1 ANNUAL RESULTS 2017

Transcription

1 1 ANNUAL RESULTS 2017

2 2 CEO QUOTE Ackermans & van Haaren closed 2017 with a net profit of million euros. This is an excellent result, which is not only 78.3 million euros (+35%) higher than last year, but also exceeds our own expectations. AvH focuses on the development of its key participations: their contribution to group profit in 2017 increased to million euros (2016: million euros, +7%). On top of that, 37.4 million euros in net capital gains and non recurring results were realized a.o. on the sale of our holdings in NMP (AvH 75%) and Ogeda (AvH 3%) and on a remeasurement at SIPEF. This result clearly reflects AvH s strategy of an increased focus on less participations and on a further development of its portfolio (including Growth Capital ) aiming at recurring contribution to the group result. The Real Estate & Senior Care and Energy & Resources segments represented in % of the contribution of those core segments to the group result. Jan Suykens Chairman of the Executive Committee

3 3 AvH AT A GLANCE (31/12/2017) A diversified group active in 4 segments 303 MIO Net result +35% 2,972 MIO Equity (group share) Equity per share: (1) +9% Incl. dividend 2.20 Gross dividend Total payout: 74 mio +8% 80 MIO Net cash 4,862 MIO Market capitalization Share price: (31/12/2017) +10% 22,749 Personnel (1) Taking into account 362,257 own shares as of 31/12/2017

4 4 AvH SHARE PERFORMANCE VS. BEL20 AvH AvH rebased to 100 BEL20 rebased to 100 2/1/ /12/ (Until 26/2/2018

5 5 CONSOLIDATED GROUP RESULT (in mio) Marine Engineering & Contracting Private Banking Real Estate & Senior Care Energy & Resources Contribution from core segments % Growth Capital AvH & subholdings Net capital gains/losses and impairments AvH & Growth Capital Result before remeasurement Remeasurement 19.8 (1) 23.5 (2) Consolidated group result % (1) AvH share in remeasurement of Agro Muko participation by SIPEF (2) AvH share in remeasurement of Tour & Taxis participation by Extensa

6 6 PRO FORMA GROUP FIGURES BY SEGMENT (1) 2017 Marine Engineering & Contracting Private Banking Real Estate & Senior Care Energy & Resources AvH & Growth Capital 22,749 5,363 2, (2%) 301 (10%) 3,801 (17%) 1,079 (20%) 38 (12%) 205 (7%) 124 (2%) 390 (13%) 54 (18%) 408 (8%) 6,568 (29%) 536 (10%) 2,950 (13%) 1,003 (4%) 1,095 (37%) 114 (38%) 3,216 (60%) 8,427 (37%) 981 (33%) 91 (30%) Group personnel Consolidated turnover (in mio) Equity (group share) (in mio) Contribution to AvH result (in mio) (1) Based on consolidated results; pro forma: all (exclusive) control interests fully consolidated, the other interests proportionally

7 7 OTHER KEY FIGURES Consolidated balance sheet AvH group (in mio) Shareholders equity (group share) 2, , ,607.3 Net cash AvH and subholdings % Incl. dividend Key figures per share (in mio) Number of shares (#) 33,496,904 33,496,904 33,496,904 Net result per share Gross dividend Net equity (1) Stock price: highest lowest close (31/12/2017) (1) Corrected for own shares

8 8 AVHGROUP STRUCTURE (31/12/2017)

9 GeoSea Thor 9

10 10 MARINE ENGINEERING & CONTRACTING DEME CFE RENT A PORT GREEN OFFSHORE 60.4% 60.4% 72.2% 80.2% One of the largest and most diversified dredging and marine engineering companies in the world Contracting and Real Estate Development in Belgium, Luxembourg and Poland Port related land development and services Partner in Belgian offshore wind developments Rentel under construction (12.5%, 309 MW), Seastar and Mermaid

11 11 MARINE ENGINEERING & CONTRACTING: CONTRIBUTION TO AvH CONSOLIDATED NET RESULT (in mio) DEME CFE (excl. DEME) Van Laere (1) Rent A Port Green Offshore Total (1) Sold to CFE Contracting at year end 2017

12 12 DEME (AvH 60.4%) One of the largest and most diversified dredging and marine engineering companies in the world Minerva near Blankenberge Pearl River in Maldives Scheldt River (new 8,400 m³ hopper in operation since H2 2017)

13 13 DEME: HIGHLIGHTS 2017 Turnover increase driven by strong growth of GeoSea Economic turnover (1) of 2,365.7 mio (2016: 1,978.2 mio) More than 1 billion turnover realized by GeoSea: a.o. offshore wind farms Horns Rev (Denmark), Merkur and Hohe See (Germany), Galloper (UK) and Rentel (Belgium). Strong order backlog Order backlog of 3,520 mio. Largest projects acquired in 2017: New Terneuzen Lock (civil marine works, 300 mio), Modular Offshore Grid Elia (marine works, 130 mio) and Rijnlandroute ( 123 mio). Projects not yet included in order backlog (total value: 1,744 mio): Fehmarnbelt Fixed Link, Blankenburgverbinding, Moray East and Triton Knoll offshore wind farms (see further for details). Acquisitions by GeoSea A2SEA: Investment of 167 mio (net of cash) - An important player active in installation of offshore wind turbines (160 employees; 2 high tech installation vessels Sea Installer, Sea Challenger; order backlog 141 mio). G tec: Acquisition of 72.5% - Belgian firm specialised in offshore geotechnical and geological marine investigation as well as in deep sea engineering services. Investment program in anticipation of strong activity Total capex of (incl mio on acquisition A2SEA). (1) Economic, i.e. including proportionate share of entities under common control

14 14 DEME: KEY FIGURES (in mio) (1) (2) (1) (2) (1) (2) Turnover 2, , , , , ,351.0 EBITDA EBIT Net result Shareholder s equity 1, , , , , ,132.9 Net financial position Total assets 3, , , , , ,233.5 Capex (incl. IAS16) (3) # personnel 4,488 4,284 4,186 (1)Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME are accounted for using the equity method with effect from 1 January (2)In this presentation, the group companies that are jointly controlled by DEME are still proportionally integrated. Although this is not in accordance with the new IFRS10 and IFRS11 accounting standards, it nevertheless gives a more complete picture of the operations and assets/liabilities of those companies. In the equity accounting as applied under (1), the contribution of the group companies is summarized under one single item on the balance sheet and in the income statement. (3)Including A2SEA acquisition for mio

15 15 DEME: KEY FIGURES Consolidated key figures in % of economic turnover Net result EBIT EBITDA 23.8% 22.8% 17.3% 19.4% 19.3% 13.5% 8.6% 6.5% 10.0% 8.5% 7.8% 11.0% 6.6% 9.4% 4.3%

16 16 DEME: CAPACITY UTILIZATION # weeks 2017 * CUTTERS (1) HOPPERS (1) Weighted average (KW)

17 17 DEME: DIVERSIFICATION OF ACTIVITIES GeoSea Thor Construction of OWF: marine works, foundations and installation Tideway Flintstone Rentel Fallpipe and cablelaying works C Power Development of OWF concessions/projects DEC Ecoterres Bluegate Antwerp Remediation of contaminatedland DBM Marine sand and gravel as building material GSR Patania Robot (protoype) for deep sea harvesting of minerals

18 18 DEME: BREAKDOWN OF ECONOMIC TURNOVER Per region, activity and type of customer 12% 13% 7% 8% % 12% 10% 5% 3% % Europe Asia & Oceania Africa Middle East & India America 7% 10% 34% 3% % 34% 8% 47% 7% 3% % 14% Capital dredging Maintenance dredging Marine works Fallpipe & landfalls Environmental Civil works 2% 11% 15% 43% 29% 2% 10% 6% % 34% Renewables Government Oil and gas Mining Other

19 19 DEME: ORDER BACKLOG Order backlog 2017 of 3,520 mio (vs 3,800 mio end of 2016), well diversified across different regions and activities ,520 ( mio) 10% % 14% % % Benelux Europe Asia Pacific Middle East + India Other

20 20 DEME: ORDER BACKLOG NEW IN 2017 New Terneuzen Lock (Netherlands): joint venture, (approx. 300 mio turnover for DEME). Elia Modular Offshore Grid: submarine power cable installation in North Sea ( 130 mio). Rijnlandroute (Netherlands): road infrastructure incl. bored tunnel (DEME 123 mio). Old Port Doha (Qatar): joint venture (total contract 100 mio). India and Maldives: dredging and land reclamation. Total value of 100 mio. Offshore windfarms in Germany: Hohe See (71 turbines 497 MW), Albatros Ayer Merbau reclamation (Singapore) ( 70 mio) Projects in Europe and Africa (total of 240 mio): Maintenance dredging on the river Elbe in Germany, a gas terminal in Angola, the Freeport of Liberia and the port of Abidjan in Ivory Coast; Works at several ports in France and in Ghana; Coastal protection works in the UK and in Benin; Dredging works in the port of Barcelona; Maiyegun Waterfront in Lagos. NOT YET INCLUDED ( 1,744 MIO) Projects awarded or preferred bidder, but not yet included in order backlog as of Fehmarnbelt Fixed Link: longest immersed road and rail tunnel (18 km) connecting Denmark with Germany. Contract value of approx. 700 mio. Blankenburgverbinding (NL): design, construction, management and maintenance for 20 years of the Blankenburgverbinding, the A24 link between the A20 and A15 motorways. Offshore wind farms Moray East (EPCI 100 turbines, 3 platforms), Triton Knoll (transport and installation 90 turbines, 860 MW)

21 21 DEME: INVESTMENT PROGRAM 6 vessels under construction Gulliver (1H18) Self propelled crane ship (4,000 T) Living Stone (1H18) Multipurpose fall pipe vessel Spartacus (2019) Cutter suction dredger Apollo (1H18) Self propelled jack up vessel (800 T) Bonny River (2019) Trailing suction hopper dredger (15,000 m³) Orion (2019) Offshore crane vessel

22 22 DUAL FUEL HOPPER DREDGERS Advantage of dual fuel Can also operate in LNG mode. Reduction of carbon dioxide emissions, almost eliminating sulphur, NOx and particle emissions. LNG is intrinsically clean so no need for exhaust gas cleaning systems. Scheldt River Hopper dredger (8,400 m³) Operational since 2017 Minerva Hopper dredger (3,000 m³) Operational since 2017

23 23 GEOSEA FLEET Jacking system: leg length 57 m 55 m 79 m 82 m m 89 m m Delivery: 2018 (under construction) Delivery: 2019 (under construction)

24 24 DEME: SOLUTIONS FOR GLOBAL CHALLENGES

25 25 DEME: LONG TERM TRACK RECORD OF SHAREHOLDING AND ENTREPRENEURIAL GROWTH in Turnover Equity Creation Dredging International (AvH + CFE dredging) Scaldis Tideway Power@Sea DEC GeoSea HGO acquisition (Innovation) Creation DEME Holding (Acquisition Decloedt) DBM (Building Materials) CTOW DEME Blue Energy A2SEA acquisition Consolidation Partnership Control AvH 45% AvH 39.5% AvH 48.5% AvH 50% AvH 60.4%

26 26 CFE (AvH 60.4%) Contracting and real estate development Differdange (Luxembourg) AZ Sint Maarten (Mechelen) Twice (Brussels)

27 27 CFE: KEY FIGURES Excl. DEME (in mio) Turnover Net result (1) Shareholder s equity (total, incl. DEME) 1, , ,423.3 Net financial position (excl. DEME/RAP, incl. Van Laere in 2017) # personnel 3,485 3,204 3,657 (in mio) Turnover Order book Net result Construction Multitechnics Rail Infra Contracting , Real estate development (2) 130 (2) Holding, nontransferred activities and eliminations Total (1) Including contribution from Rent A Port and Green Offshore: 2017: 2.9 mio, 2016: 4.2 mio, 2015: 2.9 mio (2) Real estate projects is the sum of the equity and net financial debt of the real estate division

28 28 CFE: HIGHLIGHTS 2017 Excl. DEME Strong improvement of results of CFE Contracting and Real Estate Development. Contracting Decrease of turnover due to postponement of some important contracts in the construction segment in Belgium and difficult socio economic environment in Tunisia. Strong growth in construction in Poland. Significantly higher order book of 1,229.7 mio, driven by new construction projects in Brussels and Poland, by Rail & Utility Networks and by acquisition of Van Laere ( 242 mio). Acquisition of Van Laere finalized in December 2017 for 17.1 mio. Consolidated results Van Laere to be included in CFE figures as from Acquisition of José Coghe Werbrouck (rail works) for 7.7 mio in December Stable net cash position. Real Estate Development Strong increase of net result thanks to capital gains on the sale of projects Oosteroever (Ostend) and Kons (Luxembourg). Exposure on Chad of approx. 60 mio Negotiations on refinancing of outstanding receivables with regard to Grand Hotel (N Djamena) are ongoing.

29 29 VAN LAERE (AvH 60.4%) General contractor of construction and civil engineering projects in Belgium (in mio) Turnover Net result Shareholder s equity 8.9 (1) Net financial position # personnel Tour & Taxis Herman Teirlinck (1) After dividend distribution of 7.8 mio declared prior to the sale to CFE HIGHLIGHTS 2017 Disappointing year due to delays and operational challenges on 4 major projects. Sale of parking subsidiary Alfa Park and Parkeren Roeselare. Appointment of Manu Coppens (member of executive committee of CFE Contracting) as new CEO. Sold to CFE Contracting in December 2017 for 17.1 mio (after 7.8 mio dividend), in line with adjusted net asset value. Order book of 242 mio at year end 2017.

30 30 RENT A PORT (AvH 72.18%) Port related land development and services (in mio) Turnover Net result Shareholder s equity Net financial position Dinh Vu Vietnam HIGHLIGHTS 2017 Profitable activities in Vietnam offset by exchange rate losses and development costs for new renewable energy projects. Delay in sales of industrial land in Vietnam due to late construction of two small seawalls and no availability of large industrial sites. Start of some larger scale development projects in Vietnam scheduled for 2018.

31 31 GREEN OFFSHORE (AvH 80.2%) Green Offshore holds participations in offshore wind farms (in mio) Turnover Net result Shareholder s equity Net financial position Rentel offshore wind farm HIGHLIGHTS 2017 Participation in offshore wind farm Rentel (12.5% direct and indirect, 309 MW under construction) and in OWF concessions Seastar and Mermaid. Offshore works at Rentel wind farm progressing according to plan. First electricity production expected mid Adjusted legal framework approved. Seastar and Mermaid (in total approx. 500 MW) to be developed after Rentel.

32 Bank J.Van Breda & C o Antwerp 32

33 33 PRIVATE BANKING DELEN PRIVATE BANK 78.75% Discretionary asset management and patrimonial advice for private clients BANK J.VAN BREDA & C O 78.75% Specialized advisory bank for entrepreneurs and liberal professions

34 34 PRIVATE BANKING: CONTRIBUTION TO AvH CONSOLIDATED NET RESULT (in mio) Finaxis Delen Private Bank Bank J.Van Breda & C o BDM Asco Total

35 35 FINAXIS ORGANIZATION CHART AvH Promofi 78.75% 21.25% Finaxis 99.99% 100% Delen Investments 100% Delen Private Bank Bank J.Van Breda & C o 100% 97% 81% 100% Delen Private Bank Lux. Capfi Delen Asset Management JM Finn Oyens & Van Eeghen ABK bank Van Breda Car Finance

36 36 ASSETS UNDER MANAGEMENT (in mio) Delen Private Bank 40,545 37,770 36,885 Delen Private Bank 29,410 27,383 25,555 JM Finn (1) 10,475 9,730 10,758 Oyens & Van Eeghen Bank J.Van Breda & C o Bancassurance products 1,876 1,872 1,669 AuM at Delen (2) 5,474 4,737 4,236 Client deposits 4,566 4,246 3,969 Finaxis 47,796 44,619 43,039 (1) AuM JM Finn & Co in : 9,294 mio (2017), 8,331 mio (2016), 7,929 mio (2015), 7,834 mio (2014) (2) Already included in Delen Private Bank AuM

37 37 DELEN PRIVATE BANK (AvH 78.75%) Private banking and wealth management. Focused on discretionary asset management for private clients, in Belgium, UK and Netherlands Delen Private Bank: Brussels, Antwerp and Liège offices

38 38 DELEN PRIVATE BANK: KEY FIGURES (3) (in mio) Gross revenues Net result (1) Equity Assets under management 40,545 37,770 36,885 Cost income ratio 53.7% (2) 57.8% 54.9% ROE (IFRS) 16.3% 14.6% 16.8% Core Tier1 capital ratio 29.3% 30.9% 26.0% Basel III leverage ratio 17.6% 21.2% 14.9% LCR (Liquidity coverage ratio) 700% 1,058% 1,024% NSFR (Net stable funding ratio) 345% 295% 284% # personnel (1) Contribution of JM Finn to net result of 7.1 mio, Oyens & Van Eeghen 2.0 mio (2) Delen Private Bank 42.5%, JM Finn & Co 83.7%, Oyens & Van Eeghen 135.7% (3) Detailed income statement and balance sheet on pages 93 and 94

39 39 DELEN PRIVATE BANK: HIGHLIGHTS 2017 Record level of assets under management ( 40,545 mio) Record level of over 40 billion. Increase driven by strongest gross inflow ever of assets entrusted by the clients and by positive market effect on these assets. Delen Private Bank ( 29,410 mio): inflow well spread over all offices. Increase of discretionary mandates to 80% of AuM (i.e. >90% of client accounts). JM Finn & Co ( 10,475 mio): positive net inflow. Negative impact from evolution of / exchange rate. Increase of discretionary mandates to 74%. Oyens & Van Eeghen ( 660 mio) Opening of new regional offices in Leuven, Namur, Knokke and region Kempen. Increase of revenues and net result Increase of gross revenues mainly driven by increase in AuM. Decrease of cost income ratio to 53.7%. Increase of net result to mio (JM Finn & Co: 7.1 mio, Oyens & Van Eeghen 2.0 mio) Solid core tier1 capital ratio of 29.3%

40 40 DELEN PRIVATE BANK: ASSETS UNDER MANAGEMENT Discretionary mandates Under custody and advisory in mio AuM Delen Investments CAGR : 16.4% Oyens & Van Eeghen 37,770 40,545 8, JM Finn & Co 9, ,222 32,

41 41 DELEN PRIVATE BANK: ANNUALIZED NET RETURNS 31/12/ year 3 years Annualized 5 years Annualized 10 years Annualized 15 years Annualized Universal Invest Low C Acc 2.00% 2.79% 3.22% 2.85% 4.14% Peer Group Low 2.14% 1.62% 2.81% 2.18% 3.06% Universal Invest Medium C Acc 4.71% 4.75% 5.36% 4.04% Peer Group Medium 5.16% 3.59% 4.95% 2.66% Universal Invest High C Acc 8.76% 7.08% 7.90% 4.35% 7.23% Peer Group High 7.36% 5.13% 6.99% 2.46% 4.92% Universal Invest Global Flexible C Acc 5.10% 5.01% 6.61% 4.57% 6.90% Peer Group Flexible 5.11% 2.69% 3.88% 1.69% 4.66% Source: Morningstar

42 42 BANK J.VAN BREDA & C O (AvH 78.75%) Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions Bank J.Van Breda & C o : Antwerp and Hasselt offices

43 43 BANK J.VAN BREDA & C O : KEY FIGURES (1) (in mio) Bank product Net result Equity Total assets 5,425 4,992 4,717 Total client assets (2) 13,743 12,449 11,134 Cost income ratio 59.1% 59.4% 55.6% ROE 7.4% 7.4% 8.3% CAD (solvency ratio) 14.9% 18.8% 15.9% Core Tier 1 capital ratio 14.2% 14.8% 14.5% Net loan write offs/ avg loan portfolio 0.04% 0.01% 0.01% Basel III leverage ratio 8.9% 9.8% 9.5% LCR (Liquidity coverage ratio) 143% 150% 197% NSFR (Net stable funding ratio) 121% 123% 128% # personnel (1) Detailed income statement and balance sheet on pages 95 and 96 (2) Deposits and entrusted funds

44 44 BANK J.VAN BREDA & C O : HIGHLIGHTS 2017 Strong commercial results Increase of total client assets to 13.7 billion (+10%), of which client deposits: 4.6 billion (+8%), entrusted funds 9.2 billion (+12%). Increase of loan portfolio to 4.5 billion (+7%) with low provisions for loan losses (0.04%). Pressure on interest margin due to flat yield curve. Net interest income / net fee income = 59%/41% Increase of net result and equity Cost income ratio of 59.1%. Increase of net result to 39.1 mio (+4%) driven by underlying commercial results. Increase of equity allows commercial growth without impacting healthy leverage (leverage ratio: 8.9%). Solid core tier1 capital ratio of 14.2%.

45 45 BANK J.VAN BREDA & C O : CLIENT ASSETS Entrusted funds Client deposits Private loans Total deposits & funds CAGR : 11.9% 12,449 ( mio) 8,203 ( mio) 13,743 ( mio) 9,177 ( mio) ,223 ( mio) 4,246 ( mio) 4,529 ( mio) 4,566 ( mio)

46 46 PRIVATE BANKING: FOCUS ON PEOPLE AND OPERATIONAL PERFORMANCE in mio CAGR ( ) AuM: 12.9% Equity: 10.1% Total AuM (left axis) Conso equity Finaxis (right axis) Delen De Ferm Havaux Capfi JM Finn & Co Oyens & Van Eeghen Bank J.Van Breda & C o ABK Finaxis AvH shareholding AvH 50% AvH 60% AvH 75% AvH 78.75%

47 47 BANK J.VAN BREDA & C O / FINAXIS BELGIUM: BENCHMARKING

48 48 Cloche d Or Luxembourg (August 2017)

49 49 REAL ESTATE & SENIOR CARE LEASINVEST REAL ESTATE 30.0% Regulated real estate company BE REIT for retail and offices and logistics in Luxembourg, Belgium and Austria EXTENSA ANIMA CARE HPA RESIDALYA PATRIMOINE & SANTÉ 100% 92.5% 71.7% Real estate and land development in Belgium and Luxembourg Senior care in Belgium: 1,805 retirement home beds and convalescent home beds and 205 service flats in operation, spread over 20 retirement homes Senior care in France 2,597 beds spread over 34 retirement homes Real estate of Residalya 2017: Last tranche of exchange Holding Groupe Duval into Patrimoine & Santé completed As a result: AvH participation in Holding Groupe Duval reduced to 0% HPA owns 100% of Patrimoine & Santé (real estate of Residalya)

50 50 REAL ESTATE & SENIOR CARE: CONTRIBUTION TO AvH CONSOLIDATED NET RESULT (in mio) Leasinvest Real Estate Extensa Anima Care HPA Holding Groupe Duval 8.0 Total

51 51 LEASINVEST REAL ESTATE (AvH 30%) Public regulated real estate company for retail and offices in Luxembourg, Belgium and Austria Mercator Luxembourg Stadlau (Austria) Mercator (Luxembourg) Lux Airport

52 52 LEASINVEST REAL ESTATE: KEY FIGURES Real estate portfolio (2017) (in mio) % Rental income Net result Net equity % 48% Portfolio real estate (fair value) Rental yield (%) Occupancy rate (%) Debt ratio (%) (1) Retail Offices Logistics 11% Per share ( ) Net asset value Stock price (31/12) High / low / / /79.40 Dividend % 54% Luxembourg Belgium Austria (1) Financial debt: 540 mio (2017), 541 mio (2016), 532 mio (2015)

53 53 LEASINVEST REAL ESTATE: HIGHLIGHTS 2017 Real estate portfolio of 903 mio High occupancy rate of 94.80%. Slight decrease due to renovation Montoyer 63 and the sale of fully let logistics buildings and Swiss properties. Decrease of rental yield to 6.44%. Strategic focus on two asset classes (retail, offices) and three countries (Belgium, Lux, Austria) May 2017: acquisition of Mercator office building (Luxembourg) for 35 mio October 2017: disposal of Swiss retail portfolio (3 properties) for 41.8 mio. October 2017: acquisition of two major retail parks in Vienna (Austria) for 56.2 mio. In H2 2017, 4 Belgian logistics buildings sold for a total amount of 72 mio. Increase of net result driven by capital gains on portfolio Slight increase of rental income: impacted by changes in portfolio (acquisitions/divestments) and by recognition of coupon of Lux Airport certificates as rental income Fair value of portfolio - Positively impacted by higher occupance rate in Mercator + acquisition of Austrian properties - Investments in redevelopment of Square de Meeûs and Montoyer properties in Brussels - 8 mio profit recognized on consolidation of Lux Airport certificates (previously OCI) Debt rate decreased to 57.1%.

54 54 LEASINVEST REAL ESTATE: EVOLUTION PORTFOLIO In mio (including stake in Retail Estates)

55 55 Key figures (in mio) Contribution from Tour & Taxis Contribution from Cloche d Or Net result Net financial position Net equity (1) (1) Dividend distribution of 156 mio in 2017 EXTENSA (AvH 100%) Real estate developer with focus on residential and mixed projects in Belgium and Luxembourg Mercator Cloche d Or Luxembourg Luxembourg

56 56 EXTENSA GROUP: HIGHLIGHTS 2017 Stable net result Net result of 29.9 mio in line with Tour & Taxis Brussels Herman Teirlinck administrative building (43,914 m²) officially opened in September Project sold to Baloise Group in November. Yield around 4.1%. Renovation of Gare Maritime ongoing. Contract signed with first tenants for 40% of building. Completion expected in 2Q18. First residential development Gloria: nearly all 115 apartments sold. Successful start of Riva residential development: 139 apartments Ratification of Special Zoning Plan Tour & Taxis. Legal certainty now obtained with regard to the building lots, zoning status and volume to be developed. Cloche d Or Luxembourg Sales of residential apartments better than expected. All 803 units sold. Good progress on construction of office buildings for Deloitte Luxembourg (30,000 m²) and Alter Domus. Completion expected in 3Q18. Exclusive negotiations with Ethias and Integrale on the sale of the Deloitte project. Other developments Approval of allotment plan for the Parkwijk Groeningen project (Kontich) with 650 units (residential).

57 57 TOUR & TAXIS: DEVELOPMENT PLAN (1) Artist impression Herman Teirlinck Royal Depot and Sheds Zone C and Gare Maritime (1)

58 58 CLOCHE D OR (1) Artist impression Ilot B (1) Ilot A (1) Deloitte (1

59 59 ANIMA CARE (AvH 92.5%) Anima Care focuses on high quality senior care residences in Belgium (exploitation and real estate) (in mio) Turnover EBITDAR EBITDA Net result Shareholder s equity Net financial position # personnel 1,365 1, RESIDENCES 2,010 BEDS HIGHLIGHTS 2017 Strong increase of turnover driven by acquisitions 2017 (381 beds): % and 4Q16 (included for a full year). 6 new residences in Brussels region: Eden, Arcade and Neerveld (Sint Lambrechts Woluwe), La Roseraie and Edelweiss (Anderlecht), Atrium (Kraainem). Portfolio of 1,805 beds and 205 service flats. Early 2018, acquisition of Ark van Noé (Bilzen) with 57 beds. 3 new residences under construction.

60 60 ANIMA CARE: EVOLUTION OF CAPACITY Planned (until 2022) Nursing home beds ,127 1,347 1,728 2,056 Service flats Convalescent home beds Total ,085 1,347 1,621 2,010 2,532 Zonnesteen Zemst Les Saules Vorst (1) Arcade Sint Lambrechts Woluwe Aquamarijn Kasterlee (1) Artist impression

61 61 HPA (AvH 71.7%) HPA is active in senior care in France. It combines Residalya (exploitation) and Patrimoine & Santé (real estate) (in mio) (1) Turnover EBITDAR EBITDA Net result Shareholder s equity Net financial position # personnel 1,547 1,547 1, RESIDENCES 2,597 BEDS HIGHLIGHTS 2017 Increase of turnover and net result driven mainly by expansion of portfolio: Pyla sur Mer (60 beds), Villa Thalia (95 beds). Slight decrease of occupancy rate to 96.6% due to seasonal flu early Extension works in progress at residence Granvelle in Besançon (extra capacity of 40 beds). Refurbishment works started at 3 other locations. Results positively impacted by a non recurring tax effect of 4.1 mio in (1) Residalya

62 62 HPA: EVOLUTION OF CAPACITY Planned (until 2022) Beds 1,783 2,072 2,184 2,275 2,439 2,597 2,681 Les Jardins de Saintogne La Scarpe Villa Thalia

63 63 FROM REAL ESTATE LEASING OVER REAL ESTATE DEVELOPMENT TO REAL ESTATE SERVICES in mio Extensa/LRE (group share) equity Senior care equity AvH 60% (equipment & real estate leasing) AvH 100% Acquisition Extensa (real estate development) Creation of LRE (investment trust) Acquisition Brixton (real estate management) Groupe Duval (41%) France (real estate exploitation & services) Anima Care (100%) Senior care facilities &services Diversification into Real estate services Residalya (87%) Senior care in France: Exchange stake Groupe Duval into HPA/Residalya

64 64 SIPEF Nursery of young palm trees

65 65 ENERGY & RESOURCES SIPEF SAGAR CEMENTS 30.25% 17.57% Listed (Euronext Brussels) plantation group focusing on the production of palm oil and rubber in Indonesia and Papua New Guinea Listed (BSE/NSE) cement producer in Hyderabad (India). In partnership with the Reddy family

66 66 ENERGY & RESOURCES: CONTRIBUTION TO AvH CONSOLIDATED NET RESULT (in mio) SIPEF Sagar Cements Oriental Quarries & Mines (1) NMP (2) Total Remeasurement SIPEF (3) 19.8 Total Energy & Resources 37.9 (1) Transferred to held for sale at year end 2017 (2) Sold at year end 2017 (3) SIPEF had to remeasure its historical participation in PT Agro Muko upon acquisition of exclusive control in 2017 over this plantation (USD 75.2 mio)

67 67 SIPEF (AvH 30.25%) A Belgian plantation group focusing on sustainable tropical agriculture (69,304 ha oil palm and 6,424 ha rubber), in Indonesia and Papua New Guinea Mercator Rubber tree Luxembourg nursery Young oil palms planted Harvesting of fresh fruit bunch (oil palm)

68 68 SIPEF: KEY FIGURES Group production (1) (in T) CPO 330, , ,907 Rubber 8,179 9,192 10,069 Tea 2,402 2,940 2,726 Bananas 29,772 24,991 24,286 (in USD mio) = USD = USD = USD 1.10 Turnover EBIT Net result (2) Shareholders' equity Net financial position Share high/low (in ) 69.84/ / /40.67 Market cap ( mio) (1) Own and outgrowers (2) Incl. USD 75.2 mio (group share) remeasurement acquisition PT Agro Muko

69 69 SIPEF: HIGHLIGHTS 2017 Strong increase of palm oil production to 330,958 tonnes Strong palm oil production throughout 2017 (+11.2%) against a weak year 2016 as comparison base. Stable rubber production in Indonesian plantations. Galley Reach (rubber PNG) divested in % lower tea production. 19.1% higher production of bananas thanks to better yields and expansion. Significant increase of net result Increase of market prices for palm oil in 1H17, but relatively stable in 2H17. Price of USD 660/T at the end of December Higher sales prices for palm oil, lower production costs per unit and full consolidation of PT Agro Muko resulted in increase of +61.7% of net result (excl. USD 75.2 mio remeasurement on PT Agro Muko). Strong results of 2017 and full consolidation of Agro Muko contribute to impressive cash flow generation: USD mio (2016: USD 51.2 mio). Average market price per T (in USD) 2017 Gross profit per product (in USD) Palm oil Rubber 1,995 1,605 1, Palm oil 110,763 67,592 Rubber 3, Tea 1, Bananas 3,827 3,526 Corporate 1,444 1, ,474 73,792 Strong cash flow generation Acquisitions of PT Dendymarker Indah Lestari palm oil plantation (USD 52.8 mio) and Agro Muko (USD mio) completed Capex 2017: USD 59.6 mio Capital increase: USD 97.2 mio

70 70 SIPEF: EXPANSION Increase of total planted areas to 71,865 ha Agreement to acquire from PT Austindo Nusantara Jaya TBK (10.87%) and M.P. Evans Group Plc (36.84%) their stake in PT Agro Muko. Sipef gains exclusive control (95%) over PT Agro Muko. Deal finalized mid February. Total investment of USD mio. (PT Agro Muko = 19,570 ha oil palm + rubber) Agreement on acquisition of 95% of shares of PT Dendymarker in South Sumatra (USD mio 52.8): 6,565 ha planted/cleared land with expansion potential up to 9,000 ha. RSPO compliant. Deal finalized in August. Planted Ha Transactions financed by combination of a capital increase with preferential subscription rights for the current shareholders (USD 97.1 mio, issue price: 54.65), long term bank financing (USD 50 mio) and free cash flow.

71 71 SAGAR CEMENTS (AvH 17.57%) Cement group, located near Hyderabad (Andra Pradesh India), with capacity of 4.3 million tonnes cement per year (in mio) Turnover Net result Shareholder s equity Net financial position # personnel HIGHLIGHTS 2017 Increase of turnover thanks to capacity increase in Mattampally and Vizag, higher capacity utilization and a slight increase of sales prices. Slight dilution of AvH shareholding following the tranche of the capital increase reserved for qualified investors. (AvH and Reddy family had increased their shareholding in 2016.)

72 72 NMP (SOLD) Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium (in mio) Turnover Net result Shareholder s equity Net financial position HIGHLIGHTS 2017 Higher net result thanks to capital gain of 1.4 mio on the disposal of an affiliate. Sale of 100% of the capital of NMP to the Antwerp Port Authority. Sales price (incl. dividend prior to closing) values 100% of NMP at 60.6 mio, leading to a capital gain (AvH share) of 21.1 mio. This leads to a cumulative return of 11.4% (IRR) since its acquisition in 1994.

73 Telemond 73

74 74 AVH& GROWTH CAPITAL: CONTRIBUTION TO AvH CONSOLIDATED NET RESULT (in mio) Growth Capital AvH & subholdings Net capital gains/ losses and impairments AvH & Growth Capital

75 75 AVH& GROWTH CAPITAL

76 76 AVH & GROWTH CAPITAL Agidens Atenor Distriplus Euro Media Group Manuchar Mediahuis OncoDNA Telemond Turbo s Hoet Groep

77 77 AVH& GROWTH CAPITAL: HIGHLIGHTS 2017 (1/3) Growth Capital Sale of 3.0% in Ogeda: capital gain of 13.9 mio. Disposal of 23% stake in Financière Flo (controlling shareholder of Groupe Flo): 6.7 mio loss. Agidens Decrease of turnover and net result due to investments in new products and postponement of some projects. Increase of order backlog to approx. 60 mio (+20%). Atenor Result impacted by sale of Vaci Greens (Budapest), rental income from HBC project (Bucharest) and sales of diversified residential project. Publication of annual results on March 8. Axe Investments Sale of participation in Restore. Capital gain of 1.4 mio. Distriplus Difficult year with decrease in number of tickets and turnover. Important investments in customer experience. Net result impacted by impairment on goodwill of 19.5 mio.

78 78 AVH& GROWTH CAPITAL: HIGHLIGHTS 2017 (2/3) Euro Media Group Stronger market position thanks to acquisitions of DB Video (B, Lux), EBD (It) and TV Data (B). Turnover decrease limited, despite uneven year with less large sports events. All subsidiaries (Videohouse (B), United (NL), CTV (UK), Nobeo (Germ) and 3ZERO2(It)), with the exception of EuroMedia and Netco Sports in France, contributed positively to result. Disposal of loss making French studio activities in H Manuchar Difficult start of production of sodium sulphate in Mexico. Turnover increase in trading and distribution activities, despite challenging market environment in Brazil, Colombia and Argentina. Mediahuis Acquisition of Telegraaf Media Groep finalized at the end of April. At year end, Mediahuis owned 95.04% of TMG shares after acquisition of Talpa participation in TMG. Early 2018, delisting from stock exchange. Objective is to transform the Mediahuis TMG combination into a leading multimedia group in Belgium and the Netherlands. Continued decrease of sales of newspapers without subscription, advertising market under pressure and increase of international digital competition.

79 79 AVH& GROWTH CAPITAL: HIGHLIGHTS 2017 (3/3) Telemond Group Strong year with significant increase of market share in crane sector, 30% turnover increase at Henschel Engineering Automotive and 20% turnover increase in marine segment. Turbo s Hoet Groep Total sales of 4,745 trucks, trailers and vans results in +19% turnover. Increasing sales in Russia and Belarus after difficult years. Continued investment in expansion of leasing fleet and in infrastructure: new DAF service center in Sofia (Bulgaria) + investments in Hooglede, Erembodegem, Le Havre (F), Minsk (Belarus). Transpalux (held for sale) Agreement on sale to French majority shareholder reached in December Financial close expected in 1H18.

80 80 GROWTH CAPITAL: KEY FIGURES (in mio) Turnover EBITDA Net Result Net Equity Net Fin. Position Agidens Atenor Axe investments Distriplus Euro Media Group (1) 94.6 (1) Mediahuis Telemond Turbo's Hoet Groep (in USD mio) Manuchar 1, , (1) Convertible bonds incl.

81 81 OUTLOOK 2018 The board of directors believes that the key participations of Ackermans & van Haaren are well positioned for 2018: DEME s solid order backlog constitutes the basis for a further growth in turnover; Delen Private Bank and Bank J.Van Breda & C o have started 2018 with a record level of assets under management; All the companies in the Real Estate & Senior Care segment are well positioned to repeat their success in 2018 in their respective lines of business; SIPEF s investments in the expansion of its plantations should lead to a further growth in total palm oil production.

82 82 For further questions or additional information, please consult our website: Contact: JAN SUYKENS CEO Chairman of the Executive Committee TOM BAMELIS CFO Member of the Executive Committee T E dirsec@avh.be

83 83

84 84 BASELINE REFLECTS OUR STRENGTHS AND VALUES (November 2016) Partners for sustainable growth Partners AvH started as a partnership Successful track record of partnerships in most participations Partnerships with families, co shareholders, management teams are basis for future growth Active ownership model Sustainable Sustainable growth, with respect for people and environment Transparent reporting and communication Focus on recurrent results and steadily growing dividend on long term Growth A group of entrepreneurs who want to develop companies via international expansion and innovation Focus on operational excellence and the capacity for recurrent profitable growth in the long term

85 85 ACKERMANS & VAN HAAREN: INTRODUCTION (1/2) Family controlled public company First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans Incorporation of Ackermans & van Haaren NV IPO Inclusion in Bel20 index Still controlled and inspired by founding families & by family values Company values Discretion Independence Common sense Corporate governance Board of Directors (10 members): majority of family representatives Management (7 members): meritocracy

86 86 ACKERMANS & VAN HAAREN: INTRODUCTION (2/2) Company strategy Long term vision: investing through the economic cycle Diversification in a limited number of participations with growth potential Sound financial policy: positive net cash position at holding level Opportunistic approach Acting as an active owner within the participations Selection of top management Definition of long term strategy Strategic focus Strict operational and financial discipline Active board representation Value creation fully aligned with management Not a holding company No shared financing structure / cross guarantees No holding company inefficiencies

87 87 MULTIDISCIPLINARY AND EXPERIENCED TEAM Born With AvH Jan Suykens (Generale Bank) Tom Bamelis (Touche Ross, GBL) John Eric Bertrand (Deloitte, Roland Berger) Piet Bevernage (Allen & Overy LCV) André Xavier Cooreman (Shell, Generale Bank, McKinsey, Bank Degroof) Piet Dejonghe (Allen & Overy LCV, Boston Consulting Group) Koen Janssen (Recticel, ING) Marc De Pauw (NIM) Hilde Delabie (Deloitte) Bart Bressinck (PwC) Katia Waegemans (McKinsey, Agfa Gevaert) Jens Van Nieuwenborgh (McKinsey) An Herremans (Roland Berger, Barco) Bart De Leeuw (Generale Bank, EY) Philip Heylen (Antwerp City Council) Nele Govaert (White & Case LLP, Allen & Overy LLP) Gilles Huyghebaert (KPMG, NX Partners)

88 88 AvH: A STORY OF COMPOUNDING (through investments and divestments)

89 89 AvH STRATEGY: PARTNERS FOR SUSTAINABLE GROWTH (in mio) Market capitalization Equity (group share) Average annual growth ( ) equity: 6.5% market cap: 8.0% Average annual value creation (share and dividend): 9.2% Dividend ( ) Average annual growth ( ) dividend: 4.7% total dividend per share : 18.8

90 90 EVOLUTION OF AvH EQUITY AND SHARE PRICE SINCE IPO (in ) Equity per share incl. dividend CAGR ( ) Equity per share equity per share: 12.8% equity per share incl. dividend: 13.6% (in ) Share price incl. dividend CAGR ( ) Share price share price: 13.8% share price incl. dividend: 14.3%

91 91 EVOLUTION OF AvH SHARE PRICE (Index rebased to 20/6/1984) Evolution ( ) AvH share: x 71 Stock index: x 9 AvH Belgian all share index (Until 26/2/2018) , ,244 4,862 Market capitalization ( mio, end of year)

92 92 NET CASH POSITION AvH GROUP 2017 (in 000) 2016 Investment portfolio (1) 40,013 39,019 Term deposits 42 25,471 Cash 49,488 5,133 Long term debt 0 0 Short term debt commercial paper 44,993 30,449 Own shares (#362,257) 35,476 29,008 Net cash GIB (50%) and Other (equity consolidation) ,227 68,301 (1) Primarily Delen Private Bank funds

93 93 DELEN INVESTMENTS: INCOME STATEMENT Conso (in 000) Net interest income 2, ,562 Gross fee income 357, , ,001 Other income 7,760 14,897 6,531 Gross revenues 366, , ,094 Fees paid 38,897 31,152 30,300 Operational expenses 156, , ,238 Amortisations & provisions 15,796 15,188 15,492 Other expenses 3,080 4,275 5,373 Loan loss provision Expenses 175, , ,134 Profit before tax 152, , ,660 Income taxes 44,257 29,206 33,752 Profit of the period Minority interests 2,384 1,818 2,490 Share of the group 105,836 87,877 92,417

94 94 DELEN INVESTMENTS: BALANCE SHEET Conso (in 000) Cash & loans and advances to banks 1,393, , ,826 Financial assets Financial assets available for sale 470, , ,434 Financial assets held for trading 8,482 8,030 6,196 Loans and receivables 373, , ,355 Tangible assets 86,829 86,512 79,941 Goodwill and other intangible assets 238, , ,914 Other assets 29,761 28,641 33,498 Total assets 2,601,077 2,181,343 2,090,164 Financial liabilities Deposits from credit institutions 2,782 8,272 1,779 Deposits from clients 1,800,784 1,448,667 1,387,076 Other 3,353 3,813 2,021 Provisions, tax and other liabilities 114,475 98, ,287 Equity (incl. minority interests) (1) 679, , ,001 Total liabilities 2,601,077 2,181,343 2,090,164

95 95 BANK J.VAN BREDA & C O : INCOME STATEMENT Conso (in 000) Net interest income 79,100 81,027 84,114 Gross fee income 55,637 48,011 44,663 Other income 6,643 4,925 5,096 Gross revenues 141, , ,872 Operational expenses 76,853 71,136 68,118 Amortisations & provisions 6,739 8,441 6,269 Loan loss provision 1, Impairment AFS Expenses 85,252 80,371 75,147 Share of profit (loss) from equity accounted investments Exceptional income/cost 1,154 1,429 1,566 Profit before tax 57,640 55,232 60,446 Income taxes 18,486 17,417 19,902 Profit of the period Minority interests Share of the group 39,081 37,736 40,479

96 96 BANK J.VAN BREDA & C O : BALANCE SHEET Conso (in 000) Cash & loans and advances to banks 400, , ,848 Financial assets Financial assets available for sale 427, , ,896 Financial assets held for trading and fvo 410 1, Loans and receivables (incl. finance leases) 4,528,679 4,223,318 3,932,237 Derivatives used for hedging 7,602 12,890 9,275 Tangible assets 41,578 40,054 38,424 Goodwill and other intangible assets 2,930 5,179 7,081 Other assets 15,108 12,506 13,311 Total assets 5,424,639 4,992,240 4,717,833 Financial liabilities Deposits from credit institutions 27,458 24,422 42,007 Deposits from clients 4,505,512 4,180,089 3,902,486 Debts certificates (incl. bonds/cp) 253, , ,182 Subordinated liabilities 60,265 65,748 66,545 Other 9,372 15,780 11,479 Provisions, tax and other liabilities 30,079 26,114 27,376 Minority interests Equity (group share) 538, , ,634 Total liabilities 5,424,639 4,992,240 4,717,833

97 97 LEASINVEST REAL ESTATE: PORTFOLIO BREAKDOWN

98 98 LEASINVEST REAL ESTATE: CREATING VALUE

99 99 DEVELOPMENT CAPITAL: OVERVIEW OF MAJOR DIVESTMENTS IRR % 64,1 53,7 39,0 34,1 31,9 28,3 26,7 24,9 25,5 22,6 19,0 16,5 16,5 14,8 14,8 11,1 8,3 5,7 3,4 2,2 0,8 1,3 0,2 Tibotec Virco Coditel LeJeune Medisearch BIAC Aviapartner Cyril Finance Telenet SCF Quick UBF Corn Van Loocke Arcomet Oleon IDIM I.R.I.S. Engelhardt AR Metallizing Alural Spano NMC Hertel Trasys INVESTMENT TERM (# YEARS)

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