The consolidated net result of AvH amounts to 293.9 million euros for 2013. This includes a remeasurement income of 109.4 million euros from taking full control over DEME in December 2013. Excluding this, the net profit is 184.5 million euros, a 10% increase over 2012. DEME had a particularly strong year with turnover topping 2.5 billion euros for the first time and a higher net profit of 109.1 million euros. As of December 2013, AvH exercises exclusive control over CFE and its subsidiaries like DEME through a 60.4% stake acquisition.
Ackermans & van Haaren is a diversified group active in 5 key segments:
•Marine Engineering & Infrastructure
•Private Banking
•Real Estate, Leisure & Senior Care
•Energy & Resources
•Development Capital
The AvH group represented in 2013, through its share in the participations (incl. CFE), a revenue of 5.7 billion euros and employs 22,706 people. The group concentrates on a limited number of strategic participations with an important potential for growth.
The AvH share is part of the BEL20 index, the Private Equity NXT index of Euronext Brussels and the European DJ Stoxx 600.
Ackermans & van Haaren is a diversified group active in 5 key segments:
•Marine Engineering & Infrastructure
•Private Banking
•Real Estate, Leisure & Senior Care
•Energy & Resources
•Development Capital
The AvH group represented in 2013, through its share in the participations (incl. CFE), a revenue of 5.7 billion euros and employs 22,706 people. The group concentrates on a limited number of strategic participations with an important potential for growth.
The AvH share is part of the BEL20 index, the Private Equity NXT index of Euronext Brussels and the European DJ Stoxx 600.
Proyecto "No puc esperar!" - 20 de diciembre de 2014.ACCU Catalunya
Breve informe de la Comisión del proyecto "No puc esperar!"durante la "Trobada de Nadal" de ACCU Catalunya (20 de diciembre de 2014 en el Centre Cívic Casa Orlandai de Barcelona).Muchas gracias a todos los voluntarios que colaboran en la implantación del proyecto.
Monica Carballo asesora independiente de Oriflame. Encontrarás todos los catálogos en http://mimundooriflame.blogspot.com
Los catálogos pertenecen a Oriflame España
Consejos para viajar a Cuba y Requisitos para viajar a Cuba. Os explicamos los consejos más importantes. Además os mostramos un video sobre como viajar a Cuba en un viaje fotográfico https://www.youtube.com/watch?v=q9jinG63Iao .
Os sugerimos el canal de videos de viajes a Cuba de Mareva Tours, para que veáis todo lo que se puede hacer allí. Viajar a Cuba de una manera diferente es posible y nosotros nos encargamos de organizar un viaje distinto a Cuba donde no falte la gastronomía, la religión, el baile, los amigos, los rincones desconocidos y las sorpresas.
Viajar a Cuba es más que un viaje una experiencia y hay que integrarse en un país solidario y que recibe al visitante como nadie.
Viajes a Cuba Mareva Tours www.viajarcuba.org
https://www.youtube.com/user/viajesacuba1/videos
https://www.facebook.com/viajaracuba
https://twitter.com/ViajaraCuba
https://plus.google.com/116439585363357646667/posts
http://www.flickr.com/photos/viajaracuba
Ackermans & van Haaren - 1H14 results: Investor presentationKatia Waegemans
Ackermans & van Haaren is a diversified
group active in 5 key segments: Infrastructure
& Marine Engineering (DEME, one of the largest
dredging companies in the world - CFE and A.A.
Van Laere, two construction groups with headquarters
in Belgium), Private Banking (Delen Private
Bank, one of the largest independent private
asset managers in Belgium, and asset manager
JM Finn in the UK - Bank J.Van Breda & C°, niche
bank for entrepreneurs and liberal professions in
Belgium), Real Estate, Leisure & Senior Care (Leasinvest
Real Estate, a listed real-estate investment
trust - Extensa, an important land and real estate
developer focused on Belgium, Luxembourg and
Central Europe), Energy & Resources (Sipef, an
agro-industrial group in tropical agriculture) and
Development Capital (Sofinim and GIB).
In 2013, through its share in its participations (incl.
CFE), the AvH group represented a turnover of 5.7
billion euros and employed 22,706 people. The
group concentrates on a limited number of strategic
participations with significant potential for
growth.
Proyecto "No puc esperar!" - 20 de diciembre de 2014.ACCU Catalunya
Breve informe de la Comisión del proyecto "No puc esperar!"durante la "Trobada de Nadal" de ACCU Catalunya (20 de diciembre de 2014 en el Centre Cívic Casa Orlandai de Barcelona).Muchas gracias a todos los voluntarios que colaboran en la implantación del proyecto.
Monica Carballo asesora independiente de Oriflame. Encontrarás todos los catálogos en http://mimundooriflame.blogspot.com
Los catálogos pertenecen a Oriflame España
Consejos para viajar a Cuba y Requisitos para viajar a Cuba. Os explicamos los consejos más importantes. Además os mostramos un video sobre como viajar a Cuba en un viaje fotográfico https://www.youtube.com/watch?v=q9jinG63Iao .
Os sugerimos el canal de videos de viajes a Cuba de Mareva Tours, para que veáis todo lo que se puede hacer allí. Viajar a Cuba de una manera diferente es posible y nosotros nos encargamos de organizar un viaje distinto a Cuba donde no falte la gastronomía, la religión, el baile, los amigos, los rincones desconocidos y las sorpresas.
Viajar a Cuba es más que un viaje una experiencia y hay que integrarse en un país solidario y que recibe al visitante como nadie.
Viajes a Cuba Mareva Tours www.viajarcuba.org
https://www.youtube.com/user/viajesacuba1/videos
https://www.facebook.com/viajaracuba
https://twitter.com/ViajaraCuba
https://plus.google.com/116439585363357646667/posts
http://www.flickr.com/photos/viajaracuba
Ackermans & van Haaren - 1H14 results: Investor presentationKatia Waegemans
Ackermans & van Haaren is a diversified
group active in 5 key segments: Infrastructure
& Marine Engineering (DEME, one of the largest
dredging companies in the world - CFE and A.A.
Van Laere, two construction groups with headquarters
in Belgium), Private Banking (Delen Private
Bank, one of the largest independent private
asset managers in Belgium, and asset manager
JM Finn in the UK - Bank J.Van Breda & C°, niche
bank for entrepreneurs and liberal professions in
Belgium), Real Estate, Leisure & Senior Care (Leasinvest
Real Estate, a listed real-estate investment
trust - Extensa, an important land and real estate
developer focused on Belgium, Luxembourg and
Central Europe), Energy & Resources (Sipef, an
agro-industrial group in tropical agriculture) and
Development Capital (Sofinim and GIB).
In 2013, through its share in its participations (incl.
CFE), the AvH group represented a turnover of 5.7
billion euros and employed 22,706 people. The
group concentrates on a limited number of strategic
participations with significant potential for
growth.
Ackermans & van Haaren is a diversified group active in 5 key segments: Infrastructure & Marine Engineering
(DEME, one of the largest dredging companies in the world - Algemene Aannemingen Van Laere, a leading contractor
in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium,
and asset manager JM Finn in the UK - Bank J. Van Breda & C°, niche bank for entrepreneurs and liberal professions in
Belgium), Real Estate, Leisure & Senior Care (Leasinvest Real Estate, a listed real-estate investment trust - Extensa, an
important land and real estate developer focused on Belgium, Luxembourg and Central Europe), Energy & Resources
(Sipef, an agro-industrial group in tropical agriculture) and Development Capital (Sofinim and GIB). In 2012, through
its share in its participations, the AvH group represented a turnover of 3.3 billion euro and employed approximately
18.750 people. The group concentrates on a limited number of strategic participations with significant potential for
growth. AvH is quoted on the BEL20 index, the Private Equity NXT index of Euronext Brussels and the European DJ
Stoxx 600.
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
2. 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 mio
Incl. remeasurement
DEME of € 109.4 mio
€ 2,252 mio € 1.70
Total payout: € 57 mio
Market
capitalization Personnel
We work for
€ 2,853 mio
Share price: € 85.16
(31/12/2013)
22,706
Incl. CFE
growth
2
3. 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
3
4. 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): meritocracy
4
5. 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
5
6. 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: x42
Stock index: x8
(1984-2013)
Average annual growth of
11.3% (2004-2013)
6
8. Consolidated group result
(in € mio) 2013 2012(2)
2011(3)
Marine Engineering & Infrastructure 59.7 51.7 54.6
Private Banking 84.5 71.5 88.1
Real Estate Leisure & Senior Care 15 8 3 6 4 5Real Estate, Leisure & Senior Care 15.8 3.6 4.5
Energy & Resources 8.7 16.4 19.0
Development Capital -6.6 5.9 8.6
Result from participations 162.1 149.1 174.8
Capital gains development capital 29.5 22.7 -0.9
R 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 -0.9
Other non-recurrent result 109.5(1)
-0.6 4.5
Consolidated 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
8
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
9. 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
9
10. 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 s
result 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
10
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.
11. Other key figures
(i € i ) 2013 2012 2011
Consolidated balance sheet AvH group
(in € mio) 2013 2012 2011
Shareholders' equity (group share) 2,251.5 2,003.3 1,882.6
Net cash AvH and subholdings -3.1 87.9 73.0g
(i €) 2013 2012 2011
Key figures per share
(in €) 2013 2012 2011
Number of shares (#) 33,496,904 33,496,904 33,496,904
Net 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 56.20
Stock 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
11
close (31/12) 85.16 62.27 57.64
12. 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
12
* Taking into account acquisition of control of CFE and DEME (both taken for 100%)
13. AvH share performance vs. BEL 20
AVH AVH rebased to 100 BEL20 rebased to 100
13
12/2013
14. 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
14
15. 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)
15
NM
(see slide 63)
Ope ato o p pel es o c e cals
• 2013: Slightly higher results in line with expectations
16. 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 DEME
I t i t t t i 2013 li it d t d t t•Impact on income statement in 2013 limited to mandatory remeasurement
of 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)
16
17. 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)
17
18. 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 2011
Consolidated key figures
(in € mio) 2013 2012 2011
Turnover 2,531.6 1,914.9 1,765.8
EBITDA 437.8 350.9 300.4
EBIT 216.5 140.4 137.1
Net result 109.1 89.4 104.1
Net cash flow 330.9 300.9 264.5
Sh h ld ' i 847 7 773 7 731 0Shareholder's equity 847.7 773.7 731.0
Net financial position -711.3 -741.9 -651.1
Total assets 2,837.0 2,725.4 2,496.3
Capex 209 343 372Capex 209 343 372
# personnel 4,582 4,011 3,815
18
19. DEME: key figures (2/2)
Capacity utilization (# weeks)Evolution as % of turnover
**
* Turnover impacted by procurement of supplies (€ 230 mio)
19
SARB energy island (Abu Dhabi)Amoras (Antwerp)Lazaro Cardenas (Mexico)Valdemarsvik (Sweden)
21. 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 additionaltechnical 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
22. DEME: examples of projects
Artificial energy island at Abu Dhabi Thornton Bank
22
Gladstone (Australia) Colombia
23. 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%
23
Benelux21%
24. 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
p
and oil&gas services and GeoSea (50%)
OWA Services for offshore wind assistance GeoSea (100%)
24
Innovation Flintstone Neptune
25. 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%)
25
Renewable energy and concessions: wave and tidal energy
DEME Blue Energy Wave and tidal energy DEME (70%)
( )
26. 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
Scaldis
DBMCreation DEME
Holding G S
CTOWCreation Dredging
International (AvH Tideway
DEC
(Building
Materials)
Holding
(Acquisition
Decloedt)
GeoSea DEME Blue Energy
Oceanflore
International (AvH
+ CFE dredging)
Power@Sea
Tideway
26
AvH 38% AvH 48.5% AvH 50% AvH 60.4%
Consolidation Partnership
AvH 50%
Control
27. 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
27
Source: Rabobank
28. 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 1,793.8
EBITDA 213 2 199 1 181 7
Development and Management Services, Public Private Partnership and Concessions
EBITDA 213.2 199.1 181.7
EBIT 67.2 81.2 84.9
Net result 7.9 49.4 59.1
Net result (incl. specific
accounting re DEME transaction) -81.2
Order book 4 388 2 868 2 382Order book 4,388 2,868 2,382
Net 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
28
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
29. 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 Environment
100% 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
29
g
tension lines
Industrial & process automation
HVAC
p gy g g
lines
road and rail works
asphalt works
30. CFE: key figures by segment
(in € mio) 2013 2012 2013 2012 2013 2012
Dredging 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 -1.3
Rail & Road 95.5 99.3 4.5 5.7 2.9 4.0
Multitechnics 170.1 156.3 -10.3 1.8 -11.8 0.9Multitechnics 170.1 156.3 10.3 1.8 11.8 0.9
Real Estate 21.8 35.0 3.8 10.4 1.8 5.7
PPP-Concessions 4.3 11.7 -1.4 3.7 0.9 3.1
Construction (Brussels) Rail & Road (Bruges)MultitechnicsConstruction (Knokke) PPP (Amsterdam)
30
31. 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
31
32. Private Banking
DELEN INVESTMENTS Discretionary asset management and patrimonialDELEN 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 propertyASCO-BDM
insurance
32
33. Finaxis organisation chart
AvH Promofi
15%
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 & Co
Delen
Private Bank
ABK
33
34. Assets under management
(in € mio) 2013 2012 2011
Total 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 1,438
Van Breda: AuM at Delen* 3,036 2,504 2,115
Van Breda: client deposits 3,683 3,424 3,453
(*) Already included in Delen Private Bank AuM
34
36. 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 UK
Brussels
Gross revenues 255.2 214.8 162.5
Net result 76.0 62.6 57.2
Equity 464.1 414.5 364.3
Assets 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)
36
( ) ( ), ( )
(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
37. Delen Investments: highlights and outlook
Highlights 2013
• Continued growth at Delen Private Bank and JM Finn & Co, positively impacted byg , 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 efficientasset management, a.o. via launching Coleman Street Investment services and efficient
commercial strategy with focus on new inflows
37
39. 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 99.8
Net result 31.5 27.7 54.9*
Equity (group share) 447.9 427.3 395.0
Total assets 4,410.3 3,992.8 3,979.6
Total 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
39
p
* Incl. € 35.5 mio of negative goodwill on acquisition of ABK
(1) Deposits and entrusted funds
40. 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 10
l• 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
41. 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
41
Source: Rabobank
42. 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
43. 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 Turkey
FINANCIERE 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 places
2013 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)
44. Leasinvest Real Estate
(AvH 30%)(AvH 30%)
Real Estate Investment Trust (bevak – sicafi) for offices, logistics and retail in
Belgium and LuxembourgBelgium and Luxembourg
(in € mio) 2013 2012 2011
Operational result 34.2 29.0 28.5Operational result 34.2 29.0 28.5
Net result 26.9 20.5 12.6
Net equity 335.3 256.0 261.8
Portfolio real estate (fair value) 718.2 617.8 504.4
Rental yield (%) 7.31 7.30 7.23
Occupancy rate (%) 96.9 94.9 92.6
N 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 51Net 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)
45. Leasinvest Real Estate: highlights
Highlights 2013
S 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 secondIncrease 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 capitalEarly 2014, sale of office building Louizalaan 66, Brussels for €10.4 mio with limited capital
gain
45
46. Leasinvest Real Estate: examples of projects
Knauf Pommerloch (Luxemburg)Monnet
4646
The Crescent (Anderlecht)Motstraat (Mechelen)
47. 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 42.0
Tour &Taxis (50%): FV yield of 7.0% 26.7 23.8
Other assets 15.2 18.2
Leasinvest Real Estate 98.1 74.9 Financial debts(2)
125.9 114.5
1,444,754 shares(1)
Other assets 29.1 33.9 Other liabilities 16.0 18.4
a.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
48. Extensa: highlights
Highlights 2013
Increase 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), Cederparkp 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 shoppingcommercialization 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
( ) p
warehouse park (7,730 m²) started. 58% of shops already rented.
• Turkey: First residential project expected to be fully commercialized in 2014
49. 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
50. 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
51. Energy & Resources
SIPEF • Agro industrial group with plantations in Indonesia andSIPEF g g p p
Papua 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 withO 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 structuresTELEMOND GROUP
l d 69
51
and equipment, mainly in Poland
• 2013: Diversified product portfolio led to higher results
(see slide 69)
52. 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 Papuabusinesses (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 253,912 265,778 258,099
Rubber 10,403 10,641 9,545
Tea 2,850 2,923 2,641
T 291 7 332 5 367 7Turnover 291.7 332.5 367.7
EBIT 79.0 94.2 129.3
Net result 55.6 68.4 95.1
Net equity 508 1 472 6 425 3Net equity 508.1 472.6 425.3
Net cash position -31.9 18.2 47.5
Share 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
53. 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
54. 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
56. 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 g
Share price Atenor (in €) 34.25 32.05 24.21
Market value Groupe Flo / Trasys 10.0 8.4 12.9
Sh 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
60. Van Laere
(AvH 100%)(AvH 100%)
General contractor of construction and civil engineering projects
(in € mio) 2013 2012 2011
Turnover 122 3 161 2 137 3
Consolidated key figures
Turnover 122.3 161.2 137.3
Net result 0.7 1.2 1.7
Shareholder's equity 36.6 35.7 34.7q y
Net 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
61. 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 2011
Turnover 6.8 26.5 5.6
Net result 12.3 12.3 -1.7
Shareholder's equity 25.9 13.7 1.5
Net 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
62. 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 2011
Consolidated key figures
( ) 2012 2011
Turnover 13.9 15.9 12.5
Net result 2.0 1.4 2.1
Net cash flow 4.3 3.2 3.9
Shareholder's equity 27.5 26.8 28.4
Net 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
63. Groupe Financière Duval
(AvH 41.14%)(AvH 41.14%)
French group focused on real estate projects, services and residences
(in € mio) 2013 2012 2011
Turnover 501.1 514.1 430.4
Consolidated key figures
EBIT 13.4 11.9 16.3
Net result 4.7 3.9 6.6
Shareholder's equity 107.1 102.3 99.1
Net 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 ofp 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
64. Anima Care
(AvH 100%)(AvH 100%)
Anima Care focuses on the market segment of high quality senior
care residencescare residences
(in € mio) 2013 2012 2011
Azur Soins et SantéConsolidated key figures
Turnover 27.4 20.5 15.4
EBITDA 3.4 2.4 2.1
Net result 0.6 0.6 0.4
Shareholder's equity 32.4 21.2 12.0
Net 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)
65. 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 88.8
EBITDA 3.7 11.4 23.1
Net result 2 4 2 2 9 3Net result -2.4 2.2 9.3
Shareholder's equity 29.7 37.7 38.3
Net financial position -25.0 -27.5 -29.7
Highlights 2013
Net financial position 25.0 27.5 29.7
Share high/low (in INR) 291.4/162.0 289.4/138.9 150.0/121.1
Market 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%
66. 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 6.8
EBITDA 0.2 -0.5 0.3
Net result 0 1 -0 4 0 2Net result 0.1 -0.4 0.2
Shareholder's equity 6.0 7.0 7.8
Net 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
67. 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
68. 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 loadingemphasis 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 64.4
Net 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
69. 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 Sepwith 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
70. 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 whenelements. 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
71. 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.
71
72. 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 2011
Turnover 346.8 365.8 382.2
EBITDA 35.3 41.8 48.1
N 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
72
73. Outlook 2013
‘The board of directors is positive about
the group’s outlook for the currentthe group s outlook for the current
financial year.’
73
74. For further questions or additional information,
please consult our website: www.avh.be
Contact:
Luc Bertrand
Ch i f th E ti C ittChairman of the Executive Committee
Jan Suykens
Member of the Executive Committee
Tom Bamelis
Member of the Executive Committee
T +32 3 231 87 79
E dirsec@avh.be
74
76. Multidisciplinary and experienced team
Born with AvH sinceBorn with AvH since
Luc Bertrand 1951 1986 (Bankers Trust)
Jan Suykens 1960 1990 (Generale Bank)
Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group)Piet 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)
76
77. 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 Delen
with Bank J. Van Breda & C° (AvH 60% / beneficial 30%)
77
78. 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 program
Private equity: strong investment activity (Spano, Iris, Manuchar, Distriplus:q y g y (Sp , , , p
€ 154 mio)
2008 Investment in Rombouts (20%) and Sagar Cements
Sale of Arcomet, Oleon Holding and Oleon BiodieselSale of Arcomet, Oleon Holding and Oleon Biodiesel
78
79. Historical overview (3)
2009 Sale of IDIM to R.D.C.B. and S.R.I.B. and sale of I.R.I.S. to Canon
Investments in Oriental Quarries & Mines, Alcofina and Max Green
2010 Creation of Rent-A-Port Energy
Co-control Holding Groupe Duvalg p
RSPO certification of Sipef
Sale of Engelhardt Druck
2011 Listing of AvH options on NYSE Liffe2011 Listing of AvH options on NYSE Liffe
Acquisition 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
79
80. Evolution of the AvH share
(index rebased to 20/6/1984)( )
AvH
Belgian all
share index
AvH
Belgian all
share index
1984-2013
AvH share: x42
share indexshare index
Stock index: x8
80
Market capitalization (€ mio, end of year):
55 317 2,2445901,066 2,853
82. Net cash position AvH group
(in € 000)
AvH &
subholdings
Development
capital
Total
(31/12/2013)
Investment portfolio* 23 610 0 23 610Investment portfolio 23,610 0 23,610
Term deposits 46,412 26,194 72,606
Intercompany deposits -124,400 124,400 0
Cash 4,581 1,456 6,037Cash 4,581 1,456 6,037
Long term debt -87,990 -87,990
Short term debt - commercial paper -38,853 -38,853
Own 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
83. Delen Investments: income statement
Conso (in € 000) 2013 2012 2011
(3 months JM Finn)
Net interest income 2,994 4,192 7,220
Gross fee income 245,800 212,444 151,271
Other income 6,417 -1,800 4,028
Gross 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 -58,783
Amortisations & provisions -11,243 -9,948 -6,182
Other expenses -2,328 -2,172 -861
Loan loss provision -27 -25 -22
Expenses -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
84. Delen Investments: balance sheet
(in € 000) 2013 2012 2011
Cash & loans and advances to banks 658,767 698,990 739,481
Financial 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 1,881
Tangibles assets 55,070 52,157 38,823g , , ,
Goodwill and other intangible assets* 248,607 249,258 243,016
Other assets 25,240 24,588 23,685
Total 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 33,949
Provisions, tax and other liabilities 107,247 89,653 95,523
Equity (including minority interests)* 464,372 414,788 364,521
T 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
85. 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 years
Since
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%
85
Source: Morningstar
86. 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 type18%
59%23%
Discretionary (63% per Sep 13)
Portfolio advisory
Non portfolio advisory and
execution only
86
AuM: £ 5.5 billion (30.09.11)
£ 7.8 billion (31.12.13)
87. Bank J.Van Breda & C°: income statement
(in € 000) 2013 2012 2011
Net interest income 76,767 79,144 73,472
Net fee income 31,601 26,772 25,027
Other income 9,348 7,992 1,323
Gross revenues 117 716 113 908 99 822Gross revenues 117,716 113,908 99,822
Operational expenses -64,756 -62,914 -57,884
Amortisations & provisions -4,544 -3,543 -3,073
Loan loss provision -1,488 -2,391 -1,675p , , ,
Impairment AFS -13 -2,292 -9,802
Expenses -70,801 -71,141 -72,434
Negative goodwill 35,472
Share of profit (loss) from equity
accounted investments 220 278 200
Exceptional cost* -60,112
Profit before tax 47 135 17 067 63 059Profit before tax 47,135 -17,067 63,059
Income taxes -14,760 45,049 -7,697
Profit of the period
Minority interests -828 -243 -482
87
y
Share of the group 31,546 27,739 54,880
* Exit Beroepskrediet statute
88. 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 91,104 237,881
Financial 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 2,753
Tangible assets 33,156 31,764 31,320
Goodwill and other intangible assets 12,359 10,629 7,990Goodw ll a d ot e ta g ble assets ,359 0,6 9 ,990
Other assets 23,204 26,431 15,937
Total 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 24,254
Provisions, tax and other liabilities 38,856 27,341 63,849
Mi it i t t 367 16 975 15 996Minority interests 367 16,975 15,996
Equity (group share) 447,907 427,267 394,969
Total liabilities 4,410,294 3,992,765 3,979,566
88
89. Solvency of banks
Bank J.Van Breda & C° Bank J.Van Breda & C
Evolution financial strength
banks Source: IMFbanks Source: IMF
89
89
90. ABK
• 1997-2010: Consistent track record of profitable internal growth
o Stable number of branches: 40o Stable number of branches: 40
o 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 mio
Participation 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 competences
ST financial implications:
90
o ST financial implications:
o Conso equity boosted from € 258 mio to € 413 mio
o Core tier 1 equity ratio strengthened from 11.3% to 14.6%
91. Sipef: Expansion
Planted area (in hectares) – beneficial interest
120.000
80 000
100.000
60.000
80.000
South Sum expansion
PNG expansion
PNG
Bengkulu expansion
40.000
Bengkulu
North Sum expansion
North Sum
20.000
0
2005 2008 2012 2020
91
Source: Sipef company presentation
93. 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
0
2000 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