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Green Offshore 76 YourDEME partner for sustainable growth MARINE ENGINEERING & CONTRACTING In ‘Marine Engineering & Contracting’, the pandemic disrupted normal busi- ness on projects in Belgium and abroad. This resulted in a lower level of activity and profitability at both DEME and CFE. Nevertheless, the recovery in the second half of the year was strong, and both DEME and CFE closed 2020 with order backlogs at record level. Contribution to the AvH consolidated net result (€ million) 2020 2019 2018 DEME 28.6 73.9 92.8 CFE 7.8 13.5 17.3 Rent-A-Port 1.0 0.5 5.3 Green Offshore 9.3 4.0 2.7 Total 46.7 91.9 118.1 62% 62% 81% 81% DEME CFE Rent-A-Port Green Offshore The Belgian dredging and envi- CFE is a listed Belgian industrial Rent-A-Port develops port-relat- Green Offshore invests in the de- ronmental group DEME is one of construction group active in dredg- ed industrial zones around the velopment and operation of the the largest and most diversified ing, environment, offshore and in- Haiphong harbour in Vietnam. offshore wind farms Rentel and dredging and marine construction frastructure (DEME), in contracting SeaMade. companies in the world. and in real estate development. 77 Shareholding percentage AvH: 62% Luc Hugo Philip Eric Els Vandenbulcke Bouvy Hermans Tancré Verbraecken DEME DEME is a world leader in the specialised fields of dredging, solutions for the offshore energy industry, infra marine and environmental works. The company can build on more than 140 years of know-how and is a front runner in innovation. FINANCIAL OVERVIEW 2020 health crisis also delayed the award and start of several projects. The total impact of the pandemic, the decrease in oil and gas prices, and the accident with the ‘Orion’ DEME realised a consolidated turnover of 2,195.8 million euros in 2020, compared is estimated at 100 million euros (EBIT) in 2020. This is only partly compensated by to 2,622.0 million euros in 2019. A substantial part of this decrease, estimated at the capital gain on the disposal of the 12.5% stake in Merkur Offshore in May 2020 around 300 million euros, is attributable to the health crisis and its indirect impact (63.9 million euros). The net result over the full year amounted to 50.4 million euros, on the economy (e.g. the oil and gas industry). compared to 125.0 million euros in 2019. DEME’s traditional dredging activity was worst affected by the pandemic, a.o. due DEME’s order backlog increased in 2020 by 20% to 4,500 million euros, compared to logistical complications and delays in the start-up and execution of projects. The to 3,750 million euros at the end of 2019. Pending financial close, the following turnover decreased by 19% to 877 million euros. The turnover of DEME Offshore contracts are not yet included in this order backlog: Arcadis Ost offshore wind farm decreased by 18% to 934.6 million euros. In the offshore activities, it was mainly and Courseulles-sur-Mer, nor are the Hai Long and Zhong Neng offshore wind farm the Moray East project that was severely affected by the non-availability of the projects in Taiwan (total contract worth more than one billion euros; status prefer- installation vessel Orion. Only DEME Infra, DEME’s subsidiary specialising in lar- red bidder) and the projects Right Bank of the Oosterweel link and Hinckley Point in ge-scale infrastructure works, reported a turnover increase compared to previous the UK, which were only awarded at the beginning of 2021. year, namely to 208.8 million euros. DEME realised an EBITDA in 2020 of 369.5 million euros, 16.8% of the turnover FLEET INVESTMENT PROGRAMME and in line with 2019 (16.7%). DEME’s activities were badly affected in 2020 by the health crisis. Border closures, travel restrictions, reduction and even suspension In 2020 DEME’s multi-year fleet investment programme continued, with the arri- of air travel were unprecedented logistical challenges that resulted in considerable val of two new trailing suction hopper dredgers, ‘Meuse River’ and ‘River Thames’. extra costs. Additionally, local measures such as lockdowns, quarantines and social ‘Meuse River’, a sistership to the pioneering dual fuel hopper ‘Scheldt River’, im- distancing measures led to diminished productivity and delays in execution. The mediately headed to a first project in the Arctic and was also deployed on the River Elbe deepening and widening project in Germany. ‘Spartacus’, the most powerful cutter suction dredger (CSD) in the world, is expec- Split of turnover ted to arrive in the first half of 2021. ‘Spartacus’ represents the next step in terms of production rates, pumping power, water depth and unmatched workability. It is Activity Region also the first CSD that is capable of running on LNG. 3% 3% 2% 5% CSBC-DEME Wind Engineering (CDWE) in Taiwan is investing in a dedicated DP3 9% 6% heavy lift installation vessel ‘Green Jade’, which represents the largest single over- seas investment for DEME. Being built in Taiwan, ‘Green Jade’ will feature an ex- 11% 7% ceptional combination of high transport and load capacity, impressive lifting heights and green technology. The vessel is expected in the fourth quarter of 2022. 43% In May 2020, before DEME could take ownership of the new offshore installation 29% 82% vessel ‘Orion’, there was an accident involving the crane hook during overload tests. Due to the delay in the delivery of the vessel to DEME, third-party vessels had to be Offshore Europe chartered to ensure a timely delivery of the accepted projects. Capital dredging Asia Pacific To be able to offer the total package of services to the offshore wind industry, Maintenance dredging Africa from installation to maintenance, DEME is building its first Service Operation Vessel Infra Middle East & India for maintenance technicians. The vessel already has a long-term contract for the Environmental America maintenance of the Rentel and Mermaid & Seastar (known as SeaMade) offshore Other wind farms in Belgium. 78 Your partner for sustainable growth OPERATIONAL OVERVIEW 2020 • Dredging End 2020, DEME won the largest ever dredging and land reclamation contract in its history (in terms of dredging volume), for the Abu Qir port project in Egypt. This is the first project where the game changing cutter suction dredger ‘Spartacus’ will be “ THE ORDER deployed. DEME also secured several contracts for port developments in Italy and Portugal, while in Ghana a new contract has been awarded to develop Elmina port, BACKLOG enabling it to accommodate larger vessels. In Belgium, the long-term maintenance dredging contracts on major waterways INCREASED and along the coast run until January 2022. DEME has successfully executed the first campaign of the ‘Sea Channel’ project in the Arctic. Eight large trailing sucti- on hopper dredgers have been mobilised to dredge the access channel to Sabetta IN 2020 BY port, where a liquefied natural gas facility is being developed. In Germany, the Elbe deepening and widening project continued, where DEME is responsible for the 20% TO dredging, transportation and relocation of around 32 million m³ of material. The dredging works for the modernisation project of the Świnoujście-Szczecin fairway in Poland started in 2020. Despite most of the mobilisation taking place at the height 4,500 MILLION of the pandemic, the project is firmly on schedule. In a very remote project, taking place right in the midst of the pandemic, DEME EUROS.” successfully concluded a project to elevate wetlands between Bonny and Bodo in Nigeria, where a new road will be built. At the end of 2020, all the marine works for the Tuas Terminal Phase 1 (TTP1) megaproject in Singapore were concluded, LUC VANDENBULCKE, with only subsequent earthmoving works on the reclamation footprint remaining. CEO A major project in the Port of Rio Grande in Brazil was finished off in early 2020 and handed over to the client. DEME also wrapped up a maintenance campaign in the access channel of the Port of Buenaventura in Colombia at the end of the year. Apollo - SeaMade Annual report 2020 79 • Offshore ment project was completed in Taiwan for a gas pipeline. Several major projects around the Norwegian Continental Shelf on behalf of Equinor wrapped up in De- In Germany, DEME has been awarded the EPCI contract for the foundations for cember. DEME successfully completed the dredging and backfilling of a 130 km Parkwind’s Arcadis Ost 1 offshore wind farm and for the installation of collars at the offshore pipeline in Nam Con Son in Vietnam. Kaskasi wind farm. A new contract was also secured for the DolWin6 project, where DEME will transport and install the offshore section of the high-voltage direct-cur- rent cable, which runs from German offshore wind farms through the Wadden Sea. • Infra In the UK DEME has been awarded a major EPCI contract for the inter-array cables at the Dogger Bank A and Dogger Bank B wind farms in the UK, the first two phases In June, DEME has been awarded a major contract for the Oosterweel link, which of the 3.6 GW Dogger Bank Wind Farm, which is the world’s largest offshore wind will complete the Antwerp Ring Road. As a member of a consortium, DEME will farm under development. This contract also makes history in the industry, being the construct the Scheldt tunnel (Scheldetunnel) for project developer Lantis. largest inter-array project ever awarded. A three-year contract has been awarded to perform various rock placement campaigns for the 1,400 MW high voltage direct The Femern Link Contractors joint venture, including DEME, now has the green current (DC) electricity link between the British and Danish transmission systems.
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    date 4 August 2021 pages 2 PRESS RELEASE DEME takes delivery of ‘Spartacus’ - the most powerful and innovative cutter suction dredger in the world DEME has taken delivery of its giant new cutter suction dredger ‘Spartacus’ from Dutch shipyard Royal IHC. With the signing of the handover, taking place on August 3, the construction process officially comes to an end and the vessel will now head to its first project in Egypt. ‘Spartacus’ sets a new benchmark in the global dredging market. Its groundbreaking, eco-friendly design and countless innovations on board make it one of a kind. ‘Spartacus’ is the world's largest and most powerful self-propelled cutter suction dredger and also the first able to run on liquefied natural gas (LNG). Unrivalled production capacity With a total installed power of 44,180 kW, its production capacity and ability to cut hard soil are unmatched in the industry. The four main engines can run on Low Sulphur Heavy Fuel Oil, Marine Diesel Oil, as well as LNG, and the two auxiliary engines have dual-fuel technology. The CSD also has a waste heat recovery system that converts the heat from the engines’ exhaust gases into electrical energy. The heavy cutter ladder, able to be controlled and operated from the bridge by a single person, can operate up to a dredging depth of 45 m. First project ‘Spartacus’ will immediately set sail for its first assignment in Abu Qir, Egypt, whereby it will participate, alongside many of DEME’s trailing suction hopper dredgers, in the largest dredging and land reclamation project ever in DEME’s history.
  • Annual Results 2020

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    Green Offshore ANNUAL RESULTS 2020 PRESS RELEASE ANTWERP, FEBRUARY 26, 2021, 7.00 Regulated information within the meaning of the Royal Decree of 14 November 2007 1 Annual results 2020 ACKERMANS & VAN HAAREN IN 2020 • Ackermans & van Haaren realised a net profit of 229.8 million euros over the full year 2020. • Despite the continuing impact of the corona pandemic into the second half of the year, the results of the group made a strong recovery (net profit H2 2020: 173.5 million euros). • An increase of the dividend to 2.35 euros per share is proposed to the general meeting of share- holders. “I am extremely proud of the resilience shown by our 22,331 colleagues throughout the AvH group amidst these uncertain and volatile times caused by the COVID crisis. Over 2020, the AvH group realises a very solid net profit of 230 million euros. Based upon strong portfolio performances, both Delen Private Bank and Bank J.Van Breda & C° realised very strong in- flows of new assets under management that have reached a record level of more than 54 billion euros at year-end 2020. On the back of a strong push towards more renewable energy sources and greening the world economy, DEME increased its order backlog to a record level of more than 4.5 billion euros. We remain committed to invest in strengthening our portfolio, and investing in a more sustainable and digital savvy world, as illustrated by our recent investments in OMP, Verdant Bioscience, Medikabazaar and Indigo Diabetes.” (The full video message can be viewed at www.avh.be/en/investors/results-centre/year/2021.) Jan Suykens, CEO - Chairman of the executive committee • Ackermans & van Haaren realised a net profit of 229.8 million eu- Breakdown of the consolidated net result ros over the full year 2020.
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