Ackermans & van Haaren realized a net profit in the first half of 2014 of 96.4 million euros, an increase by 1.6 million euros (+1.6%) over last year.
The increase of the half-year profit is primarily thanks to a substantial improvement (+31.9 million euros) in the result of the participations, amounting to 96.0 million euros (1H13: 64.1 million euros). In addition, a capital gain of 4.9 million euros was realized on the sale of the participation in NMC. Last year, capital gains accounted for a greater share of the result thanks to the 34.0 million euros gain on the sale of Spano.
The substantial improvement in DEME’s result is reinforced by the higher shareholding percentage following the CFE transaction at the end of 2013.
DEME
In the first six months of 2014, DEME (AvH 60.40%) was able to successfully carry out its projects. The fleet occupancy of the hoppers increased significantly, whereas that of the cutters decreased slightly. The economic turnover increased further by 99 million euros to 1,306 million euros compared to an already particularly active 1H13; a net profit was recorded of 62.6 million euros (1H13: 34.4 million euros).
The impact of this considerable improvement in DEME’s result is reinforced in AvH’s consolidated financial statements by the increase in shareholding percentage from 50% to 60.4% following the acquisition of control over DEME/CFE at the end of 2013.
After the major efforts that were made in recent years in the expansion of the fleet, the level of investment, for a net amount of 39.5 million euros, was far lower than in previous years. Partly as a result thereof, DEME was able to reduce its net debt position to 536.1 million euros (31/12/2013: 711.3 million euros). Although DEME is investigating some new investments for the second half of the year, the net debt position at year end 2014 is expected to remain below that of year-end 2013.
The order book was kept at a high level and amounted to 2,805 million euros at the end of June 2014. New orders were added during 2014 from various parts of the world and sectors, such as the deepening of the port in Sepetiba (Rio de Janeiro, Brazil), a new LNG terminal on the Yamal peninsula (Russia), and maintenance dredging along the Panama Canal, in Dhamra (India), Tema and Takoradi (Ghana). In Vietnam, the second phase of the Soai Rap project was officially opened. A length of 54 km was dredged to a depth of 9.5 metres.
Tideway won contracts for cable protection works in Canada and for rock dumping in China. In the first half of 2014, GeoSea installed the foundations for the Westermost Rough wind farm (210 MW), 9 km off the coast of Hull (United Kingdom), and completed works on the Northwind (Belgium), Amrumbank West and Butendiek (Germany) wind farms.
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