changes should occur in the period as of May 16th until June 15th 2006.
All press releases issued by AvH and its most important group companies as well as the 'Investor Presentation' can also be consulted on the AvH website: www.avh.be.
Antwerp, May 22nd 2006
For further information please contact:
Luc Bertrand
CEO - Chairman of the Executive Committee
tel: +32.3.231.87.70
e-mail : dirsec@avh.be
Jan Suykens
Member of the Executive Committee
tel: +32.3.897.92.13
e-mail : dirsec@avh.be
Ackermans & van Haaren is a diversified group active in 4 key sectors: dredging, environmental and construction services (DEME, one of the largest dredging companies in the world - Algemene Aannemingen Van Laere, a leading contractor in Belgium), private banking (Bank Delen, one of the largest independent private asset managers in Belgium - Bank J.Van Breda & C°, niche bank for entrepreneurs and liberal professions), Real Estate (Leasinvest Real Estate-Extensa, an important real estate developer and investor in Belgium/Luxembourg) and private equity (Sofinim, one of the largest private equity providers in Belgium, and GIB).
The group concentrates on a limited number of strategic participations with an important potential for growth. Market capitalisation of AvH is approximately € 2 billion.
AvH is included in the BEL Mid index and is a member of Euronext Next Prime.
Ackermans & van Haaren is a diversified group active in 4 key sectors: dredging, environmental and construction services (DEME, one of the largest dredging companies in the world - Algemene Aannemingen Van Laere, a leading contractor in Belgium), private banking (Bank Delen, one of the largest independent private asset managers in Belgium - Bank J.Van Breda & C°, niche bank for entrepreneurs and liberal professions), Real Estate (Leasinvest Real Estate-Extensa, an important real estate developer and investor in Belgium/Luxembourg) and private equity (Sofinim, one of the largest private equity providers in Belgium, and GIB).
The group concentrates on a limited number of strategic participations with an important potential for growth. Market capitalisation of AvH is approximately € 2 billion.
AvH is included in the BEL Mid index and is a member of Euronext Next Prime.
Ackermans & van Haaren is a diversified group active in 4 key sectors: dredging, environmental and construction services (DEME, one of the largest dredging companies in the world - Algemene Aannemingen Van Laere, a leading contractor in Belgium), private banking (Bank Delen, one of the largest independent private asset managers in Belgium - Bank J.Van Breda & C°, niche bank for entrepreneurs and liberal professions), Real Estate (Leasinvest Real Estate-Extensa, an important real estate developer and investor in Belgium/Luxembourg) and private equity (Sofinim, one of the largest private equity providers in Belgium, and GIB).
The group concentrates on a limited number of strategic participations with an important potential for growth. Market capitalisation of AvH is approximately € 2 billion.
AvH is included in the BEL Mid index and is a member of Euronext Next Prime.
