Ackermans & van Haaren: Good Start in 2014 for DEME

Ackermans & van Haaren, a diversified group active in 5 key segments: Marine Engineering & Infrastructure, Private Banking, Real Estate, Leisure & Senior Care, Energy & Resources and Development Capital, has announced its interim financial report for the first quarter of 2014.

Marine Engineering & Infrastructure

DEME

DEME (AvH 60.40%) made a good start in 2014 with an increase in economic turnover to 600.5 million euros compared to 525.1 million euros in the first quarter of 2013. As a result of the application, as of 2014, of the new accounting standard IFRS 11, the consolidated turnover will amount to 549.0 million euros.

The order book amounted to 2.8 billion euros at the end of March (compared to 3.0 billion euros at year-end 2013). DEME remains fairly optimistic about the prospect of adding new orders to this order book. In Singapore, the implementation of the Jurong Island Westward Extension contract was begun. The execution of the large projects in Qatar and Australia goes according to plan.

In the first quarter of 2014, GeoSea launched the installation works of the Westermost Rough wind farm (210 MW), 9 km off the coast of Hull (United Kingdom).

CFE

CFE (AvH 60.40%) realized a turnover of 269.4 million euros (excluding DEME). This is a 29% increase which is primarily attributable to a higher turnover in the construction division.

On 11 February 2014, as a result of exceeding the 30% threshold of the voting shares of CFE, AvH launched a mandatory public bid for all publicly held CFE shares. The public bid was launched at the same price as the issue price of the capital increase of CFE, i.e. 45 euros per share.

As was expected, only a limited number of shares were offered at the closing of the bid on 5 March 2014.

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Press Release, May 16, 2014