Ackermans & van Haaren: Half Year Results 2010

The board of directors of Ackermans & van Haaren NV announces that the consolidated net result (group share) for the first half of 2010 increased by 46% (compared to the same period in the previous year) to 73.5 million euros.

• Contracting, dredging and concessions: increase of turnover (+37%) and net result (+34%) of DEME and return to net profit for Van Laere

• Limited results for real estate activities, partially impacted by seasonal effects at Financière Duval

• Financial services: increase of assets under management at Bank Delen to record level of 13,996 million euros; strong increase of total client assets at Bank J.Van Breda & C° to 5,969 million euros

• Private equity: improved contribution from most participations confirmed and reinforced in the second quarter

• Energy and materials: strong contribution from Sipef.

The contracting, dredging and concessions segment performed strongly in the first half of the year, with an increase of the DEME contribution as well as a positive result for Van Laere.

DEME (AvH 50%) realized a turnover of 888 million euros in 1H10 versus 647 million euros in 1H09. This significant increase (+37%) can be attributed among other things to the start of the London Gateway project and the strong growth in the offshore oil and gas and windmill projects, and in environmental activities.

DEME maintains a very high level of activity in almost all regions of the world and in its various niche activities. The operational cash flow (EBITDA) increased to 155.3 million euros (versus 124.4 million euros on 30.06.2009) and the net profit rose to 55.6 million euros (versus 41.4 million euros on 30.06.2009). The increase in the net debt (to 511 million euros) is mainly due to significant payments in the context of the investments in the expansion of the fleet.

DEME continues to modernise its diversified fleet on a constant basis to remain competitive in the dredging sector. This year, 260 million euros of new investments have already been announced in a trailing suction dredger Breughel (11,650 m³), a rock cutter suction dredger Ambiorix (28,000 kw) and a jumbo jack-up vessel Neptune.

The order book remained more or less stable at a high level and amounted to 2,073 million euros on 30.06.2010, compared to 2,060 million euros on 31.03.2010 and 2,122 million euros at the end of 2009. New orders were acquired in a.o. Germany, Russia, West Africa, Mexico, Panama, Malaysia, India and recently in Angola. DEME’s subsidiary DEC will in the future develop brownfields via BDE (Brownfield Development Experts), in cooperation with Extensa and BPI/CFE.

DEME expects a continued strong capacity utilization of the fleet and a further increase of the order book driven by a high activity level across all niches of the group.

[mappress]

Source: hugin, August 25, 2010