Belgium: Ackermans & van Haaren Announces 2011 Third Quarter Results

Interim report on the current state of affairs of the main group companies – Third quarter 2011:

CONTRACTING, DREDGING AND CONCESSIONS

DEME (AvH 50%) achieved in the third quarter 2011 again a continued high activity level, in line with the first half of the year. Thanks to an additional contract in Australia (Gladstone) and new assignments in South America, Africa and Europe, the order book could be maintained at a high level of 2,260 million euros (compared to 2,422 million euros per 30.06.11 and 1,935 million euros per 31.12.10).

The new large vessels Flintstone (fallpipe vessel 19,000 tonnes) and Congo River (trailing suction dredger 30,000 m³) have been deployed since 3Q11. As part of the current investment program, the self-propelled jack-up rig, Neptune, and the self-propelled rock cutter dredger, Ambiorix (28,000 KW), have recently been launched.

DEME confirms its expectations (taking into account a.o. the loss on Santos in 1H11) that the results of 2011 will remain below the level of the record year 2010, but that the outlook for 2012-2013 is favourable (taking into account the order book and the important tender activity).

Most construction sites of ALGEMENE AANNEMINGEN VAN LAERE (AvH 100%) are running well, in line with the evolution of the first half of the year.

Outlook 2011

Already at the occasion of the half year results, the board of directors of Ackermans & van Haaren pointed out that “the uncertain economic climate, the impact of unavoidable budget cuts in the Western world and the volatility of the financial markets more than ever call for caution”. Although the recent trends do not lead to large optimism as long as the necessary measures are not implemented consistently and effectively, the board of directors maintains its expectation that the results of the group will grow slightly in the current year 2011.

Ackermans & van Haaren is a diversified group active in 5 key sectors: contracting, dredging and concessions (DEME, one of the largest dredging companies in the world – Algemene Aannemingen Van Laere, a leading contractor in Belgium), real estate and related services (Leasinvest Real Estate, a listed real-estate investment trust – Extensa, an important land and real estate developer focused on Belgium, Luxemburg and Central Europe), private banking (Delen – Private Bank, one of the largest independent private asset managers in Belgium – Bank J.Van Breda & C°, niche bank for entrepreneurs and liberal professions), private equity (Sofinim and GIB) and a recent development in energy and materials. The AvH group represented in 2010, through its share in the participations, a revenue of 2.8 billion euros and employs approximately 17,000 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.

More info: AvH

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Dredging Today Staff, November 16, 2011; Image: Ackermans & van Haaren