VAN LANSCHOT: 2007 FIRST-HALF PROFIT UP 9.5%

• Substantially higher level of activities leads to an increase in income from operating activities by more than 30% to € 335.4 million
• Net profit rises 9.5% to € 101.6 million
• Earnings per share up (+1.1%) despite the issue of new shares
• Expected growth in earning per share for 2007 in line with strategic objective
• Combination of Van Lanschot's asset management and securities business with that of Kempen & Co finalised
• Intention to conclude collaboration agreement with De Goudse NV;
  • De Goudse NV to take a 51% interest in Van Lanschot Assurantiën
  • Exclusive 20-year distribution agreement
  • Agreements about management and advice regarding De Goudse NV's investment portfolio by Kempen & Co

 

 

 

Van Lanschot's private banking strategy, which was fine-tuned last year, is paying off. The number of private banking clients rose by 2.6% in the first half of 2007. Assets under discretionary management for private clients climbed by 10.7% to € 6.4 billion. Savings accounts and deposits of private clients rose by € 0.7 billion (19.7%) to € 4.8 billion. The inflow of new funds entrusted in particular was positively impacted by the takeover battle in the Dutch financial sector.

 

The optimistic mood on the stock exchanges and the good performance of the in-house funds resulted in a strong growth of commission income. Commission climbed by 107.0% to € 159.0 million compared with the first half of 2006. A further slight contraction of the interest margin led to a decline in net interest income by 2.7% to € 131.5 million compared with the first half of 2006. However, there was a clear improvement compared with the second half of 2006 (+5.5%).

 

The bank is further refining its service model for high net-worth private clients. Ultra high net-worth clients (with freely investable assets exceeding € 5 million) of Van Lanschot and Kempen & Co are being given the option of being served under the label "Van Lanschot Kempen".

 

In the first six months of 2007, Van Lanschot's activities in the field of the securities trading and asset management were combined with those of Kempen & Co in Amsterdam. This led to the loss of about forty jobs.

 

Business Banking experienced a considerable rise in loans and advances from € 4.1 billion at year-end 2006 to € 4.7 billion at the end of June 2007, in part thanks to a 6.1% increase in the number of clients.

 

In Belgium, our second home market, the positive trend continued. The number of target group clients of Van Lanschot Belgium was up by 5.2% in the first half of 2007. Gross profit climbed from € 3.6 million in the first half of 2006 to € 3.9 million in the first half of 2007. International Private Banking (Luxembourg, Switzerland, Curacao) also developed satisfactorily; gross profit rose from € 6.6 million to € 7.5 million.

 

Net profit of the bank was up from € 92.8 million to € 101.6 million, a rise of 9.5%. As expected, Kempen & Co made a positive contribution to earnings per share; earnings per share rose from € 2.77 to € 2.80, despite the issue of new shares. As at 2 January 2007, 2.4 million new shares were issued. The total number of outstanding shares at 30 June 2007 is 34.9 million, a 7.6% increase compared with 30 June 2006.

 

Van Lanschot consciously strives for a low risk profile. The quality of the loans portfolio is high thanks to our strict lending policy. The percentage of non-performing loans covered by the impairment provision is 146.5% (30 June 2006: 132.9%). The impairment provision, expressed as a percentage of risk-weighted assets, is 0.79% (30 June 2006: 0.97%).

 

In the first half of 2007, the bank's funding ratio (the ratio of public and private sector liabilities to total loans and advances) rose from 77.4% to 85.1%. The loan-to-deposit ratio (being the reverse of the funding ratio) declined from 129.2% to 117.5%.

 

Standard & Poor's reconfirmed Van Lanschot's credit rating in July 2007: Single A with stable outlook.

 

On 1 June 2007, Van Lanschot realised its first RMBS (Residential Mortgage-Backed Security) transaction for an amount of € 1.5 billion in mortgage loans. These 'eligible assets' can serve as collateral with De Nederlandsche Bank. Van Lanschot intends to perform another few securitisation transactions in order to reinforce its solvency position further. The aim of the securitisation programme is to reduce Van Lanschot's exposure on the mortgage market.

 

Given its low risk profile and the nature of the activities pursued by the bank, Van Lanschot has not been impacted by the recent turbulence on the financial markets.

 

Van Lanschot's mortgage portfolio totalled € 7.9 billion at the end of June 2007. The quality of these loans is very high: at 30 June 2007, an amount of € 16.4 million in provisions was formed for these loans, which is only 0.02% of the portfolio. In general, the mortgage loans granted by the bank are customized solutions tailored to the specific wishes of high net-worth clients, instead of standard products. Applications are assessed on more factors than solely income; the client's assets and complete financial position also play a role. The average mortgage amount at Van Lanschot of € 415,000 is relatively high.

 

Fierce competition on the mortgage market has put increasing pressure on the margins in the past few years, both for new lending as well as for existing loans. Since the rates in the Netherlands are still favourable compared with those in other countries such as Belgium or France, we expect margins in the Netherlands to decrease further. For this reason, Van Lanschot is reducing its focus on mortgages. The bank will continue to be active in this market, but only for its own clients as part of the bank's full-service approach.

 

Within the scope of its full-service approach, Van Lanschot wants to be able offer its clients insurance products. However, to do so it does not have to be the owner of an insurance broker. The bank's insurance broker, Van Lanschot Assurantiën BV, currently operates within the bank as a relatively autonomous unit. Firstly, as an insurance broker it has another client approach and service model than the bank. Secondly, Van Lanschot Assurantiën primarily focuses on the corporate market (65% of revenues) and secondly on the private market (35% of revenues), while the bank focuses primarily on the market for private individuals.

 

Van Lanschot intends to conclude a collaboration agreement with De Goudse NV for Van Lanschot Assurantiën. This agreement will be twofold. Firstly, De Goudse NV will acquire a 51% interest in Van Lanschot Assurantiën BV. This is expected to result in a gain of approximately € 20 million for Van Lanschot in the second half of 2007. The operations of Van Lanschot Assurantiën will be continued under the name Van Lanschot Chabot BV. This agreement is expected to become effected as at 1 November 2007. Van Lanschot and Van Lanschot Chabot have entered into an exclusive distribution agreement for a period of 20 years. We believe that the new shareholder structure will give a positive boost to the distribution of insurance products.

 

In addition, under the collaboration agreement De Goudse NV will transfer the management of part of its investments and the advice on its investments to Kempen & Co. It has been agreed that Kempen Capital Management will manage € 350 million of the investment portfolio of De Goudse NV. Moreover, Kempen Capital Management, as strategic investment partner, will be responsible for providing advice on matters such as asset allocation, portfolio construction and risk management, as well as transaction execution and administration of the investment portfolio worth € 1.5 billion.

 

The acquisition of Kempen & Co led to an increase in staff by 342 employees at 2 January 2007. The number of staff at Van Lanschot declined slightly. The workforce totals 2,684 employees at the end of June 2007 (31 December 2006: 2,370). The bank will continue unabated with its investments in staff. The budget for training and education was increased from 2.8% of total wage costs in 2006 to 3.8% of total wage costs in 2007.

 

The bank's upgrading of the IT environment is in full swing; several modules have already been implemented. In the first six months, a renewed system for Internet banking and the second module of the Management Information System were taken into use. Implementation of the Customer Relationship Management system (CRM) will start in September. All commercial units will work with CRM by the end of the year. In the first half of 2007, an amount of € 1.0 million was charged to profit for the IT project. To date, € 38.0 million has been capitalised.

 

Specific projects, such as Mifid, Basel II and SEPA, also require a major effort in terms of staff and resources. This is currently putting upward pressure on the efficiency ratio, i.e. the ratio of operating expenses to income from operating activities.

 

OUTLOOK FOR 2007

 

We expect a continuation of the inflows in assets under management and savings accounts in the second half of this year. Commission income strongly depends on market conditions and is therefore difficult to predict. We expect the interest margins not to contract further in view of the recent unrest on the credit markets. In mortgage lending, we will continue to be somewhat reticent. The bank's cost level is expected to stay at approximately the same level as in the first half year. The tax burden for 2007 as a whole is expected to be in line with last year. In addition, a gain on the sale of the 51% interest in Van Lanschot Assurantiën is expected to be realised in the second half of the year. On balance, based on unchanged market conditions, we expect earnings per share for 2007 to rise in line with the bank's strategic objective.

 

Net profit for the first half of 2007 totalled € 101.6 million, which is a 9.5% rise compared with the first half of 2006 (€ 92.8 million). The earnings per share land at € 2.80, a slight improvement compared with the first six months of 2006 (€ 2.77). With effect from 2 January 2007, Kempen & Co became a 100% subsidiary of Van Lanschot NV. In order to allow a proper comparison between the periods, the table below contains the pro forma results of Van Lanschot for the first half of 2006 including the results of Kempen & Co. On a pro forma basis, net profit for the first six months of 2007 shows a 7.6% decline compared with the first six months of 2006 (€ 109.9 million). This can be mainly attributed to a number of exceptional items, i.e. the release of the provision for healthcare costs (€ 19.5 million) in 2006 and the amortisation of the intangible assets of Kempen & Co (€ 8.2 million) in 2007. The intangible assets include among other things the Kempen & Co brand name, the client base and the pipeline of current corporate finance assignment.

 

In addition, the figures have been adjusted for Van Lanschot Assurantiën. Van Lanschot Assurantiën's net profit is disclosed separately under 'discontinued operations'. This adjustment leads to a reduction in income from operating activities by € 14.1 million in the first six months of 2007 and € 15.0 million in the first six months of 2006.

 

 

Income from operating activities was up by € 23.4 million (7.5%) from € 312.0 million in the first six months of 2006 to € 335.4 million in the first half of 2007.

 

With a sharp increase of € 32.2 million, commission income was the major driving force behind the increase in income from operating activities. Commission income went up 25.4% from € 126.8 million in the first half of 2006 to € 159.0 million in the first half of 2007. Growth in securities commission in particular contributed to this, thanks to the positive mood on the stock exchanges, higher management fees and performance fees received. Securities commission rose 28.6% from € 111.3 million to € 143.1 million. Other commission (commission on cash transactions and funds transfers and other commission) remained at a level of about € 15.5 million.

 

Net interest income decreased by 4.3%, from € 137.4 million to € 131.5 million. This decline can mainly be attributed to the substantially lower penalty interest on early repayment of loans, from € 6.7 million in the first six months of 2006 to € 2.6 million in the first six months of 2007. The positive trend of the underlying volumes was partly offset by a further declining interest margin. The interest margin narrowed from 1.42% at year-end 2006 to 1.31%. Savings accounts and deposits of private clients rose by € 0.7 billion (18.6%) to € 4.8 billion. Mortgages were slightly up by € 0.1 billion to € 7.9 billion and loans to private clients also rose slightly by € 0.2 billion to € 1.6 billion. On the corporate side, deposits grew by € 0.4 billion (18.2%) to € 2.6 billion and the volume of corporate loans climbed by € 0.6 billion to € 4.7 billion.

 

Income from securities and associates remained stable at the 2006 level of € 14.8 million. Gains on 'available-for-sale' investments dropped by € 7.5 million to € 4.3 million. Dividend payments on shares in the investment portfolio, reported in this item, totalled € 7.1 million (first six months of 2006: € 11.3 million). These lower gains on the sale of investments and the lower dividend flow were offset by higher valuation gains.

 

Profit on financial transactions decreased by 8.8% from € 33.0 million in the first half of 2006, to € 30.1 million in the first half of 2007. Profit on financial transactions comprises realised and unrealised valuation differences on the trading portfolio, exchange differences and realised and unrealised gains and losses on derivatives.

 

In the first six months of 2007, operating expenses grew by € 39.7 million (23.0%) from € 172.8 million in the first six months of 2006 to € 212.5 million. When ignoring exceptional items, operating expenses were up by 6.2%. The exceptional items comprise the release of the provision for healthcare costs of € 19.5 million in the first half of 2006 and the amortisation of intangible assets of € 8.2 million, resulting from the acquisition of Kempen & Co, in the first half of 2007.

Staff costs were 24.3% higher from € 104.1 million to € 129.4 million, an increase of € 25.3 million. Adjusted for the release of the provision for healthcare costs in the first half of 2006, staff costs rose 4.7% from € 123.6 million to € 129.4 million. The higher staff costs are the result, on the one hand, of a 3.3% increase in the number of employees (from 2,361 at the end of June 2006 (exclusive of Van Lanschot Assurantiën) to 2,440 at the end of June 2007 (exclusive of Van Lanschot Assurantiën), and on the other hand of regular pay increases, further alignment of remuneration with the market situation, and further investments in staff quality.

 

Other administrative expenses increased by 9.2% from € 58.6 million to € 64.0 million. The increase was mainly caused by a rise in IT costs. This mainly concerned the costs of external staff who were hired because many internal employees were working on the IT project. This concerned 164 external staff members in the first half of 2007 (first half of 2006: 113). Within the scope of this IT project, € 1.0 million was charged to profit in the first half of 2007. An amount of € 38.0 million has been capitalised up to and including the first half of 2007. In the first half of 2007, € 0.6 million was depreciated on the modules taken into use.

 

Depreciation and amortisation charges shot up by 89.1% from € 10.1 million to € 19.1 million. This increase was caused by the amortisation of the intangible assets arising on the acquisition of Kempen & Co. In the first half of 2007, this involved an amount of € 8.2 million. For the second half of the year, this will be € 5.4 million.

 

On balance, the item impairments showed a release of € 2.3 million. The provisions formed in previous years for a number of specific loans could be substantially reduced. In the first half of the previous year, € 2.0 million was added to the provisions on balance. Loans written off totalled € 6.0 million in the first six months of 2007. The percentage of non-performing loans covered by the impairment provision was 146.5% (30 June 2006: 132.9%).

 

Income tax on operating profit for the first half of 2007 totalled € 25.9 million. This corresponds with a tax burden of 20.7%. The tax burden for the first half of 2006 was 22.3%. We expect the tax burden for the full year 2007 to be in line with that of the previous year (17.7%).

 

The efficiency ratio, i.e. the ratio of operating expenses to income from operating activities, increased from 55.4% in the first half of 2006 to 63.4%.

 

The item discontinued operations comprises the net profit of Van Lanschot Assurantiën. Net profit of Van Lanschot Assurantiën declined by 30.3% from € 3.3 million in the first half of 2006 to € 2.3 million. This decline can be fully attributed to lower commission income. Commission income for the first half of 2006 was boosted by non-recurring income from prior years as a result of new rules for the disclosure of commission by intermediaries.

 

 

Earnings per share for the first half of 2007 were € 2.80, which is slightly higher than the earnings per share for the first half of 2006 ( € 2.77). The average number of outstanding ordinary shares compared with the first half of 2006 rose by 8.0% due to the issue of new shares in order to finance the acquisition of Kempen & Co.

 

 

(x € million)	30-6-2007	31-12-2006	%	Pro-forma 31-12-2006	%
Public and private sector liabilities	13,460	11,413	17.9%	11,756	14.5%
- savings accounts	4,349	3,716	17.0%	3,716	17.0%
- deposits	3,089	2,489	24.1%	2,529	22.1%
- other	6,022	5,208	15.6%	5,511	9.3%
Loans and advances to the public and private sectors	15,811	14,746	7.2%	14,955	5.7%
- mortgage loans	7,942	7,790	2.0%	7,790	2.0%
- loans to private clients	1,618	1,214	33.2%	1,423	13.7%
- corporate loans	4,670	4,058	15.1%	4,058	15.1%
- other	1,581	1,684	-6.1%	1,684	-6.1%
Shareholders' funds	1,613	1,367	18.0%
Total assets	21,406	18,739	14.2%
BIS total capital ratio (%)	12.4	13.7
BIS Tier 1 ratio (%)	8.9	10.0		.
BIS Core Tier 1 ratio (%)	6.5	7.3

 

Total assets at 30 June 2007 came to € 21.4 billion, compared with € 18.7 billion at 31 December 2006. This increase is due to the acquisition of Kempen & Co, as well as a considerable growth on the liabilities side. Amounts due to the public and private sectors were substantially higher (17.9%) due to the focus on attracting savings and deposits from our target group clients. The bank's funding ratio (the ratio of public and private sector liabilities to total loans and advances) was 85.1% at the end of June 2007. At year-end 2006, this ratio was 77.4%.

 

Shareholders' funds climbed from € 1,367 million at 31 December 2006 to € 1,613 million at 30 June 2007. This increase can be attributed to the retained earnings and the issue of new shares in connection with the acquisition of Kempen & Co. For the movements in shareholders' funds, reference is made to the Appendix.

 

The return on average shareholders' funds for the first half of 2007 declined from 17.4% to 15.9%.

 

The decline of the BIS ratio from 13.7% to 12.4% was mainly caused by the qualifying capital which stayed nearly stable. Capital increased during the reporting period thanks to the capital increase as a result of the acquisition of Kempen & Co, revaluations and the net profit for the current financial year. For the calculation of the solvency ratios, the goodwill paid (€ 169.7 million), as well as the capitalised intangible assets in connection with the acquisition are deducted. As a result, capital for the purpose of the solvency ratios remained nearly the same. The risk-weighted assets rose by € 1.4 billion to € 13.1 billion.

 

 

The combination of the asset management departments of Van Lanschot and Kempen & Co has prompted the redefinition of the concept of 'assets managed' into 'assets under management'[1]. Assets under management is a wider definition than the previous term 'assets managed' and gives more insight into the funds entrusted to and managed by Van Lanschot.

 

Assets under management rose by € 2.6 billion from € 30.0 billion (inclusive of Kempen & Co) to € 32.6 billion in the first half of 2007, an 8.7% increase.

 

In the first six months of 2007, assets under discretionary management grew by € 0.8 billion from € 15.4 billion to € 16.2 billion. More than 50% of this increase can be attributed to the net inflow of new funds. The remainder is the favourable effect of the stock markets.

 

The largest increase was in assets under discretionary management for private clients; these rose from € 5.7 billion to € 6.4 billion (+10.7%). This rise was largely caused by the growth in the Manager of Funds concept and the Index Guarantee Contracts. Assets under discretionary management for institutions declined slightly from € 4.9 billion to € 4.8 billion. A number of institutional clients had assets under discretionary management at both Van Lanschot and Kempen & Co. These clients decided to move part of their managed assets elsewhere, due to the combination of the asset management departments of Van Lanschot and Kempen & Co. Despite a minor net outflow, assets under discretionary management of the in-house funds recorded a growth of € 0.2 billion, from € 4.8 billion to € 5.0 billion. This growth can be attributed to the favourable performance of the stock markets.

 

Assets under non-discretionary management were up by 12.3% from € 14.6 billion at year-end 2006 to € 16.4 billion at the end of June 2007.

 

 

The breakdown of results by segment was adjusted as a result of the acquisition of Kempen & Co. The new segmentation is Private Banking, Asset Management, Business Banking, Securities & Corporate Finance and Other activities. Income and costs which cannot be allocated to another segment fall in the segment Other activities. The income of this segment concerns income from interest rate, market and liquidity risk management.

 

The CenE Bankiers segment (Healthcare) is no longer reported separately, but now falls in the Business Banking segment. In addition, Insurance as a segment is no longer reported separately. Van Lanschot Assurantiën is classified as discontinued operations of Van Lanschot in view of the intended collaboration agreement with De Goudse NV.

 

	Private Banking	Asset Management	Business Banking	Corporate Finance & Securities	Other activities	Total
Operating profit by business segment
% of total H1 2007	35%	19%	25%	13%	8%	100%
% of total H1 2006	31%	10%	24%	11%	24%	100%

 

 

To enable a proper comparison, the discussion of the business segments is based on the pro forma figures, in which the figures of Van Lanschot for the first and second half of 2006 are stated including the results of Kempen & Co.

 

In the first half of 2006, the release of the provision for health care costs (€ 19.5 million) was divided over all business segments. As a result, all business segments show an increase in staff costs for the first half of 2007 compared with the first half of 2006.

 

 

Income from operating activities for the first six months of 2007 was up by 9% compared with the first half of 2006. In particular, the growth in securities commission contributed to the growth in total commission from € 57.8 million in the first half of 2006 to € 67.6 million in the first half of 2007. In addition to the increase in commission, interest income also increased. Savings accounts and deposits were up € 0.7 billion (18.6%) to € 4.8 billion in the first half of 2007, while loans and advances grew by € 0.3 billion (3.8%) to € 9.5 billion. The number of target group Private Banking clients was 2.6% higher in the first half of 2007.

 

Operating profit before tax of Private Banking totalled € 44.3 million, a 5% rise compared with the first six months of 2006.

 

Assets under discretionary management for private clients increased by € 0.7 billion (10,7%) for the first half of 2007, from € 5,7 billion to € 6,4 billion. Manager of Funds mainly accounted for this growth, which rose by € 0.3 billion for the first half of 2007 to € 0.9 billion. The Index Guarantee Contracts were again in high demand. The amount invested in them by private clients rose by 18.6% from € 1.0 billion to € 1.2 billion.

 

In Belgium, our second home market, the positive trend continued. The number of target group clients of Van Lanschot Belgium was up by 5.2% in the first half of 2007, while growth in the client base of Belgian private clients was 7.5%. The volume of loans and advances declined slightly due to higher one-off repayments. Gross profit climbed from € 3.6 million in the first half of 2006 to € 3.9 million in the first half of 2007, an increase of 8.3%. Commission income in particular showed a solid growth (+17.9%), while interest income showed a slight decline due to the contracting margin. As in the Netherlands, Van Lanschot Belgium is further refining its service model and product offering for high-net worth individuals.

 

Operating profit before tax generated by the International Private Banking activities of our foreign branches (Van Lanschot Curacao, Van Lanschot Luxembourg and Van Lanschot Switzerland) rose from € 6.6 million to € 7.5 million. The growth in operating profit before tax, compared with the first half of 2006, can mainly be accounted for by the higher securities commission at both Van Lanschot Luxembourg and Van Lanschot Switzerland.

 

 

The Asset Management business segment comprises the asset management activities of Van Lanschot.

 

Income from operating activities, which is mainly commission, of the Asset Management segment increased from € 27.9 million to € 44.9 million, a 61% rise (€ 17.0 million). Additional income was realised in the first half of 2007 through higher performance and management fees. Total assets under management were up by € 2.7 billion at € 32.6 billion. Assets under discretionary management rose € 0.8 billion to € 16.2 billion. Expenses were on the rise; they increased by 41% from € 15.2 million to € 21.5 million, in particular due to the growth in the number of staff and higher amounts accrued for bonuses.

 

Operating profit before tax of Asset Management amounted to € 23.4 million, an 84% increase.

 

 

The Business Banking segment also comprises the Healthcare activities.

 

Income from operating activities remained stable at a level of € 67.3 million. Compared with the first half of 2006, interest income declined slightly. Loans and advances to corporate clients showed a solid growth in the first six months of 2007. They rose by € 0.6 billion (+15.1%) to € 4.7 billion. This was offset by a minor growth in funds entrusted. The item 'Impairments' was on balance a release, due to amounts released from the provision for a number of large loans. The number of business banking clients rose by 6.1%.

 

Operating profit before tax of Business Banking amounted to € 30.9 million, an 8% decline compared with the first six months of 2006.

 

For CenE Bankiers (the Healthcare segment), forming part of the Business Banking segment, income from operating activities dropped from € 10.3 million in the first half of 2006 to € 8.5 million in the first half of 2007. This decline resulted from reduced interest income. Commission income stabilised, as did total expenses. The number of healthcare clients was up by 4.7% in the first half of 2007 thanks to a growth in the client target group of medical professionals.

 

 

Income from operating activities in this segment increased by 15%, from € 37.0 million in the first half of 2006 to € 42.4 million in the first half of 2007. This income is volatile in nature and depends on stock exchange trends and the number of assisted share issues, mergers and acquisitions. Commission climbed 23% compared with the first half of 2006, thanks to higher consultancy fees and share issue commission. The higher expenses resulted from the increase in the number of staff and higher amounts accrued for bonuses. Operating profit before tax increased from € 15.6 million to € 16.1 million.

 

 

Income from operating activities fell by 26% from € 45.7 million to € 34.0 million. This segment includes in particular the volatile items arising from the application of hedge accounting and sales of shares from the investment portfolio. The drop in interest income was caused by the higher interest expenses on the Floating Rate Notes in the first half of 2007 due to rising market interest rates. Expenses rose sharply by 91% from € 12.3 million to € 23.5 million, mainly due to the allocation of the intangible asset amortisation of € 8.2 million in full to this segment.

 

 

 

's-Hertogenbosch, 17 August 2007

[1] Assets under management are defined as the client assets entrusted to Van Lanschot. The portion of these assets that is managed by the bank is reported as assets under discretionary management. Assets managed was the term previously used, however assets under discretionary management also includes the amount invested in Index Guarantee Contracts.

 

 

Press contact for Van Lanschot Bankiers Belgium: Gerrit Verlodt, Chairman of the Executive Committee.

Telephone +32 (0)3 286 43 22; mobile +32 (0)4 75 54 62 18, fax +32 (0)3 286 78 01.