Investor presentation. August 27, 2009

Transcription

1 Investor presentation August 27, 2009

2 Simplified organisation chart As per 30/6/09 Contracting, dredging and concessions Real estate and related services Private banking Private equity Energy and materials DEME 50% Extensa Group 100% Bank Delen 79% Sofinim 74% Sipef 20% A.A. Van Laere 100% Leasinvest Real Estate 30% Bank J.Van Breda & C o 79% GIB 50% Henschel 50% Rent-A-Port 45% Cobelguard 40% Sagar Cements 15% Financière Duval 30% Oriental Quarries & Mines 28% Anima Care 100% 2

3 Consolidated group result (in mio) 1H09 1H Contracting, dredging, conc Real estate and related services Private banking Private equity Private equity capital gains Energy and materials Result from participations Before capital gains AvH & subholdings Other non-recurrent result Consolidated group result

4 Results Net result by activity (in mio) 1H09 1H Contracting, dredging and concessions DEME Rent-A-Port A.A. Van Laere NMP Real estate and related services Extensa - Leasinvest RE Cobelguard Groupe Financière iè Duval Anima Care -0.3 Private banking Finaxis (Bank Delen-Bank J.Van Breda & C ) BDM-ASCO Private equity Sofinim Contribution Sofinim / GIB participations Energy and materials (Sipef, Henschel, Sagar) Result from participations Capital gains private equity Result from participations (incl. capital gains private equity) AvH & subholdings + exceptional results Net conso result

5 Highlights 1H09 DEME Lower turnover ( 647 mio) and net profit ( 41 mio), compared to strongest t ever 1H08 Strong order book of 2,127 mio (vs 1,906 mio per , excl. Port Rashid) Strongly diversified, both geographically and by segment REAL ESTATE LRE: Portfolio value of 535 mio; Occupancy rate 97.67%, Rental yield 7.50% Extensa : Slowdown in sales of residential land parcels and project development FINAXIS Bank Delen AUM: 11,423 mio (vs 10,343 mio per ) with strong net inflow of funds Net equity stable at 282 mio; core Tier1 of 32.8% Bank J.Van Breda & C Total client assets: 5,449 mio (versus 5,009 mio per ) 12 Net equity slightly increased to 227 mio (versus 223 mio per ) Core Tier1: 11.4%, with no toxic assets and fully client driven loan portfolio (loan losses 0.05%) PRIVATE EQUITY Weak results due to economic slowdown and consumer uncertainties resulting from financial crisis Impact of exceptional restructuring charges Sale of IDIM ( 1.6 mio capital gains). Sale I.R.I.S. 2H09. ENERGY AND MATERIALS New reporting segment to reflect growing contribution and focus on energy and materials in emerging markets Acquisition of participation in OQM (28%, aggregates, India) and in Alcofina (pending, 30%, bio ethanol, Brazil) 5

6 Other key figures Consolidated balance sheet AvH group 1H (in mio) Shareholders' equity (group share) 1, ,517.1 Net cash AvH and subholdings (1) (1) After 46.6 mio dividend payments, 16.1 mio investments and 62.7 mio divestments (Oleon, IDIM) Key figures per share 1H09 1H Number of shares (#) 33,496, ,496, ,496, Net result per share ( ) Gross dividend 1.39 Net equity Stock price: highest lowest close

7 Evolution gross dividend Gross dividend per share (in ) Average annual growth of 16.1% over the last 10 year 7

8 AvH share performance vs. BEL 20 Evolution of the share since 2008 AVH AVH rebased to 100 BEL20 rebased to /01/2008 2/03/2008 2/05/2008 2/07/2008 2/09/2008 2/11/2008 2/01/2009 2/03/2009 2/05/2009 2/07/2009 8

9 Net cash position AvH group (30/06/09) (in 000) AvH & subholdings Private equity Total Investment portfolio 28, ,453 Term deposits 44,518 58, ,971 Intercompany deposits -12,840 12,840 0 Cash 2, ,198 Short term debt - commercial paper -25,917-25,917 Own shares (359,300 #) 14,352 14,352 Net cash GIB (50%) (equity consolidation) 1,336 1,336 Other 46 51,962 71, ,439 9

10 Details investment portfolio as of 30/06/09 (# shares) AvH & subholdings Sofinim 1,083,429 KBC (-100,000 in 1H09) 2,782,844 Fortis 95,044 CNP 0 Telenet (-24,935 in 1H09) 0 Telenet (-225,378 in 1H09) > 4.3 mio Others 10

11 DEME: Creating land for the future One of the largest and most diversified dredging and marine engineering companies in the world Fluvial & marine aggregates Environmental techniques Dredging and land reclamation Marine & civil engineering 11

12 DEME: key figures Consolidated d key figures (in mio) 1H09 1H Turnover ,508.8 EBITDA EBIT Net result Net cash flow Shareholder's equity Net financial position <472.9> <382.9> <373.4> Total assets 1, , ,788.7 # personnel ,577 12

13 DEME: operational highlights 1H09 Turnover and operational result 1H09 impacted by Concentration of dockings of 4 large vessels in 1H09 Delay start London Gateway to 1Q10 Strong capacity utilization of fleet: hoppers weeks (FY08: wks) cutters 35 weeks (FY08: 34 wks) Evolution net result - EBIT - EBITDA as a % of turnover 25% 20% 15% 10% 5% 4% 6% 14% 18% 16% 16% 9% 7% 8% 5% 5% 5% 19.7% 20.0% 19.2% 11% 12% 7% 8% 9% 7% 0% H09 NET RESULT EBIT EBITDA 13

14 DEME: breakdown of turnover 1H09 Consolidated turnover per region 7% 11% 7% 13% 19% 14% 8% 6% 22% 14% 3% 3% 34% 40% Consolidated turnover per activity 14% 12% 10% 11% 10% 7% 17% 18% 49% 53% H2009 Europe EU Europe non EU Middle East India, Pakistan Africa America Asia & Oceania H09 Capital dredging Maintenance dredging Oil & Gas Environmental Marine works* * Including marine heavy lifting (Scaldis), offshore services (GeoSea), DEME building materials 14

15 DEME: order book 1H09 Strong order book of 2,127 mio in 1H2009 (vs 1,972 mio per 31/3/09 and 1,906 mio per 31/12/08 excl. impact cancellation Port Rashid -286 mio) Outlook 2009 DEME well diversified, both by geography as by segment Major dredging projects worldwide in tender or yet to be executed, notwithstanding longer lead times 2H09 in line with operational performance 2008 Evolution order book H09 (in mio) H09 Other 13% 13% Middle East + India 9% 15% Asia Pacific 17% 16% Europe 25% 26% Benelux 36% 30% H09 15

16 Dredging projects worldwide yet to be executed or in tender Deepening of Scheldt Long distance sand sourcing Singapore Australia : different harbour extension works Abu Dhabi : different works for oil & gas clients Qatar : New Doha Port Saoudi-Arabia : different works Panama : deepening and widening Panama Canal (Atlantic side) Netherlands, coastal protection works Nieuwe DELTA plan Brazil : PAC tenders 16

17 DEME: continued investment in competitive, multifunctional & versatile fleet Executed program : 7 units mio Megacutter d Artagnan (28,000 kw) Hopper dredgers: Marieke (5,600 m³), Reynaert (5,600 m³), Mellina (3,650 m³), Brabo (11,650 m³), Breydel (9,000 m³) Backhoe dredger: Pinnocchio (21.5 m³) New investment program : 10 units mio 3 medium sized cutters: 13,000 kw (Singapore, 2010/2011) + 6,250 kw (Malaysia, operational 2H09) 2 hoppers: 30,000 m³ next generation plus (IHC, 2011) + 5,600 m³ Artevelde (IHC, 2009) 1 backhoe dredger Samson (40 m³- China, operational 2H09) 2 self-propelled split hoppers (2,750 m³ - Singapore, delivery 2H09) 1 water injection dredger (Singapore, operational 2H09) 1 DP-DT fallpipe vessel (17,000 T Singapore, 2011) 1 jumbo jack-up Goliath (1,600 T 80 m depth Belgium, delivered August 2009) 1 gravel dredger Victor Horta (5,000 m³ - IHC, 2011) 17

18 Rent-A-Port: highlights 1H09 Specialised company for port development & logistics set up around 2 former DEME senior executives Expertise: analysis, design, construction, development & management of port, logistic & marine infrastructure as well as free trade zones worldwide Main contracts in India, Vietnam, Congo, Liberia and Nigeria Consolidated key figures (in mio) 1H09 1H Turnover Net result * 3.0* Shareholder's equity Shareholders: AvH: 45%, CFE 45%, management 10% * incl. capital gain of 6 mio on sale of a participation (2008) 18

19 Van Laere: highlights 1H09 General contractor of large construction projects Highlights 1H09 Increase in turnover despite highly competitive market. Decrease in net result due to losses on some sites Orderbook: major new contracts (including some PPP-projects) expected Consolidated key figures (in mio) 1H09 1H Turnover Net result Shareholder's equity # personnel 542 Collegebrug Kortrijk 19

20 NMP / SNTC: highlights 1H09 Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgium Highlights 1H09 Decrease in net result due to sale of Corenox in 2008 Consolidated key figures (in mio) 1H09 1H Turnover Net result* Net cash flow Shareholder's equity Net financial position * Results FY08: impacted by exceptional capital gains ( 12 mio) on sale of Corenox (to Air Liquide) and Corepi 20

21 Extensa Group Extensa: real estate development focused on residential and mixed development projects Land development: 150 ha in Belgium (300,000 m² -400,000 m²) Property development (430,000 m²) Home market: Belgium, Luxembourg New markets: Romania, Slovakia, Turkey Leasinvest Real Estate: real estate management for offices, logistics and retail (Belgium, Luxembourg) Real estate portfolio value 535 mio Real estate investments (Wommelgem) Tailor-made redevelopment (Bian) Property development (Tour & Taxis) 21

22 Extensa Group: conso balance sheet (Extensa LRE combined) Consolidated balance sheet (in mio) 30/6/09 31/12/08 30/6/09 31/12/08 RE investments & Leasings Net equity a.o. Tour &Taxis (50%): FV yield of 7.25% (incl. Sub. Loan AvH 13.9 mio) a.o. Tervurenlaan-Wegener-Halliburton - rental yield: 7.2% Land development Real estate projects Leasinvest Real Estate Financial debts (2) ,173,866 shares (1) Other assets Other liabilities a.o. Cash 38.8 mio, 173,072 shares Retail Estates ( 6.7 mio) Total assets Total liabilities (1) AvH holding directly 30,236 shares (2) Net financial debt 1H09: 82.3 mio 22

23 Extensa Group (Extensa Leasinvest RE combined) Contribution to result AvH (in mio) 1H09 1H Extensa (3) -1.7 (1) Leasinvest RE 4.1 (5) 6.2 (4) 6.4 (2) (incl. LREM) (1) After 2 exceptional items (- 7.6 mio): loss on sale of Kinesis project: mio; adjustment to capital gains (FY07) on sale of Targu Mures: mio (2) After mio mark-to-market valuation of interest rate hedges (part AvH: mio) (3) Impairment of mio on Kinesis project (4) Incl. fair value adjustment ( 14.4 mio) upon completion of CFM project in Luxembourg (part AvH: 4.3 mio) (5) Incl. capital gain of 15.2 mio on sale Bian building in Luxembourg (part AvH: 4.5 mio), but after negative mark-to-market portfolio valuation of - 12 mio (1H08: mio) 23

24 Leasinvest Real Estate Real Estate Investment Trust (bevak sicafi) (in mio) 1H09 1H (12 mths to 31.12) Operational result Net result Net equity Portfolio real estate - fair value (1) Rental yield (%) Occupancy rate (%) Per share ( ) Net asset value (2) Stock price - closing High Low (1) Values from 2008 onwards recalculated to include project development (in line with the changes in IFRS rule IAS 40) (2) Dividend per share of 3.85 paid as of 15/10/08 and of 1.85 paid as of 25/05/09 No important rental breaks in 2009 Total net debt: 245 mio (debt ratio: 48.7%) 24

25 Leasinvest Real Estate: spread total portfolio in operation (30/06/2009) 41 buildings 321 million (60%) 261,135 m² 14 buildings 214 million (40%) 84,201 m² Offices Brussels Offices Luxembourg Offices Ghent Total 55 buildings in operation and 3 projects 535 million (345,336 m²) 3,7% 4,4% 17,0% 12,1% 25,6% Offices Mechelen Offices Antwerp Logistics Belgium Logistics Luxembourg 0,5% 52% 5,2% 79% 7,9% 23,6% Retail Belgium Retail Luxembourg 25

26 Leasinvest Real Estate: acquisitions 2008 Belgium: Focus on logistics and storage 28,000 m 2 of logistics in Wommelgem 13,000 m 2 of storage in Meer 4,800 m 2 retail building in Merksem Total investment of 27.1 mio Rental yield: 7% Agreement for acquisition of 50,000 m 2 of logistics in Neder-over-Heembeek in 2H09 Expected fair value: 37 mio Luxembourg: Office project Montimmo SA 1,585 m 2 office project (end 2009) Total investment of 10 mio Acquisitions of 3 top retail locations Strassen (22,721 m²), Diekirch (8,843 m²) and Foetz (4,219 m²) Investment value: 47.5 mio Gross initial yield: 7.68% Additional development potential Neder-over-Heembeek Montimmo Wommelgem Foetz 26

27 Leasinvest Real Estate: tailor-made (re)developments 2009 Grand Duchy of Luxembourg Bian Office building, entirely stripped and being extended d to 5,700 m² Important capital gain of 15 mio in 1H09 27

28 Extensa: land development Land development (book value 1H09: 17.4 mio) Total land portfolio of 150 ha, of which 100 ha under development Salable residential parcels ( ): between 300,000 m² and 400,000 m² Projects in area of Ghent, Hasselt, Leuven, Antwerp /2012 Permits obtained (salable m²) 56,000 m 2 30,000 m 2 Permits in process (salable m²) 186,600 m 2 Parcels sold 21,030 m 2 27,285 m² 6,241 m² Cederpark Hasselt Ghent-Wondelgem - Total project permitted: 125,000 m 2, of which part Extensa 71,500 m 2 (salable parcels) - Sold as per end 2008: phase 1: 35,460 m 2 phase 2: 3,055 m 2 in 1H09: 1,719 m² - Average sales prices: /m 2 - Development of 114 apartments/114 parkings, of which 44 ap/44 p to be obtained in 2H09 Hasselt-Kuringeng - Total project permitted (100% Extensa): 15,000 m 2 (salable parcels phase 2) - Sold as per end 2008: 9,800 m² in 1H09: 4,522 m² - Average sales prices: 180 /m 2-1H09: Permit for development of 30 apartments/ t 38 parkings obtained New project in Roeselare (50%) 28-1H09: Permit for development of 3,738 m² retail, 49 apartments and parkings obtained

29 Extensa: land development De Munt Roeselare Location : Roeselare, Grote Markt Design : Architects : BURO II and BAU Construction: Coussée-Bostoen and Algemene Aannemingen Van Laere Project proposal: Mix of approx. 9,261 m² retail, 150 apartments and 532 parking spaces 29

30 Extensa: property development - Belux Real estate projects (book value 1H09: 50.7 mio) Brussels, Tour & Taxis (50%): 30 ha Royal Depot 44,880 m² (32,064 m² of offices + 5,557 m² of archives + 7,259 m² of retail: fully let) The Warehouses: trade fair and exhibition center: 17,500 m² Royal Depot/Warehouses valued at implicit yield of 7.25% ( mio vs debts of 88.5 mio) Development potential of 335,000 m²: building permits introduced Permits approval process for Tour & Taxis development progressing well (first building of 16,500 m² secured for BIM/IBGE to be delivered 2011) Land fully acquired from NMBS/SNCB in FY08 G.D. Luxembourg, Cloche d Or (25%): 30 ha Development potential of 400,000 m² Master plan approval process ongoing (PAG obtained 1Q09, PAP exp 2010) Phase I (300 residential units, 40,000 m² offices and 60,000 m² retail & leisure) under development; retail permissions obtained; hypermarket secured 30

31 Extensa: property development Belgium Tour & Taxis 31

32 Extensa: property development - New markets Romania, partnership in retail parks 2008: Focsani (20%) 47,000 m² First phase opened in autumn 2008 Second phase September : Deva (20%) - 39,000 m² To be delivered 2010 Extensa (Romania) Istanbul New land positions acquired Exploring opportunities in Bucarest (offices, m²) and Arad (residential) Slovakia, Trnava - 50% Total of 36 ha for development of a business park (retail, logistics and industrial) 3 ha of land re-sold to end users in 3Q08 and 2Q09 Retail unit of 5,000 m² under negotiation for pre-lease Turkey, It Istanbul - 50% Building permission for 200 apartment building in central Istanbul (Bomonti) awaited for 3Q09 Start of pre-sales targeted 4Q09 Extensa share of total property development potential Belux and new markets (excl. land development): approx. 430,000 m² (50% residential, 30% office, 15% retail, 5% logistic) 32

33 Cobelguard: highlights 1H09 Security company focused on static guarding and surveillance by unarmed security guards on private property Largest pure Belgian security company, employing 1,072 security agents Highlights 1H09 Continued strong commercial performance, due to additional volume from new customers Negative impact from economic crisis, stronger competition and higher personnel costs on net result Key figures (in mio) 1H09 1H Turnover EBIT Net result Shareholder's equity

34 Groupe Financière Duval: highlights 1H09 French group focused on real estate projects, services and residences Highlights 1H09 Sales increase driven by acquisition of Vacances Bleues in 2H08 First half year is traditionally weaker due to seasonality of tourism activities Negative impact from economic crisis on real estate promotion activities Real estate (2008) Promotion and construction (CFA): 104 mio turnover (2007: 93 mio) Services (Yxime): 19 mio turnover (4 mio m² property under management) Exploitation (2008) Tourism: Odalys, NGF: 167 mio turnover; 90,000 beds, 250 sites; Vacances Bleues: 83 mio Health (Residalya): 24 mio turnover ; 1,020 beds, 15 sites Parkings: 4,000 places in Paris Key figures (in mio) 1H09 1H Turnover EBIT Net result Shareholder's equity Net financial position Poitiers Porte Sud 34

35 Anima Care (AvH 100%) New AvH initiative in health & care sector with primary focus on senior care business Acquisition of first senior care facility in February 2009 in Aalst (Belgium) with 85 licensed nursing home beds and 38 service flats Several acquisitions under study Pipeline of new project developments Long term ambition to be provider of quality services (including real estate) to the senior care/ health care markets in Belgium and potentially abroad Key figures (in mio) 1H09 Turnover EBITDA 0.0 Net result -0.3 Shareholder's equity 6.0 Net financial position

36 Finaxis Private and entrepreneurial banking in Belgium Bank Delen Private bank Focused on discretionary asset management Bank J.Van Breda & C Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions Consolidated key figures (in mio) 1H09 1H Net result Total assets 4, , ,507.3 Assets under management 11,423 11,293 10,343 'Bancassurance' products 1,248 1,148 1,174 36

37 Bank Delen: key figures Consolidated key figures (in mio) 1H09 1H Gross revenues Net result Equity Assets under management 11,423 11,293 10,343 Cost / income ratio 48.6% 45.7% 46.1% ROE (IFRS) 10.5% 13.4% 12.3% Core Tier 1 Capital Ratio 32.8% 16.4% 30.6% # personnel

38 Bank Delen: income statement Conso (in 000) 1H09 1H08 2H Net interest income 5,291 3,865 6,716 10,581 Gross fee income 43,481 49,016 48,216 97,232 Other income 1, ,559-3,328 Gross revenues 50,607 52,112 52, , Fees paid -5,305-6,361-5,938-12,299 Operational expensens -19,748-18,486-21,281-39,767 Amortisations & provisions -2,293-2,359-1,937-4,296 Other expenses Loan loss provision Expenses -22,181-20,904-23, ,286 Share of profit (loss) from equity accounted investments Profit before tax 23,270 24,954 23,081 48,035 Income taxes -8,417-7,812-7,641-15,453 Profit of the period Minority interests Share of the group 14,774 17,114 15,355 32,469 38

39 Bank Delen: balance sheet (in 000) 1H Cash & loans and advances to banks 384, ,283 Financial assets - Financial assets available for sale 761, ,364 - Financial assets held for trading 8,147 5,288 - Loans and receivables 56,077 75,427 - Other ,046 4,030 Tangibles assets 17,441 17,590 Goodwill and other intangible assets 149, ,260 Other assets 5,193 6,008 Total assets 1,383,191 1,703,250 Financial liabilities - Deposits from credit institutions ,242 4, Deposits from clients 1,059,728 1,379,810 - Other 3,673 2,053 Provisions, tax and other liabilities 32,155 35,654 Equity (including minority interests) 282, ,259 Total liabilities 1,383,191 1,703,250 39

40 Bank Delen: funds under management Capfi Discretionary mandates Advisory mandates Start cooperation with Bank J.Van Breda & C De Ferm Havaux BI&A H09 (in mio) H2009 Discretionary mandates 118 1,270 2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748 5, ,719 7,049 7,537 Advisory mandates 428 1,149 1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723 2,837 3,407 3,294 3,886 Total 546 2,419 3,595 4,075 4,693 4,726 4,024 4,535 5,445 7,471 8,416 12,126 10,343 11,423 40

41 Bank Delen: highlights 1H09 and outlook Highlights 1H09 AUM: 11,423 mio (vs 10,615 mio as of and 10,343 mio as of ) driven by strong underlying net inflows and positive stock market effect Gross revenues: impacted by high proportion of cash in client portfolios Cost income ratio: 48.6% (2008: 46.1%) Net equity remains stable at 282 Strong solvency (Core Tier1: 32.8%) and liquidity ratio Outlook 2009 Strong niche position, extremely transparent balance sheet, consistent conservative asset management and very decent relative portfolio returns reassuring clients and strengthening franchise through net inflow of funds Evolution of revenue and profits depending on strength of recovery of equity markets 41

42 Bank J.Van Breda & C : key figures (in mio) 1H09 1H Bank product Net result Equity Total assets 3, , ,943.8 Total client assets * 5, , ,009 Cost / income ratio 61.0% 58.6% 59.6% ROE 10.6% 11.2% 9.6% CAD (solvency ratio) 14.1% 12.4% 12.5% Core Tier 1 Capital Ratio 11.4% 9.9% 10.1% Net loan write-offs / avg loan portfolio 0.05% 0.04% 0.19% # personnel 403 * deposits & off balance sheets investments 42

43 Bank J.Van Breda & C : income statement Conso (in 000) - IFRS 1H09 1H08 2H Net interest income 32,343 28,178 28,381 56,559 Net fee income 10,304 12,028 10,600 22,628 Other income , Gross revenues 42,431 41,864 37,996 79,860 Operational expensens -24,698-23,219-22,140-45,359 Amortisations & provisions i -1, , , Loan loss provision ,266-4,082 Expenses -26,398-25,337-26,369-51,706 Share of profit (loss) from equity accounted investments Profit before tax 16,239 16,641 11,578 28,219 Income taxes -4,279-4,676-2,866-7,542 Profit of the period Minority interests Share of the group 11,931 11,932 8,687 20,619 43

44 Bank J.Van Breda & C : balance sheet (in 000) 1H Cash & loans and advances to banks 215, ,785 Financial assets - Financial assets available for sale 572, ,561 - Financial assets held for trading 20,478 22,310 - Loans and receivables (including finance leases) 2,230,873 2,202,059 - Other 690 2,802 Tangibles assets 29,972 29,944 Goodwill and other intangible assets 5,296 4,518 Other assets 9,305 9,839 Total assets 3,084,931 2,943,818 Financial liabilities - Deposits from credit institutions 259, ,910 - Deposits from clients 2,302,430 2,129,883 - Debt certificates (incl. bonds/ CP) 162, ,072 - Subordinated liabilities 75,072 73,671 - Other 41,641 27,939 Provisions, tax and other liabilities 17,558 18,745 Equity (including minority interests) 226, ,599 Total liabilities 3,084,931 2,943,818 44

45 Bank J.Van Breda & C Solid commercial performance H2009 ( mio) H08 1H09 Off-balance sheet investments 1,292 1,647 2,071 2,417 2,802 2,788 2,853 3,056 Client deposits 1,381 1,471 1,476 1,660 1,899 2,221 1,974 2,393 Loans to target group 972 1,164 1,401 1,505 1,755 1,872 1,817 1,887 45

46 Bank J.Van Breda & C : highlights 1H09 & outlook Highlights 1H09 Solid commercial performance Continued growth of loan portfolio: 1,887 mio Client deposits and investments: 5,449 mio (vs 4,826 mio per and 5,009 mio per ) Increase of gross revenues supported by interest income (+15%) Net loan loss provisions remain extremely low, despite economic recession: 0.05% or 0.5 mio (vs 0.19% for FY08) Slight increase of cost/income ratio to 61.0% (59.6% in 2008) Net equity more or less stable at 227 mio (vs 223 mio as of ) Strong solvency: Core Tier 1 ratio 11.4% No toxic assets, only loans to core clients Strong liquidity base: very favourable loan to deposit ratio Outlook 2009 Return to positive transformation margin (thanks to normal yield curve), positively impacting net interest income Recovery of equity markets offering clients alternative to cash potentially impacting net fee income Potential impact of recession on loan loss provision still to be cautioned for 46

47 Private equity portfolio (30/6/2009) 47

48 Private equity: key figures (in mio - AvH group share) 1H09 1H Sofinim Contribution from portfolio c ies Sofinim (1) Contribution from portfolio c ies GIB (2) Contribution PE before capital gains Capital gains Total contribution PE (1) IFRS implies fair value changes taken into account on all portfolio companies 2008: Distriplus: impairment 16 mio (share AvH 5.9 mio) (2) Groupe Flo 2008: impairment Bistro Romain mio (share AvH mio) 48

49 Private equity: highlights 1H09 & outlook 2009 Highlights 1H09 Sofinim NV Capital gains on sale of Telenet shares: 1.0 mio, part AvH Porfolio c ies : mixed performance (see next slide) -Operational results impacted by recession and extraordinary restructuring costs Limited investment/divestment e t e t activity ty -Investments: 7 mio primarily follow-up investments -Divestments: sale of 37.5% in IDIM (capital gain 1.6 mio, part AvH, cash 5 mio); sale of shares in I.R.I.S. in 2H09 (impact of sale to Canon 2.8 mio part AvH, incl. in FV in 1H09,; cash in 2H09 8 mio); sale of Oleon in 2008 (capital gain 5 mio, part AvH, included in 2008 result; cash 48 mio in 2009 ) Outlook 2009 Conservative leverage ratios for PE investments, but operational performances impacted by economic recession for the more cyclical and consumer related businesses AvH/Sofinim cautiously considering new investment opportunities Although some industrial appetite, not many capital gains expected 49

50 Private equity: comments on operational performance of portfolio companies (1H09) Distriplus: Positive trend in turnover and results of Club and Planet Parfum has been offset by restructuring plan for DI. An agreement-in-principle has been reached to close 17 shops. Egemin: The large number of projects and the restructuring and saving initiatives resulted in an increase in turnover and operational result Hertel: Stable turnover driven by geographical expansion of Industrial Services in Asia and the Middle East Manuchar: Strong result (mainly in Brazil and South Africa) despite turnover decrease, caused by global drop in steel consumption and price pressure. Increase of AvH share to 30% in August 2009 Spano: Very low demand (in line with weak construction and furniture markets throughout Europe) results in pressure on volumes and sales prices Egemin 50

51 Private equity: key figures portfolio 2008 % Turnover EBITDA Net Result Net Equity Net Fin. Position Alupa 100% 29,863 29,827 2,939 2,491 1,587 1,008 7,479 5,910-1,025-4,014 Alural Group 60,00% 37,161 37,393 3,243 2, ,587 5, ,789 Atenor 12.01% 39,217 33,918 41,664 31,530 41,292 35, , ,968-28,220 42,734 Axe investments 48.34% , ,674 19,852 3,624 5,040 Cindu 50,00% 369 1,543 1,490 3,541 5,618 4,855 1, Corelio 20.15% 388, ,572 37,743 34,535 3,479 6,402 57,400 62,891-65,812-43,776 Distriplus 50,00% 236,359 8,764-19,830 81,452-41,379 Egemin International 28.91% 64,682 79,190 3, ,387-3,842 5,340 4,143 7,300 3,219 Euro Media Group 22,00% 311, ,170 58,415 49, , , , ,206-76,298 Engelhardt 97.5% 65,858 65,178 5,243 5, ,620 9,907-5,945-5,538 Hertel Holding 40.68% 799, ,570 49,327 52,121 13,974 22,697 69,505 64,326-55,240-41,150 IDIM 37.47% ,547 9,453-5,949-5,413 IRIS 6.22% 109,326 95,062 9,816 9,031 6,188 5,733 53,637 49,226 14,109 19,227 Manuchar 20,00% 714, ,727 45,501 24,827 8,203 8,607 32,171 24, , ,240 NMC 27.63% 170, ,625 20,150 24,100 7,587 11,245 68,011 70,603-34,714-15,801 Spano Invest 72.92% 233, ,643 23,802 42,053 2,384 17,205 69,721 67,408-60,297-61,408 Synvest 49.99% 1,444 1,397 19,824 16,472-1,484 4,417 Turbo's Hoet 50,00% 375, ,331 21,094 24,697 6,576 11,450 73,558 67, ,957-75,359 Groupe Flo 23.29% 389, ,982 32,508 46,000-38,400 19,065 96, , , ,800 Trasys 41.39% 71,594 62,934 5,284 6,149 3,531 3,314 9,816 9,360 1,

52 Private equity: adjusted net asset value (in mio) 1H09 1H Sofinim (1) Unrealised capital gains Atenor 7.9 (2) Market value Groupe Flo / Trasys 4.8 (3) Total private equity (1) Of which mio portfolio companies, mio cash and other (2) Underlying end-of-period stock price Atenor (# 604,880): (3) Underlying end-of-period stock price Flo (# 20,828,173):

53 Private equity: overview of major divestments Investment year Divestment year Realised ( mio) IRR% (AvH group share) Tibotec Virco (Sofinim) % Coditel (Sofinim) % LeJeune (NIM) % Medisearch (Sofinim) i % BIAC (NIM) % Aviapartner (Sofinim) % Cyril Finance (Sofinim) % Telenet (Sofinim) % SCF (Sofinim) % Quick (GIB) % UBF contribution in EMG (Sofinim) % Corn Van Loocke (Sofinim) % Arcomet (Sofinim) % Oleon (Sofinim) % IDIM (NIM) % I.R.I.S. (Sofinim) % 53

54 Groupe Flo: highlights 1H09 Leading gplayer in casual dining in France, operating various formats - Hippopotamus: 129 grill restaurants (43 franchise) - Bistro Romain: 34 Italian restaurants (4 franchise) - Brasseries: 31 institutional brasseries and 8 Tavernes de Maître Kanter - Tbl Tablapizza: 25 pizzerias i (8 franchise) Key figures (in mio) 1H09 1H Turnover EBITDA Net result Net financial position <147.8> <153.0> <141.4> Highlights 1H09 Sales decline due to drop in consumer spending Measures taken to adapt the business to lower volumes start to pay off but impact results but full impact expected in 2H09 Reduced VAT rate in France (since July) expected to reinverse the trend in consumer spending Agreement with banks on refinancing, including capital increase of 20 mio (Sep 09)

55 Energy and materials Creation of a fifth reporting segment Energy and materials Reflection of the increasing importance of the contribution to the result of Sipef, Henschel and Sagar Cements, and on the other hand the potential of the new participations in Alcofina and Oriental Quarries & Mines (OQM) In line with the strategy of AvH to focus on emerging markets (e.g. India, Brazil, Indonesia) and on sectors such as renewable energy and materials (e.g. Alcofina, Sagar Cements, OQM) Sipef Palm oil, rubber, tea Indonesia, Papua New Guinea Henschel Welded steel structures Poland Sagar Cements Cement India OQM Aggregates India Alcofina Sugar cane, bio ethanol Brazil 55

56 Sipef: highlights 1H09 A Belgian agro-industrial group operating and managing tropical plantation businesses (approx 70,000 ha), mainly in Indonesia and Papua New Guinea Highlights 1H09 Very good production increase of palm oil Expansion continued Increase of AvH share to 20.4% (in USD mio) 1H09 1H Group production (in T) (1) Indonesia/PNG/Ivory Coast Palm oil 158, , ,168 Indonesia/PNG Rubber 5,496 6,160 11,300 Indonesia/Vietnam (2) Tea 1,487 2,778 7,418 Turnover EBIT Net result Net equity Net cash position % shares held by AvH 20.4% 19.5% 19.7% (1) Own + outgrowers (2) Vietnam divested in

57 Henschel: highlights 1H09 Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks Highlights 1H09 Good net result in 1H09 driven by the tail end of the order book Second half of the year expected to be impacted by the recession on the crane market Key figures (in mio) 1H09 1H08 (1) 2008 (1) Turnover EBITDA Net result (2) Shareholder's equity (group share) Net financial position (1) BGAAP in 1H08 (2) Including exceptional mark-to-market revaluation for currency hedges 57

58 Sagar Cements: highlights 1H09 Cement plant Located in Hyderabad (Andra Pradesh), India AvH share: 14.8% Capacity expanded to 2.5 MTPA: second line commissioned in August 2008 New plant of 5.5 MTPA planned in Karnataka (Sagar 49%, VICAT 51%): total cost of Rs 25 bn (Sagar: 1.96 billion / 29 mio) Key figures (in INR mio) 30/06/09 31/03/09 31/03/08 3 months 12 months* 12 months* Turnover 1, , ,746.2 EBITDA Net result Shareholder's equity 2, , ,177.2 Net financial position -2, , ,008.0 * Consolidated figures 1 = INR (30/6/2009) 58

59 New investments 2009: Oriental Quarries & Mines Aggregates plants Headquarter in Delhi (India) First two operational plants in Rajastan, Bharatpur District Partnership with Oriental Structural Engineers OSE (Bakshi family) AvH share: 28% with gradual step up towards 50% by means of capital calls Current capacity: 1.2 MTPA, with the ambition to substantially increase this over the coming years Pan Indian pipeline of new crushing plants 59

60 New investments 2009 (pending): Alcofina Bio ethanol Partnership with Sibco (Philippe Meeùs) AvH share: 30% in Alcofina. Alcofina owns 45% of Alcotra (Swiss trading company) In 2008, Alcotra realized a turnover of 643 million USD and a net result of 6.8 million USD Alcotra is one of the largest bio ethanol exporters from Brazil. It has dedicated storage facilities in Santos AvH would like to invest further in new developments in Brazil for the production of bio ethanol, targeting sugar cane plantations fulfilling high sustainability criteria 60

61 Outlook 2009 The present economic crisis still calls for great caution. The dredging activities, the financial services and the new segment of energy and materials offer good prospects even in the current market circumstances. The real estate and private equity activities remain subject to the impact of the present economic recession and the strength of the potential recovery. 61

62 Contact For further questions or additional information, please consult our website: avh.be Contact: Luc Bertrand Chairman of the Executive Committee Jan Suykens Member of the Executive Committee Tom Bamelis Member of the Executive Committee T E [email protected] 62