1H11 1H10 2010 - Ackermans & van Haaren

Investor presentation 

November 16, 2011

Simplified organisation chart 

As per 30/09/11 

(*) Sold in 2H11 

* 

2

Consolidated group result 

(in € mio) 1H11 1H10 2010 2009 2008 

Contracting, dredging, conc. 20.5 27.4 58.7 50.8 72.8 

Real estate and related services -0.8 -0.3 8.6 -0.7 7.5 

Private banking 59.3 33.2 63.6 45.3 38.4 

Private equity 3.1 7.0 13.3 3.4 7.8 

Energy and materials 9.4 8.4 16.5 12.8 9.9 

Result from participations 91.5 75.6 160.7 111.6 136.4 

Private equity q y capital p gains g 

0.3 -0.8 -0.3 4.4 10.4 

Result from participations (incl. 

capital gains) 91.8 74.8 160.4 116.0 146.8 

AvH & subholdings 1.4 -1.5 -0.1 1.2 -36.0 

Other non-recurrent result 0.2 0.2 0.5 0.3 3.7 

CConsolidated lid d group result l 93 93.44 73 73.55 160 160.88 117 117.55 114 114.66 

3

Highlights 1H11 

DEME 

Strong increase of order book to € 2,422 mio (€ 2,387 mio per 31.03.11 and € 1,935 mio per 31.12.10) 

Loss on environmental project in Santos (Brazil), but strong fleet occupation 

REAL ESTATE 

LRE: portfolio value of € 504 mio; Occupancy rate 94.1%; Rental yield 7.33% 

Extensa : limited contribution from recurring sales of land plots and promotion projects 

Cobelguard: agreement to sell to Securitas (pending ‘competition’ competition clearance) 

Duval: turnover increase from promotion. Profitability impacted by seasonal effect holiday parks. 

Anima Care: acquisition of “Clos du Trimbleu” (Blegny, 47 beds) and “Zevenbronnen” (Walshoutem, 64 beds) 

PRIVATE BANKING 

Delen – Private Bank 

•Continued strong inflow of AUM to € 15,829 mio (vs € 15,585 mio per 31.03.11) 

•Agreement to acquire majority stake (73.5%) in JM Finn & Co 

Bank J.Van Breda & C° 

•Takeover of Antwerps Beroepskrediet (ABK) finalized: conso impact (badwill) € 27 27.9 9 mio (group share) 

•Total client assets increased to € 7,174 mio, of which € 308,0 mio from ABK (vs 6,696 mio per 

31.03.11); loan portfolio increased to € 2,960 mio, of which € 230,9 mio from ABK (vs € 2,693 mio (per 

31.03.11); stable low loan loss provision 

PRIVATE EQUITY 

Continued improvement of most private equity results; non recurring charges at Hertel 

Groupe Flo: Increase of turnover and net result (+27%) despite slow market 

Increase of GIB participation in Trasys Group to 83.89% and Groupe Flo to 47.6% 

ENERGY AND MATERIALS 

Sipef: Strong increase of palm oil production (+13%), turnover (+38%) and net result (+77%) 

Increase of AvH participation to 25.64% 

4

Highlights 3Q11 

DEME 

Order book at high level: € 2,260 mio (€ 2,422 mio per 30.06.11 and € 1,935 mio per 31.12.10) 

Continued high activity level 

REAL ESTATE 

LRE: portfolio value of € 503 mio; Occupancy rate 93.9%; Rental yield 7.29% 

Extensa : limited contribution from sales of land plots and promotion projects 

Cobelguard: sale to Securitas completed in October 

Duval: expected improvement of result realized 

PRIVATE BANKING 


•AUM € 14,910 mio (€ 15,829 mio per 30.06.11 and € 15,272 mio per 31.12.10). AuM impacted by very 

volatile market, partially compensated by important net inflow 

•Acquisition of majority stake (73.5%) in JM Finn & Co approved in September 


•Total client assets assets, excl ABK ABK, increased to € 66,936 936 mio (€ 6 6, 866 mio per 30 30.06.11 06 11 and € 66,369 369 mio per 

31.12.10); loan portfolio , excl ABK, amounted to € 2,730 mio; low loan loss provision 

•Participation in Antwerps Beroepskrediet (ABK) increased to 91.76% 

PRIVATE EQUITY Q 

Private equity participations showed divergent trends 

Groupe Flo: Increase of turnover and net result despite declining customer confidence 

Increase of Sofinim participation in Egemin to 59.5% 

ENERGY AND MATERIALS 

Sipef: Continued positive trend with increase of palm oil production (+9%) 

Max Green: biomass plant at Rodenhuize officially commissioned 

5

Other key figures (1H11-3Q11) 

Consolidated balance sheet AvH group 3Q11 1H11 2010 

(i (in € mio) i ) 

Shareholders' equity (group share) 1,743.6 1,711.4 

Net cash AvH and subholdings 70.0 69.7* 77.7** 

* After € 51.3 mio dividends, € 23.2 mio investments (Sipef, Anima Care) and € 7.8 mio divestments 

** After € 47.7 mio dividends, € 41.1 mio investments (Hertel, Sipef, Financière Duval, OQM and 

Anima Care) and € 21.6 mio divestments (Engelhardt) 

Key figures per share 3Q11 1H11 2010 

Number of shares (#) 33 33,496,904 496 904 33 33,496,904 496 904 

Net result per share (€) 2.82 4.86 

Gross dividend 1.55 

Net equity 52.05 51.09 

Stock price: highest 71.72 71.72 64.9 

llowest t 51 51.00 00 61 61.03 03 45 45.7 7 

close 53.06 66.99 62.5 

6

2500 

2000 

1500 

1000 

500 

0 

Net equity vs market capitalization 

(in million euro) 

Average annual growth of 

13.2% over the last 10 year 

(2000-2010) 

Net equity (share of group) 

Market capitalization 

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H11 

7

AvH share performance vs. BEL 20 

AVH AVH rebased to 100 BEL20 rebased to 100 

8

Net cash position AvH group 

(1H11-3Q11) 

(1H11 3Q11) 

AvH & Private Total Total 

(in € 000) subholdings equity (30/06/2011) (30/09/2011) 

Investment portfolio 22,929 22,929 19,288 

Term deposits 40,747 9,900 50,647 68,977 

Intercompany p y deposits p -67,035 , 67,035 , 

0 0 

Cash 4,681 420 5,101 2,527 

Sh Short t t term ddebt bt - commercial i l paper -37,782 37 782 -37,782 37 782 -38,768 38 768 

Own shares (#364,400) 17,956 17,956 17,422 

Net cash GIB (50%) and Other 10,856 522 

(equity consolidation) 

-18,504 77,355 69,708 69,970 

9

DEME 

One of the 

largest and most 

diversified 

dredging and 

marine 

engineering 

companies in the 

world ld 

Segment ‘Contracting, dredging 

and concessions’ 

concessions 

• Dredging was at the origins of Ackermans & van Haaren in 1876 

• Later diversification towards (maritime) construction and concessions 

VAN LAERE 

General 

contractor of 

large 

construction 

projects 

NMP 

Operator p of 

pipelines for gas 

and chemicals 

RENT-A-PORT 

Specialised p in port p 

development and 

logistics 

Since 1876 Since 1989 Since 1994 (NIM) Established in 2007 

10

Contracting, dredging and concessions 

Contribution to the AvH consolidated 

net result (group share) (in € mio) 1H11 1H10 2010 

Contracting, dredging and concessions 20.5 27.4 58.7 

DEME 20.5 27.8 58.3 

Rent-A-Port -1.5 -1.5 -1.5 

A.A. Van Laere 0.8 0.4 0.5 

Nationale Maatschappij der Pijpleidingen 0.7 0.7 1.5 

21.9% 

22.7% 

11

Ruwais, Abu Dhabi (UAE) 

DEME: Creating land for the future 

One of the largest and most diversified dredging and 

marine engineering companies in the h world ld 

London Gateway Project Project (UK) 

Scaldis, heavy lifting: Rambiz on 

Thornton Bank (C-Power wind farm) 

Walney (UK) 

12

DEME: key figures 

Consolidated key figures (in € mio) 1H11 1H10 2010 

Turnover 825.5 887.8 1,800.6 

EBITDA 138.2 155.3 328.7 

EBIT 61.9 83.8 176.9 

Net result 41.0 55.6 116.5 

Net cash flow 112.3 131.2 274.3 

Shareholder's equity 674.0 604.1 667.3 

Net financial position -602.3 -511.1 -481.0 

Total assets 2,277.1 2,135.1 2,172.5 

# personnel 3,734 3,583 3,635 

13

DEME: operational highlights 1H11 

• Turnover of € 825 mio with strong capacity utilization (see next slide) 

• Decrease of EBITDA and net result due to loss on environmental project p j in Santos 

(Brazil) 

• Underlying recurring EBITDA FY11 (excl. non-recurring results) in line with FY10 

• 50% partnership announced with Hochtief for construction and management of 

lifting vessels for offshore windfarms 

Evolution net result - EBIT - EBITDA as a % of turnover 

Ruwais 

14

DEME: capacity utilization 

(# ( weeks) ) 

Ruwais 

15

DEME: breakdown turnover 

Consolidated turnover Consolidated turnover Consolidated turnover 

per region per activity per type of f customer 

10% 

10% 

13% 

3% 

13% 

5% 

46% 

3% 

10% 

18% 

5% 

4% 

6% 

54% 

10% 11% 

13% 12% 

2010 1H11 2010 1H11 

Europe EU Europe ‐ non EU 

Middle East India, Pakistan 

Africa America 

Asia & Oceania 

10% 

16% 

51% 

CCapital it lddredging d i 

Maintenance dredging 

Fallpipe & landfalls 

Environmental 

Marine works* 

7% 

17% 

53% 

* Including marine heavy lifting (Scaldis), offshore services 

(GeoSea), DEME building materials 

20% 

15% 

4% 

20% 

41% 

1H11 

Government 

Oil and gas 

Mining 

Renewables 

Other 

16

DEME: order book (1H10-3Q11) 

Order book at high level, well-spread over different regions and activities 

3Q11: € 2,260 mio (vs € 2,422 mio at 30.06.11 and € 1,935 mio end 2010) 

New orders in Belgium (C-Power offshore wind), Australia (ao Gladstone), 

Africa, South America 

Outlook 2011 

• Strong tender activity worldwide (see next slide) 

• Given the loss on Santos and several new large projects which will only fully 

contribute from 2012, results will remain below the record level of 2010. Outlook 

for 2012 2012-2013 2013 is favourable (taking into account order book and tender activity) 

Evolution order book 2003-1H11 (in € mio) 

1H11 2010 

Other 14% 24% 

Middle East + India 9% 7% 

Asia Pacific 22% 8% 

Europe 26% 37% 

Benelux 29% 25% 

17

DEME: market fundamentals remain 

strong 

Market driven by 

- Worldwide trade and population growth 

- Global world energy & commodities: coal, iron ore, oil & gas, renewable energy 

- Climate change: rising sea levels, coastal protection 

Examples 

- EU: London Gateway Gateway, Russia & Baltic Baltic, Belgium Belgium, Netherlands 

- Americas: Panama, Brazil, Mexico, Venezuela, Colombia… 

- Africa: South-Africa, Angola, Nigeria, Ghana, … 

- Middle-East: Abu Dhabi (Ruwais, Adnoc energy islands), Qatar (Doha Port) 

- AAustralia: li I Iron ore: P Port HHedland; dl d CCoal: l NNewcastle, l Ab Abott PPoint, i Gl Gladstone, d 

Hay Point; LNG: Wheatstone, Gladstone, Ichtys 

- Singapore: Reclamation projects for port & industrial estate 

- Indian subcontinent: port and LNG related 

- Offshore wind: Belgium (C-Power), Germany (En BW Baltic), 

Ireland, UK, France 

- Fallpipe & landfalls: Nordstream,Russia 

- Environmental: Belgium, France, UK and new markets 

Deepsea mining 

New diversifications 

- OWA (services for offshore wind assistance) 

- Combined Terminal Operation Worldwide (CTOW) (55%) 

- DEME Blue Energy (wave and tidal energy) 

Innovation 

- OceanflORE (deepsea mining, with IHC Merwede) 

- HGO InfraSea Solutions (jack-up vessels for offshore windfarm construction and oil&gas services) 

18

DEME profiting from multidisciplinarity: 

offshore wind farms before Belgian g coast 

19

DEME: Thornton Bank project 

(offshore ( wind farms) ) 

Location: North Sea (±30 km offshore of Belgian coast) 

Ph Phase I I: CCompleted l t d i in 2008 

Phase II & III: Started in 2010 

Phase 2: 24 Jackets & WTG’s (6.15MW) + OTS to be operational in 2012 (147,6 MW) 

Phase 3: 24 Jackets & WTG’s + 2nd 150 kV Marine Cable to be operational in 2013 

(147,6 MW) 

Total otal of o 54 5 Wind W d Turbine u b e Ge Generator e ato (W (WTG) G) 

Offshore Transformation Station (OTS) 

20

DEME: Gladstone Western Basin 

dredging g g project p j (Australia) ( ) 

- Customer: Gladstone Ports Corporation 

- Will make this LNG and raw materials port into one of 

the largest of Australia 

F Four contracts: t t value l of f € 720 mio i 

- Early works dredging: € 26 mio 

- Timing: from 4/2010 till 3/2011 

- Contractor: Dredging International (Australia) 

- Parcel 5 dredging and reclamation works: € 190 mio 

- Enable the construction of LNG terminals 

- Contractor: Dredging International (Australia) – Van Oord Australia (50/50) 

- Timing: from 6/2011 till 3/2012 

- Parcels 1, 3 en 4 dredging and reclamation works: € 415 mio 

- Follow-up of works on Parcel 5 


- Timing: till 12/2014 

- Parcel 7: dredging and reclamation works: € 90 mio 

- Construction of coal terminal for Wiggins Island Coal Terminal 


- Ti Timing: i 8/2011 till 12/2014 

Gladstone 

Deepsea mining 

21

Continued investment in competitive, 

multifunctional & versatile fleet (2011-2012) 

(2011 2012) 

• 1 DP DP-DT DT fallpipe vessel Flintstone (19 (19,000 000 T – Singapore Singapore, in use as of July ‘11) 11) 

• 1 gravel trailer Victor Horta (5,000 m³ - IHC, in use as of July ‘11) 

• 2 seagoing rock cutters Al Jarraf and Amazone (13,000 kw – Singapore, in use as of Aug ‘11 

resp. J Jan ‘12) 

• 1 megatrailer next generation plus Congo River (30,000 m³ - IHC, in use as of July ‘11) 

• 1 trailer dredger Breughel (11,650 m3 - IHC, operational 2011) 

• 1 seagoing rock cutter Ambiorix (28,000 kw – IHC, operational 2012) 

• 1 jumbo jack-up vessel Neptune (IHC, operational 2012) 

• 1 backhoe dredger (joint ownership) (Ravestein, operational end 2011) 

• 1 multipurpose jack-up vessel Innovation (joint ownership) (Poland, operational 2012) 

Breughel 

Congo River 

22

Rent-A-Port 

Specialized company for port development, port management 

and logistics setup around 2 former DEME senior executives 

• Main activities in Vietnam (Dinh Vu), Nigeria (OK Free Trade Zone), 

Oman (Port of Duqm) 

• Rentel (288 MW offshore wind farm concession in North Sea) – 50% 


Turnover 1.6 2.2 6.1 

Net result -3.3 -0.5 -3.8 

Shareholder's equity -0.8 7.4 3.3 


23

Van Laere 

General contractor of large construction projects 


• Increase of net result thanks to better project margins 

• Order book: € 174 mio 

• Agreement to acquire construction activity of project developer 

Vooruitzicht (from August 1, 2011) to consolidate position in Belgian market 

CConsolidated lid t d k key figures fi (i (in € mio) i ) 1H11 1H10 2010 

Turnover 56.5 65.0 116.2 

Net result 0.8 0.4 0.5 


Net financial position 6.4 8.7 10.1 

# personnel 466 

State archives (Bruges) 

24

NMP / SNTC 

Operator of 700 km of pipelines for transport of 

industrial gases and chemicals in Belgium 

Highlights 

• Recurrent activities resulted in stable results 


Turnover 6.2 6.2 12.3 

Net result 1.0 0.9 2.0 

Net cash flow 1.9 1.8 3.8 


Net financial position 12 12.33 10 10.11 12 12.44 

25

EXTENSA/ 

LEASINVEST 

Real estate 

management and 

development 

Si Since 1994 (NIM) 

Segment ‘Real estate and related 

services’ services 

• First step in this sector through the acquisition of Leasinvest (via NIM in 1994) 

• Afterwards, acquisition of Extensa, IPO of real estate investment trust LRE 

and internationalisation of activities (e (e.g. g Romania Romania, Turkey) 

• Recent diversification towards related activities, such as security, holiday 

parks and senior care facilities 

COBELGUARD FIN FIN. DUVAL 

ANIMA CARE 

Security company Multidisciplinary Initiative in 

focused on static real estate group health & senior 

and mobile 

with activities in RE care sector 

security and store promotion, tourism 

theft prevention (100,000 beds), health 

(N° 3 in Belgium) care (1,102 beds) and 

parkings (5,200 places 

in Paris) 

Si Since 2006 Since 2007 

Si Since 2009 

26

Real estate and related services 

Contribution to the AvH consolidated net 

result (group share) (in € mio) 1H11 1H10 2010 

Real estate and related services -0.8 -0.3 8.6 

Extensa (1) 

Extensa -11.4 4 00 0.0 12 1.2 

Leasinvest Real Estate (2) 

3.1 1.7 5.0 

Cobelguard 0.1 0.5 1.0 

Groupe Financière Duval -2.8 2.8 -2.5 2.5 1.4 

Anima Care 0.1 -0.1 0.0 

(1) - Contribution from ongoing land sales (Wondelgem, Kuringen) 

- Ongoing project development (% completion): Roeselare, Roeselare Hasselt Cederpark Cederpark, Istanbul 

(2) After negative mark-to-market of portfolio valuation (share AvH - 1H11: € -0.7 mio, 1H10: € -1.9 

mio, 2010: € -3.0 mio) 

27

Extensa Group 

Extensa: real estate development focused on residential and mixed 

development p projects p j 

Land development 

300,000 m² – 400,000 m² in Belgium 

Property development 

450,000 m² (Extensa share): 50% residential, 

30% office, 15% retail, 5% logistics 

Home market: Belgium, Luxembourg 

New markets: Romania, Slovakia, Turkey 

Leasinvest Real Estate: real estate management for offices, logistics 

and retail 

(Belgium, Luxembourg) 

Real estate portfolio value € 503 mio 

De Munt (Roeselare) 

The Crescent (Brussels) 

28

Extensa Group: conso balance sheet 

(Extensa – LRE combined) 

Consolidated balance sheet (in € mio) 30/06/11 31/12/10 30/06/11 31/12/10 

RE investments & Leasings 51.2 50.9 Net equity 127.5 124.8 

a.o. T Tour &Taxis &T i (50%) (50%): FV yield i ld of f 77.25% 25% 21 21.55 21 21.0 0 (i (incl. l SSub. b l loan AAvH H € 13 13.9 9 mio) i ) 

a.o Wegener -Halliburton: rental yield 6.1% 18.7 19.5 

173,072 shares Retail Estates 8.5 8.0 

LLand d development d l t 15 15.55 16 16.22 

Real estate projects 57.6 50.9 

Leasinvest Real Estate 79.5 80.9 Financial debts (2) 

1,173,866 shares (1) 

90.5 97.7 

Oh Other assets 31 31.88 42 42.88 OOther h liabilities li bili i 17 17.66 19 19.22 

a.o. Cash € 17.2 (1H11), € 22.4 mio (2010) 

Total otal assets 235.6 35.6 241.7 . Total otal liabilities l ab l t es 235.6 35.6 241.7 . 

(1) AvH holding directly 30,236 shares (2) Net financial debt 2010: € 75.3 mio, 1H11: € 73.4 mio 

29

Leasinvest Real Estate (1H11-3Q11) 

Real Estate Investment Trust (bevak – sicafi) 

(in € mio) 3Q11 1H11 2010 

Operational result 15.8 30.9 

N Net result l 10 10.33 14 14.33 

Net equity (1) 

261.2 270.7 275.4 

Portfolio real estate - fair value 502 502.88 503 503.77 494 494.22 

Rental yield (%) 7.29 7.33 7.41 

Occupancy rate (%) 93.9 94.1 97.5 

Per share (€) 

Net asset value (1) 

65.36 67.74 68.92 

Stock price - closing 62.05 69.05 63.36 

High 70 70.00 00 70 70.00 00 68 68.89 89 

Low 58.27 64.75 56.66 

Dividend 4.10 

• Operational result impacted by lower rental income from sale of Axxes Business Park 

and Avenue Louise 250 in 2010, only partially offset by the transaction with Redevco 

on Brixton Business Park 

• Increase of net result after negative mark-to-market of portfolio valuation (100% - 

1H11: € -2.5 2 mio, 1H10: 0 € -6.3 63 mio, 20 2010: 0 € -10 0 mio) 

• Total debt 1H11: € 240 mio (debt ratio: 46.72% vs 44.13% end 2010) 

• 3Q11: decrease net current result due to buildings sold in 2010; debt ratio: 47.87% 

30

16 buildings 

€ 227 million (45%) ( ) 

87,317 m² 

Leasinvest Real Estate: portfolio 

(30/06/2011) 

Total portfolio of 54 buildings 

with a value of € 504 million and 350,059 m² 

38 buildings 

€ 277 million (55%) 

262 262,742 2 m² ² 

31

Leasinvest Real Estate: 

tailor-made (re)developments ( ) p 1H11 

Canal Logistics (Neder-Over-Heembeek) 

• Acquisition of a strategically situated development 

project of 47,000 m² (+ 2,500 m² offices) state-of-theart 

logistics site 

• 1st phase purchased 1H10, first tenant starting 3Q11 

(7 (7,200 200 m² m with option to increase to 10,000 10 000 m²) m ) 

• 2nd phase to be acquired 2H11 

The h Crescent (Brussels) l 

• Transformation into ‘green intelligent’ business center 

by the end of 2011 

• Service contract agreements signed for 45% of surface 

Diekirch (Luxembourg) 

• Development started end 2010 for a new 1,356 m² 

retail warehouse finished in 05/2011 

• Pre-leased for 12.5 years 

• Positive mark-to-market valuation booked in 2Q11 

32

Extensa: land development 

Book value per 30/06/2011: € 15.47 mio 

Location Total area Project (share Extensa) Permit Saleable 

land 

(Extensa) 

Sold as 

per 

30/06/11 

Average 

sales 

price 

Gh Ghent‐Wondelgem W d l 171 171,900 900 m² ² Ph Phase 11: 118 parcels, l project 

land for 100 apartments and 

social housing 

AAprill 2006 72 72,000 000 m² ² 70 70,940 940 m² ² 260 €/ €/m² ² 

Phase 2: 56 parcels July 2008 14,540 m² 14,540 m² 320 €/m² 

Phase 3: 21 parcels to be obtained 3,450 m² start sell 

Q2 2012 

Plot 337: project land for 14 to be obtained 1,000 m² start sell 

apartments 

Q2 2012 

90,990 m² ² 85,480 m² ² 

Hasselt‐Kuringen 33,400 m² Phase 1: 20 parcels & project 

land for 30 apartments 

January 2008 22,370 m² 22,370 m² 180€/m² 

Phase 2: 5 parcels March 2010 3,740 m² 3,011 m² 180€/m² 

Antwerp‐Kontich 254,000 m² Phase 1: 162 parcels & project delayed due to 

land for 45 apartments p appeal pp ( (2012?) ) 

Phase 2: 99 parcels & project delayed due to 

land for 18 apartments appeal (2012?) 

Phase 3: 111 parcels & project delayed due to 

land for 64 apartments appeal (2012?) 

Leuven‐Heverlee 65,000 m² 38 parcels & project land for 

24 park houses 

delayed due to 

appeal (2012?) 

26,110 m² 25,381 m² 

63,870 m² 

41,470 m² 

48,600 m² 

153,940 m² 

25,500 m² 

33

Extensa: project development 

Book value per 30/06/2011: € 57.60 mio 

Major active projects Permit Total units Sold as per 

(Extensa) 30/06/11 

Roeselare, De Munt 

(50% Extensa) 

Phase 1B: apartments February 2009 38 units 34 units 

Phase 1A: apartments February 2009 13 units 4 units 

Phase 2C: apartments To be obtained 

2011 

46 units 

Phase 2D: apartments To be obtained 

2012 

46 units 

Retail A+B+C+D February b 2009 8,634 m² ² 1,875 m² ² 

Parkings February 2009 471 places 247 places 

Hasselt‐Runkst, CederPark Phase 1A&B: 25 houses and 21 

apartments 

September 2008 46 units 24 units 

Phase 1C: 27 houses September 2008. 

Permit change 

introduced 

27 units 

Phase 2: 73 houses To be obtained 73 units 

Phase 3: 144 apartments To be obtained 144 units 

34


Belux 

Brussels, Tour & Taxis (50%): 30 ha – 370,000 m² 

• Royal Depot 44,880 m² (32,064 m² offices, 5,557 m² archives, 7,259 m² retail: fully let) 

• The Warehouses: trade fair and exhibition center: 17,500 m² 

� Royal Depot/Warehouses valued at implicit yield of 7.25% (€ 103.5 mio vs debts 

of € 46 mio) 

• Development potential of 370,000 m² secured by Brussels Government decision in 3Q09 

• Building permit obtained for 218,000 m² mixed use 1Q10 

• First office building of 16,500 m² m secured with BIM/IBGE to be delivered 1Q13 

• Underground car park 250 cars to be deliverd 4Q12 

BIM/IBGE 

35


Belux 

GD G.D. Luxembourg Luxembourg, Cloche d’Or d Or (50%): 20 ha – 400 400,000 000 m² 

• Development potential of 400,000 m² 

• Master plan approved, PAP obtained 3Q10, infrastructure approvad 3Q11 

• Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure) 

under development; retail permissions obtained; hypermarket Auchan secured 

• Ilot A residential part to be developed first 

36


New markets 

• Turkey, Istanbul - 100% 

• BBuilding ildi permit it f for 200 apartment t t 

building in central Istanbul (Bomonti) 

• Construction started in 3Q10, delivery in 3Q11 

and sold for 69% 

• Studio building (# 114) permit obtained, adjacent 

to apartments: foundation works started 

•Romania, R i partnership t hi i in retail t il parks k 

• 2008: Focsani (20%) – 51,000 m²: 77% rented out; valued at yield of 9.5% 

• 2009: Deva (20%) - 39,000 m²: delayed until confirmation by anchors 

•Extensa (Romania) ( ) – 50% 

Land positions acquired (2008) in Bucarest (offices, 24.000 m²) and Arad 

(residential/ retail) 

•Slovakia, Sl ki TTrnava - 50% 

• Total of 36 ha for development of a business park (retail, logistics and 

industrial): 11 ha of land re-sold to end users since 2008 

Bomonti 

37

Groupe Financière Duval (1H11-3Q11) 

French group focused on real estate projects, services and residences 


• Real estate promotion activities (CFA): Increased activity leading to improved 

results with improved quality of projects pipeline 

• SServices i (Y (Yxime) i ) (4 (4.5 5 mio i m² ² property t under d management) t) 

• Tourism (Odalys, NGF): holiday parks (100,000 beds, 283 sites), golf sites (26). 

Successful summer leading to improved results in 2H11 

• Health (Residalya) (1,102 beds, 18 sites) 

• Parkings (ParkA’) (5,200 parking places) 

• 3Q11: Expected improvement of result realized, thanks to successful summer 

season at Odalys and good evolution of activities and portfolio of CFA 

Key figures (in € mio) 1H11 1H10 2010 

Turnover 178.0 118.0 321.3 

EBIT -13 13.66 -14 14.66 11 11.77 

Net result -7.2 -8.3 3.2 

Shareholder's Shareholder s equity 85 85.77 72 72.77 94 94.88 

Net financial position -104.2 -106.3 -72.8 Granvelle 

38

Anima Care 

Anima Care focuses on the health and care sector in 

Belgium, g , pprimarily y in the higher g market segment g of senior care 

residences 

Highlights g g 1H11 

• Increase of turnover and net result 

• Acquisition in February 2011: Blegny (47 beds), with new-building of 120 

beds being prepared 

• AAcquisition i iti i in JJune 2011 2011: WWalshoutem lh t (64 beds), b d ) currently tl extended t d d ( (+41 41 

beds) 

• Total portfolio of 888 beds and service flats (384 beds and 38 service flats in 

operation) p ) 


Turnover 7.1 3.7 8.8 

EBITDA 1.0 0.5 1.2 

Net result 0.1 -0.1 0 



39

Cobelguard (1H11-3Q11) 

Sold to Securitas (2H11) 

Security company focused on static guarding and surveillance by 

unarmed security guards on private property 

• Largest – purely Belgian – security company, employing 1,642 security agents 

• Startup of CIT (cash in transit)-transport activities (greenfield developed out 

of Brinks bankruptcy) 

Highlights 1H11: 

• Increase of turnover not reflected in net result due to start of new activities 

and strong competition 

• Creation of BeMARC (67.2%): new cooperative initiative for alarm monitoring 

and technical assistance (operational 2H11) 

• 3Q11: Sale of Cobelguard to Securitas approved in October. AvH realized 

li limited i d capital i l gain i 


Turnover 32.8 29.2 58.6 

EBIT 1.3 2.2 4.3 

Net result 0.9 1.7 2.9 


Net financial position -2.6 -1.4 0.7 

40

Segment ‘Financial services’ 

• 1992: Merger with Bank Delen (50/50) 

1998: Acquisition of Bank J Van Breda & Co • 1998: Acquisition of Bank J.Van Breda & C and creation of Finaxis (60/40) 

o and creation of Finaxis (60/40) 

• 2004: Buy out Finaxis minority: AvH share increases to 75% (2008: 78.75%) 

DELEN – PRIVATE BANK 

Private bank focused 

on discretionary asset 

management and d 

patrimonial advice for 

private clients 

Since 1992 

BANK J.VAN BREDA & CO Specialised advisory bank 

for entrepreneurs and 

lib liberal l professions f i 

Since 1992 Si Since 1998 Si Since 2000 

ASCO-BDM 

Insurance group 

focused on marine and 

iindustrial d i l iinsurance 

41

Finaxis organisation chart 

15% 

AvH Promofi 

75% 25% 

Delen Investments CVA 

Finaxis 

99% 100% 

Bank J.Van Breda & C o 

100% 73% 92% 

Bank Delen JM Finn & Co 

ABK 

42

Financial services (1H11-3Q11) 

Contribution to the AvH consolidated net result 

(group share) (in € mio) 1H11 1H10 2010 

Financial services 59.3 33.2 63.6 

Finaxis-Promofi Finaxis Promofi -00.1 1 -00.3 3 -00.3 3 

Delen - Private Bank 23.4 21.8 42.7 

Bank J.Van Breda & C o 

36.1 10.3 20.2 

ASCO-BDM ASCO BDM -00.1 1 14 1.4 09 0.9 

Total assets under management (in € mio) 3Q11 1H11 2010 

Bank Delen: private banking AUM 14,910 15,829 15,272 

Van Breda: bancassurance products 11,424 424 11,437 437 11,414 414 

Van Breda: AUM at Delen* 2,037 2,119 1,968 

Van Breda: deposits 3,373 3,182 2,597 

(*) Already included in Delen: private banking AUM 

43

Delen – Private Bank: key figures 


• Private bank 

• Focused on discretionary asset management for private clients 


Gross revenues 76.7 72.1 141.0 

Net result 29.7 27.7 54.3 

Equity 356 356.6 6 318 318.1 1 344 344.1 1 

Assets under management 15,829 13,996 15,272 

CCost t / i income ratio ti 39 39.1% 1% 38 38.2% 2% 41 41.7% 7% 

ROE (IFRS) 17.0% 17.8% 16.8% 

Core Tier 1 capital ratio (1) 

13.3% (2) 

23.0% 25.3% 


(1) Including capital commitments (100%) re acquisition of JM Finn & Co (3Q11) 

(2) Excluding JM Finn: 29.3% 

44

Delen – Private Bank: income 

statement 

Conso (in € 000) 1H11 1H10 2010 

Net interest income 3852 3,852 11,052 052 33,116 116 

Gross fee income 72,423 69,706 133,805 

Other income 377 1,343 4,080 

Gross revenues 76,652 72,101 141,000 

Fees paid -7,850 -6,777 -13,805 

Operational expenses -24,024 -22,658 -47,811 

Amortisations & provisions -2,696 2,696 -2,034 2,034 -4,018 4,018 

Other expenses -240 -114 -293 

Loan loss provision -11 -4 -15 

Expenses -26,971 -24,811 -52,136 

Share of profit (loss) from equity 

accounted investments 200 209 405 

Profit before tax 42,031 40,722 75,464 

Income taxes -12,413 -12,911 -21,014 

Profit of the period 

Minority interests 74 -96 -169 

Share of the group 29,692 27,715 54,281 

45

Delen – Private Bank: balance sheet (1) 

(in € 000) 1H11 1H10 2010 

Cash & loans and advances to banks 

Financial assets 

494,121 739,422 334,545 

- Financial assets available for sale 952,126 765,572 837,878 

- Financial assets held for trading 25,888 21,855 12,396 

- Loans and receivables 84,630 69,964 65,559 

- Other 1,841 1,444 1,640 

Tangibles assets 32 32,587 587 20 20,448 448 31 31,609 609 

Goodwill and other intangible assets 179,290 173,292 177,419 

Other assets 10,562 7,363 21,008 

Total assets 1,781,045 1,799,360 1,482,054 

Financial liabilities 

- Deposits from credit institutions 125,824 14,376 5,506 

- Deposits from clients 11,214,657 214 657 1387572 1,387,572 1060937 1,060,937 

- Other 21,439 16,549 8,451 

Provisions, tax and other liabilities 62,383 62,403 62,644 

Equity (including minority interests) 356,742 318,460 344,516 

Total liabilities 1,781,045 1,799,360 1,482,054 

(1) Before acquisition of JM Finn 

46

Delen – Private Bank: funds under 

management g (3Q11) ( ) 

Start cooperation 

with Bank J.Van 

Breda & C° C 

De Ferm 

AuM CAGR 1992-2010: 20.3% 

Havaux 

(in € mio) 1992 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q11 

Discretionary 

mandates 118 1,270 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 10,843 

Advisory clients 428 1,149 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 4,067 

Total 546 2,419 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 14,910 

BI&A 

CCapfi fi 

47

Delen – Private Bank: highlights and 

outlook (1H11-3Q11) 

( ) 


• AuM grown g to new record level of € 15,829 , mio (vs ( 15,272 , mio as of 

31.12.10 and to € 15,585 mio as of 31.03.11), despite a slightly negative 

stock effect 

• Cost income ratio remained below 40% (39.1% vs 38.2% in 1H10) 

• Net equity increased to € 357 mio (€ 345 mio end 2010) 

• Agreement to acquire majority stake in JM Finn & Co (see next slide) 

• Core Tier1 impacted by JM Finn acquisition: 13.3% 

•No exposure p to PIIGS countries 

• 3Q11: AuM decreased to € 14,910 mio, impacted by very volatile market, 

despite continued important net inflow. Acquisition of JM Finn & Co 

approved in September by FSA FSA. To be consolidated from October 

onwards. 

Outlook 2011 

• Highly volatile markets potentially impacting value of AuM although 

(partially) compensated by continuous strong inflow of new AuM and 

conservative asset allocation 

48

JM Finn & Co 

• End of June 2011, 2011 Delen Investments announced agreement to acquire a major stake 

in JM Finn & Co: Delen 73.5% with current management retaining 26.5% 

• 100% transaction value: £ 85 mio 

• Regulatory g y approval pp received in September p 2011 ( (to be consolidated from October 

onwards) 

Cardiff Bristol Leeds 

Bury StE Ipswich 

UK private i client li wealth l h management fi firm 

• Established in 1945 as partnership, 

incorporated in 2006 

• 13 directors and 279 employees 

• Head office in London, offices in Leeds, 

Bristol, Ipswich, Bury St Edmunds and Cardiff 

49

JM Finn & Co – financials 

(last fiscal year – ending April 2011) 

AuM per type Evolution of AuM (in £m) 

TOTAL 

£6,306m 

• £ 6.3 6 3 billion assets under management (54% discretionary, discretionary 23% advisory) per 

30.04.11; 3Q11: £ 5.8 mio AuM per 30.09.11 

• Number of customers 17,430 (> £ 1 mio = 46% of AuM) 

• Key figures (April 2011): 

• Revenues of f £ 43.3 3 3 million ll 

• Profit after taxation (after exceptional costs of £ 1.4 million) of £ 4.1 million 

• Net equity of £ 14.9 million 

50 

50

Bank J.Van Breda & C°: key figures 


Relationship p bank focused on private p as well as professional p 

needs for 

entrepreneurs and liberal professions 

(in € mio) 1H11 1H10 2010 

BBank k product d 50 50.22 46 46.77 93 93.44 

Net result (1) 

46.4 13.1 25.7 

Equity 297.9 247.7 258.6 

Total assets 4,077.1 3,141.0 3,202.8 

Total client assets (2) 

7,174.0 5,968.8 6,368.9 

Cost / income ratio 58.5% 57.8% 57.2% 

ROE 8.0% 10.7% 10.2% 

CAD (solvency ratio) 17.2% 14.3% 14.7% 

Core Tier 1 Capital Ratio 14.6% 11.2% 11.3% 

Net loan write write-offs offs / avg loan portfolio 006% 0.06% 012% 0.12% 015% 0.15% 


(1) Including 1 month of ABK at 40.8%, with negative acquisition goodwill of € 35.5 mio 

(2) Deposits and entrusted funds 

51

Bank J.Van Breda & C°: 

income statement 

Conso (in € 000) - IFRS 1H11 1H10 2010 

Net interest income 34,300 32,719 65,805 

Net fee income 13,329 12,637 23,796 

Other income 2,572 1,346 3,840 

Gross revenues 50,201 46,702 93,441 

Operational expenses -27,770 -25,406 -50,563 

Amortisations & provisions -1,578 -1,586 -2,916 

Loan loss provision -810 -1,411 -3,826 

Impairment AFS -3,773 3773 

Expenses -33,931 -28,403 -57,305 

Negative goodwill 

Sh Share of f profit fit (l (loss) ) f from equity it 

35,472 

accounted investments 65 196 144 

Profit before tax 51,807 18,495 36,280 

Income taxes -4,700 -5,363 -10,581 

Profit of the period 

Minority interests -728 728 -19 19 -35 35 

Share of the group 46,379 13,113 25,664 

52

Bank J.Van Breda & C°: balance 

sheet 

(in € 000) 1H11 1H10 2010 

Cash & loans and advances to banks 

Financial assets 

339,083 , 88,040 , 71,646 , 

- Financial assets available for sale 714,562 508,382 444,929 

- Financial assets held for trading 9,968 19,096 9,081 

- Loans and receivables (including finance leases) 22,959,672 959 672 22,482,334 482 334 22,631,485 631 485 

- Other 1,894 350 857 

Tangibles assets 30,940 28,762 29,314 

Goodwill and other intangible assets 7,465 6,222 6,814 

Other assets 13,504 7,804 8,693 

Total assets 4,077,088 3,140,989 3,202,819 

Financial liabilities 

- Deposits from credit institutions 162,190 252,935 176,365 

- Deposits from clients 3,069,638 2,374,406 2,475,108 

- Debt certificates (incl. bonds/ CP) 198,019 116,696 129,705 

- Subordinated liabilities 94,244 92,136 109,816 

- Other 24,781 40,122 27,186 

Provisions, tax and other liabilities 114,074 16,895 25,968 

Minority interests 116 116,267 267 85 51 

Equity (group share) 297,875 247,714 258,620 

Total liabilities 4,077,088 3,140,989 3,202,819 

53


Continuous solid commercial performance 

(€ mio) 2003 2004 2005 2006 2007 2008 2009 2010 1H11 1H11 1H11 3Q11 

BVB ABK Total Total 

Total deposits and funds 

- Entrusted funds, 

2,673 3,118 3,547 4,077 4,701 5,009 5,645 6,369 6,866 308 7,174 7,263 

of which 1,292 1,647 2,071 2,417 2,802 2,788 3,286 3,772 3,993 3,993 3,890 

AUM at Delen 612 815 1,037 , 1,220 , 1,463 , 1,370 , 1,668 , 1,968 , 2,119 , 2,119 , 2,037 , 

Bancassurance 452 596 739 880 1,044 1,174 1,309 1,414 1,437 1,437 1,424 

- Client deposits 1,381 1,471 1,476 1,660 1,899 2,221 2,359 2,597 2,874 308 3,182 3,373 

Loans to target group 972 1,164 1,401 1,505 1,755 1,872 2,005 2,285 2,381 231 2,612 2,614 

4000 

3000 

2000 

1000 

0 

Total deposits & funds 

CAGR 2003-2010: 13.2% 

2003 2004 2005 2006 2007 2008 2009 2010 1H11 3Q11 

Entrusted funds Client deposits Loans to target group 

54

Bank J.Van Breda & C°: highlights & 

outlook (1H11-3Q11) 



• Solid commercial performance 

− Client deposits and entrusted funds: € 77,174 174 mio, mio of which € 308 308,0 0 mio from 

ABK (€ 6,369 mio as of 31.12.10) 

− Continued growth of loan portfolio: € 2,960 mio, of which € 230,9 mio from 

ABK (€ ( 2,631 mio as of 31.12.10) ) 

• Limited net loan loss provisions: 0.06% (vs 0.15% for FY10) 

• Results positively impacted by first consolidation of Antwerps Beroepskrediet 

(badwill of € 35.5 mio, part AvH € 27.9 mio)(see next slide) 

• Cost/income ratio of 58 58.46% 46% 

• Net equity increased to € 298 mio (vs € 259 mio as of 31.12.10). Core Tier 1 ratio 

14.6% (incl. ABK) and solvency ratio of 17.2% 

• Impairment on Greek bonds (€ 5 mio, 2013/ € 5 mio, 2016): mark-to-market 

impairment of 38%, resulting in net impact through P&L of € -2.5 mio as of 

30.06.11 

• 3Q11: Total client assets (excl. ABK) increased to € 6,936 mio, of which € 3,046 

mio client deposits and € 33,890 890 mio entrusted funds funds. Participation in ABK increased 

to 91.76% 

Outlook 2011 

• Challenging market environment for deposits putting pressure on interest 

income, but growing bank product expected based upon increased volume of 

deposits/funds and loans 

55

ABK (Antwerps Beroepskrediet) 

• End of January 2011 2011, friendly and conditional counter counter-takeover takeover bid launched on ABK 

• May 20, 2011: 40.8% of shares (87.33% of voting rights), leading to conso badwill of € 

35.5 mio 

• July y 8, , 2011: after final closing, g, Bank J.Van Breda & Co owns 49.7% of shares ( (89.2% 

of voting rights) 

• Participation increased to 91.76% (3Q11); additional badwill through equity 

• Price (€ 490 per share or € 120 mio for 100%) takes into account the cooperative 

structure of bank (limited dividend payment payment, capital reserves not to be distributed) 

Antwerp based niche bank catering towards small enterprises 

• Cooperative bank 

• 56 employees, 16 agencies 

• Last fiscal year (ending December 2010): 

• Loans of € 239.7 mio (€ 231 mio as of 30.06.11) 

• Deposits of € 293 293.2 2 mio (€ 308 mio as of 30 30.06.11) 06 11) 

• Net equity of € 229.4 mio 

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

mio 

56

Segment ‘Private equity’ 

• First experience in private equity through acquisition of Brouwerij 

Maes, first buyout in Belgium (1988) 

• No fund structure 

• Investing own cash resources through 

• Sofinim, a development capital portfolio, originating from 

acquisition of NIM in 1994 

• GIB: 50/50 partnership with CNP 

Hertel EuroMediaGroup 

NMC Groupe Flo Spano

Private equity portfolio (30/09/2011) 

* 

58

Private equity: key figures 

(in € mio - AvH group share) 1H11 1H10 2010 

Sofinim -0.3 0.3 0.2 -0.5 0.5 

Contribution from portfolio c ies Sofinim (1) 

2.1 5.8 10.6 

Contribution from portfolio c ies GIB 1.3 1.0 3.2 

Contribution PE before capital gains 3.1 7.0 13.3 (2) 

p g 

Capital gains 0.3 -0.8 -0.3 

Total contribution PE 3.4 6.1 13.0 

(1) IFRS implies ‘fair value’ changes taken into account on all portfolio companies 

(2) Taking into account goodwill impairment within Distriplus of € 4.8 mio (part AvH): current 

contribution from Sofinim: € 18 18.1 1 mio 

59

Private equity: adjusted net asset 

value 

(in € mio) 1H11 1H10 2010 

Sofinim 434 434.00 430 430.99 437 437.11 

Unrealised capital gains Atenor (1) 

Market value Groupe Flo / Trasys (2) 

7.5 6.9 7.3 

40.5 21.7 24.0 

Total private equity 482.0 459.6 468.5 

(1) Underlying end-of-period stock price Atenor (# 604,880): € 33.5 per 30.06.11 

(2) Underlying end-of-period stock price Flo (# 28,280,716): € 6.49 per 30.06.11 

60

Private equity: highlights 

(1H11-3Q11) 



P f li ies 

• Porfolio cies -Most participations (esp. AR Metallizing, Manuchar, Spano, Turbo’s Hoet Groep) confirming 

positive trend of previous quarters. 

-Corelio: Participation p in acquisition q of television activities SBS Belgium g ( (via De Vijver). j ) 

-Distriplus: Encouraging results with increase in turnover and net result, thanks to the 

commercial repositioning of the three chains. 

-Hertel: Focus by new management on consolidation of fast growth in past years. Limited 

i increase of f turnover t driven d i b by activities ti iti i in WWestern t E Europe and d AAustralia. t li RRestructuring t t i 

costs and non-recurring elements will probably result in loss for 2011. 

-NMC: Acquisition of polyethylene packaging division from Armacell (from Sep 2011) 

• Limited investment/divestment activity 

-Investments € 3.3 mio: Increase of GIB participation in Trasys Group to 83.89% and in 

Groupe Flo to 47.6% 

-Divestments Di estments € 56 5.6 mio 

• 3Q11: Q Divergent g trends at participations p p due to seasonal effects ( (Distriplus, p , 

EuroMediaGroup), exchange rate effects (Manuchar), significant restructuring costs (Hertel) 

• Increase of participation in Egemin to 59.5% 

61

Groupe Flo 

Leading player in casual dining in France, operating various formats 

- Hippopotamus: 158 grill restaurants (68 franchise) (150 end 2010) 

- Bistro Romain: 26 Italian restaurants (4 franchise) (29 end 2010) 

- Brasseries: 34 ‘institutional brasseries’ and 40 Tavernes de Maître Kanter 

(33 and 40 end 2010) 

- Tablapizza: 28 pizzerias (9 franchise) (28 end 2010) 


• Notwithstanding a volatile market environment in 2Q11, turnover increased 1.1% 

vs 1H10 (1.1% (1 1% like like-for-like) for like) and EBITDA margin increased from 11.3% 11 3% to 11 11.9% 9% 

• Transformation of Bistro Romain on schedule and generating positive contribution 

as expected 

• 3Q11: Slight g increase in turnover despite p decrease in volumes in line with 

declining customer confidence. Good cost control resulted in stable margins. 

Key figures (in € mio) 3Q11 1H11 2010 

Turnover 279 279.99 190 190.66 378 378.88 

EBITDA 33.0 22.6 48.8 

Net result 9.6 6.8 15.3 

Net financial position -88.5 -88.1 

62

Segment ‘Energy and materials’ 

• In 2009, 2009 creation of a fifth segment ‘Energy Energy and materials materials’ 

• Focus on emerging markets and sectors such as renewable energy 

HENSCHEL 

SIPEF 

SAGAR CEMENTS 

Development and 

Agro industrial group with Production of cement and 

manufacturing of loading plantations in Indonesia en clinkers. Together with 

platforms and kippers kippers, Papua New Guinea for palm 

the Reddy family 

mainly in Poland 

oil, rubber and tea 

Since 1994 (NIM) 

ORIENTAL QUARRIES 

& MINES 

Stone quarries for building 

aggregates. Together with 

the Bakshi family 

Since 1997 

Since 2009 Since 2009 

MAX GREEN 

Renewable energy based 

on biomass (wood pellets) 

Joint venture with 

Electrabel 

Since 2008 

63

Energy and materials 

Contribution to the AvH consolidated net 

result (group share) (in € mio) 1H11 1H10 2010 

Energy and materials 9.4 8.4 16.5 

Sipef 9.9 5.4 14.3 

Henschel Group -1.2 1.8 0.9 

Sagar Cements 0.9 0.1 0.0 

Other -0.2 1.1 1.3 

64

Sipef (1H11-3Q11) 

A Belgian agro-industrial group operating and managing tropical plantation 

businesses (62,562 ha, of which 50,816 ha palm oil and 9,320 ha rubber), 

mainly in Indonesia and Papua New Guinea 


(in USD mio) 3Q11 1H11 2010 

€ 1 = USD 1.42 (1H11) 

G d ti (i T) (1) 

• Increase (+13%) of palm oil production 

Group production (in T) (1) 

due to climate conditions and more 

areas coming to maturity 

Palm oil 188,704 122,511 239,141 

• Higher sales prices resulted in record 

increase of turnover (+38%) and net 

Rubber 

Tea 

7,190 

11,896 896 

5,224 

11,292 292 

10,881 

3108 3,108 

result (+77%) 

Average market prices (in USD/T) 

• Expansion continued: license obtained 

i in SSouth h S Sumatra: 88,400 400 h ha + 22,100 100 h ha 

Palm oil 

Rubber 

1,159 

55,229 229 

1,199 

55,517 517 

901 

3654 3,654 

outgrowers 

Turnover 177.1 279.4 

• Increase of AvH participation to 25.64% EBIT 71.7 118.2 

• Successful takeover bid on Jabelmalux Net result 58.0 84.8 

(Luxembourg stock exchange) 

Net equity 395.6 368.5 

increasing beneficial ownership in 

group plantations with 2,657 2 657 ha 

Net cash position 52.3 56.5 

• 3Q11: Continued positive trend with 

9.1% increase of palm oil production 

Share high/low (in €) 74.30/64.10 71.93/36.11 

Market cap (€ mio) 624.4 635.6 

(1) Own + outgrowers 

65

Sagar Cements (1H-3Q) 

Cement plant, located in Hyderabad (Andra Pradesh), India 


• Good result thanks to return to stability on cement market with more stable pricing 

and improved p capacity p y utilization 

• Significant increase of net result 

• Merger with Amareswari Cement finalized (April 2011), AvH stake diluted to 12.94% 

• 3Q11: July 2011: AvH stake increased to 14 14.98% 98% 


€ 1 = INR 63 63.29 29 € 1 = INR 60 60.98 98 € 1 = INR 60 60.61 61 

Turnover 65.6 51.1 81.9 

EBITDA 13.2 4.7 8.6 

Net result 59 5.9 01 0.1 -0 -0.2 2 


Net financial position p 

-36.8 -38.2 -40.5 

Share high/low (in INR) 152.8/121.1 209.5/145.0 209.5/115.0 

Market cap (INR mio) 2,400 2,175 2,265 

66

Oriental Quarries & Mines 

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


• Increase of sales volumes offset by less profitable sales mix and negative impact 

from monsoon 

• Quarries in Nangal, Ghatoli, Gwalior and Bangalore 

• Total crushing capacity of 2.3 million tons 


€ 1 = INR R 63 63.29 29 € 1 = INR R 60 60.98 98 € 1 = INR R 60 60.61 61 

Turnover 4.0 4.0 6.5 

EBITDA 0.3 0.5 0.6 

NNet t result lt 03 0.3 04 0.4 03 0.3 


Net financial position 34 3.4 55 5.5 44 4.4 

67

Max Green 

Renewable energy based on biomass / wood pellets 

(joint venture with Electrabel) 


• First project: conversion of Rodenhuize 4 plant (Ghent) into 100% 

biomass fired unit with 180 Mwel capacity p y (after ( conversion) ) 

(320,000 households). 

• Last phase of the conversion finalised 

• Conversion in first half 2011 resulted in limited production and 

negative contribution 

• 3Q11: biomass plant at Rodenhuize officially commissioned. The 

power plant is a world first in two ways: largest conversion of this 

kind in terms of capacity, best environmental results among all 

plants transformed to biomass units (reducing nitrogen oxides and 

dust emissions by 90%) 

68

Henschel Group 

Development and manufacturing of welded structures with a 

particular emphasis on telescopic cranes for mobile crane vehicles 

as well as loading platforms and kippers for light trucks 


• Results impacted by the recession on the crane market and startup losses 

f from new products d t 

Key figures (in € mio) 1H11 1H10 (1) 

2010 

Turnover 32.8 28.4 52.1 

Net result -22.4 4 35 3.5 22 2.2 


(1) ( ) Pro o forma o a consolidation 

co sol dat o 

69

Outlook 2011 

‘Already at the occasion of the half year 

results results, the board of directors of 

Ackermans & van Haaren pointed out that 

“the uncertain economic climate, the 

impact of unavoidable budget cuts in the 

Western world and the volatility of the 

financial markets more than ever call for 

caution”. Although the recent trends do 

not lead to strong optimism as long as the 

necessary measures are not iimplemented l d 

consistently and effectively, the board of 

directors maintains its expectation that 

the results of the group will grow slightly 

in the current year 2011.’ 

70

Contact 

For further questions or additional information, 

please consult our website: www.avh.be 

Contact: 

Luc Bertrand 

Ch Chairman i of f th the EExecutive ti CCommittee itt 

Jan Suykens 

Member of the Executive Committee 

Tom Bamelis 

Member of the Executive Committee 

T +32 3 231 87 79 

E dirsec@avh.be 

71

1H11 1H10 2010 - Ackermans & van Haaren

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