ackermans & van haaren - 2013 annual results

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Ackermans & van Haaren: 2013 annual results: investor presentation

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  • 1. Investor Presentation 20132013 FEBRUARY 28 2013FEBRUARY 28, 2013
  • 2. ACKERMANS & VAN HAAREN A diversified group active in Limited number of at a glance 2013 group active in 5 segments strategic participations Net result Equity Gross dividend 294 mio Incl. remeasurement DEME of 109.4 mio 2,252 mio 1.70 Total payout: 57 mio Market capitalization Personnel We work for 2,853 mio Share price: 85.16 (31/12/2013) 22,706 Incl. CFE growth 2
  • 3. Ackermans & van Haaren: Introduction (1/3) Family controlled public companyy p p y 1876: First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans 1924: Incorporation of Ackermans & van Haaren NV 1984: IPO 2007: Inclusion in Bel20 index Still controlled and inspired by founding families & by family values Providing development capital Providing development capital From an industrial background With a long term focusg Financed with its own financial resources Working for growth 3
  • 4. Ackermans & van Haaren: Introduction (2/3) Company values Discretion Independence Common sense (Hollandse nuchterheid) C t t g Company strategy Long term vision Diversificiation in a limited number of strategic participationsDiversificiation in a limited number of strategic participations Sound financial policy: positive net cash position Opportunistic approach Corporate governance Board of Directors (9 members): majority of family representatives Management (6 members): meritocracy 4
  • 5. Ackermans & van Haaren: Introduction (3/3) Acting as a pro-active shareholder within the participations Selection of top-management Definition of long-term strategy Strategic focus Strict operational and financial discipline A ti b d t ti Active board representations Value creation fully aligned with management Not a holding company No holding company inefficiencies No shared financing structure / cross guarantees 5
  • 6. AvH strategy: We work for growth Ensure equity growth above 10% Focus on strategic participations Average annual growth of 12.0% (2004-2013) Create shareholder value Dividend payout of 1.70 AvH share: x42 Stock index: x8 (1984-2013) Average annual growth of 11.3% (2004-2013) 6
  • 7. 7
  • 8. Consolidated group result (in mio) 2013 2012(2) 2011(3) Marine Engineering & Infrastructure 59.7 51.7 54.6 Private Banking 84.5 71.5 88.1 Real Estate Leisure & Senior Care 15 8 3 6 4 5Real Estate, Leisure & Senior Care 15.8 3.6 4.5 Energy & Resources 8.7 16.4 19.0 Development Capital -6.6 5.9 8.6 Result from participations 162.1 149.1 174.8 Capital gains development capital 29.5 22.7 -0.9 R l f i i i (i l i l i ) 191 6 171 8 173 9Result from participations (incl. capital gains) 191.6 171.8 173.9 AvH & subholdings -7.2 -3.9 -0.9 Other non-recurrent result 109.5(1) -0.6 4.5 Consolidated group result 293.9(1) 167.3 177.5 (1) Incl. 109.4 mio result on the remeasurement of AvHs existing 50% stake in DEME when ki f ll l DEME i D b 2013 8 taking full control over DEME in December 2013 (2) Restated financial statements 2012 (IAS19) (3) Incl. 27.9 mio negative goodwill contribution upon acquisition of ABK, leading to 2011 implicit contribution from Private Banking of 60.2 mio and consolidated group result of 149.6 mio
  • 9. Evolution of the consolidated group result (in mio) 293 9106 8 293.9+106.8 167.3 +6.8 -12.5 -7.7 +12.2 +13.0+8.0 9
  • 10. Highlights 2013 The result includes a remeasurement income of 109 4 million euros which AvH had to The consolidated net result of AvH amounts to 293.9 million euros for 2013 The result includes a remeasurement income of 109.4 million euros which AvH had to recognize on the basis of the IFRS rules on the contribution of its 50% stake in DEME to CFE when it acquired control over CFE in December 2013. Excluding that remeasurement income, the net profit amounts to 184.5 million euros (5.51 euros per share), which is a 10% increase on the net profit of 167.5 million euros in 2012. The particularly high level of activity at DEME was reflected in a turnover that for the first time topped 2.5 billion euros as well as in a higher net profit (109.1 million euros). As of 24 December 2013 AvH exercises exclusive control over CFE (and therefore over As of 24 December 2013, AvH exercises exclusive control over CFE (and therefore over DEME as well) with a 60.4% stake. Delen Investments and Bank J.Van Breda & C reported an outstanding performance in 2013, and managed to grow their assets under management to a new record level. A proactive portfolio management permitted Leasinvest Real Estate to let its real estate portfolio grow to 718 million euros. Extensa was able to make a profit again by a recovery in its real estate development results. Due to lower output volumes and lower market prices for palm oil and rubber Sipefs Due to lower output volumes and lower market prices for palm oil and rubber, Sipef s result decreased in 2013. Sagar Cements and Max Green were confronted with difficult market conditions. Performance in the Development Capital segment is mixed: a substantial capital gain 10 was realized on the sale of the stake in Spano, while restructuring costs and impairments continued to depress the contribution from the other companies in 2013.
  • 11. Other key figures (i i ) 2013 2012 2011 Consolidated balance sheet AvH group (in mio) 2013 2012 2011 Shareholders' equity (group share) 2,251.5 2,003.3 1,882.6 Net cash AvH and subholdings -3.1 87.9 73.0g (i ) 2013 2012 2011 Key figures per share (in ) 2013 2012 2011 Number of shares (#) 33,496,904 33,496,904 33,496,904 Net result per share 8 87 5 05 5 36Net result per share 8.87 5.05 5.36 Gross dividend 1.70 1.67 1.64 Net equity 67 22 59 92 56 20Net equity 67.22 59.92 56.20 Stock price: highest (31/12) 85.16 65.09 71.72 lowest (18/4) 62.74 56.50 50.57 close (31/12) 85 16 62 27 57 64 11 close (31/12) 85.16 62.27 57.64
  • 12. Pro forma group figures (based upon conso results 2013, incl. pro rata(based upon conso results 2013, incl. pro rata under equity method) Group personnel per segment Consolidated turnover per segment (in mio) 22,706 5,66918,752 3,308 12 *TakingintoaccountacquisitionofcontrolofCFEandDEME(bothtakenfor100%)
  • 13. AvH share performance vs. BEL 20 AVH AVH rebased to 100 BEL20 rebased to 100 13 12/2013
  • 14. Marine Engineering & Infrastructure: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result DEME 44.7 ( mio) 2013 2012 2011 52.153.7 A.A. VAN LAERE 1.2 1.70.7 RENT-A- PORT 4.8 -0.83.8 NMP TOTAL 1.0 51 7 1.6 54 6 1.5 59 7TOTAL 51.7 54.659.7 14
  • 15. Marine Engineering & Infrastructure CFE One of the largest and most diversified dredging and marine engineering companies in the world DEME An industrial group active in Construction, Rail and Road, VAN LAERE G l t t f l g id ti l ffi d i il g p , , Multitechnics, Real Estate Development and Management Services, Public-Private Partnership and Concessions VAN LAERE (see slide 61) General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings 2013: Decrease of turnover to 122 mio due to exceptionally long winterlong winter Order book at 169 mio Specialised in port development and logisticsRENT-A-PORT NMP Operator of pipelines for chemicals 2013: Result driven by continued growth in Vietnam and Oman and sale of a development in Nigeria (see slide 62) 15 NM (see slide 63) Ope ato o p pel es o c e cals 2013: Slightly higher results in line with expectations
  • 16. AvH gained exclusive control over DEME, through the acquisition of CFE (1/2)through the acquisition of CFE (1/2) Sep 19, 2013: AvH and Vinci reach an agreement Dec 24, 2013: AvH acquires a 60.39% stake in CFE AvH contributes to CFE its 50% stake in DEME ( 550 mio) in exchange for 12,222,222 new CFE shares AvH acquires 3,066,440 CFE shares of Vincis stake ( 45 per share or 138 mio in total) AvH evolves to exclusive control of DEME I t i t t t i 2013 li it d t d t tImpact on income statement in 2013 limited to mandatory remeasurement of 50% stake in DEME (IFRS). Capital gain of 109.4 mio recorded. Higher % in DEME and Rent-A-Port will be applied as from 2014. Feb 7, 2014: AvH launches mandatory public offer on CFE ( 45 per share) 16
  • 17. AvH gained exclusive control over DEME, through the acquisition of CFE (2/2)through the acquisition of CFE (2/2) Public Structure on February 27, 2014 12.1%60.4% + x% Public 27.5% - x% 100% x = shares that will be offe