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Half-Year Results 2020 Ackermans & Van Haaren in H1 2020

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Half-Year Results 2020 Ackermans & Van Haaren in H1 2020 Regulated information within the meaning of the Royal Decree of November 14, 2007 Antwerp, August 28, 2020 PRESS RELEASE Half-year results 2020 Ackermans & van Haaren in H1 2020 2 • Ackermans & van Haaren realised a net profit of 56.3 million euros in the first half of 2020 (H1 2019: 104.0 million euros, excluding 108.9 million euros capital gains). • The results are expected to improve significantly in the second half of the year. The board of directors will propose to an extraordinary general meeting to pay a dividend of 2.32 euros per share in the fourth quarter of 2020. Half-year results 2020 “In the most turbulent and volatile year the world economy has known since the Second World War, AvH’s diversified model has proven its value and resilience. DEME’s order backlog increased to a record level of 4.3 billion euros. The clients of Delen Private Bank and Bank J.Van Breda & Co con- firmed their trust in the banks’ prudent asset management with a gross inflow of almost 2 billion euros, so that the total assets under management again reached nearly 50 billion euros as of June 30, 2020. Naturally, the consolidated half-year result of the AvH group suffered as a result of the lockdown measures during the COVID-19 crisis and the volatility on the stock markets. Based on the information currently available, however, we still expect to realise a solid consolidated net profit over the full 2020 financial year. As a token of trust, and despite the fact that the supervisors still do not allow our banks to pay dividends, the board of directors of AvH has nevertheless decided to pay a dividend in respect of the 2019 financial year in the form of an interim dividend of 2.32 euros, identical to the payout over full year 2018. Moreover, its healthy balance sheet and cash position permit AvH to keep seeking out new investment opportunities, of which we hope to realize some in the second half of the year.” Jan Suykens, CEO - Chairman of the executive committee Breakdown of the consolidated net result • The COVID-19 pandemic has had a significant impact on the results (part of the group) of a number of group companies, as will be explained further in this report where appropriate. (€ million) 1H20 1H19 • The capital gain of 64 million euros that DEME realised in its con- Marine Engineering & Contracting 7.5 26.0 cession activity on the sale of its stake in the German offshore wind farm Merkur contributed 39.0 million euros (AvH share) to the Private Banking 61.6 58.2 group result in the first half of 2020. Real Estate & Senior Care -3.7 15.8 Energy & Resources 0.6 -0.6 • On the other hand, on June 30, 2020, AvH reported the measure- ment of certain assets at their ‘fair’ value (share price) on that date. Contribution from core segments 65.9 99.4 Such unrealised losses (group share) had a negative impact of 9.7 Growth Capital 3.0 5.6 million euros on the result of 'Real Estate & Senior Care' and 9.0 AvH & subholdings -15.6 -1.0 million euros on that of 'AvH & subholdings'. Net capital gains(losses) / impairments 3.0 108.9 • In the first half of 2019, AvH had realised exceptionally high capital gains of 108.9 million euros (of which 105.7 million euros on the Consolidated net result 56.3 212.9 sale of Residalya). General comments on the figures Outlook 2020 The shareholders’ equity of AvH (group share) increased to 3,489.3 All group companies have by now adjusted their outlook for the rest million euros on June 30, 2020, which, after correction for the treas- of the year. Naturally, the currently known impact of the pandemic is ury shares in portfolio, corresponds to 105.39 euros per share. As of taken into account in that outlook. December 31, 2019, the shareholders’ equity amounted to 3,456.1 million euros, or 104.32 euros per share. In light of the uncertainty Based on the information currently available, the board of directors of caused by the COVID-19 crisis, and bearing in mind the recommenda- Ackermans & van Haaren expects a marked improvement in the results tion of the European Central Bank in the first half of 2020, no dividend during the second half of the year relative to the first half, and there- was paid out. In the fourth quarter of 2020, an extraordinary general fore to realise a substantial net result over the full 2020 financial year. meeting will be convened, where it will be proposed to still pay a 3 dividend of 2.32 euros per share. AvH’s diversification model, DEME’s focus on innovation and on the expansion of its concession activities, the persistently strong commer- At the end of June 2020, AvH had a net cash position of 201.0 mil- cial performance of both Delen Private Bank and Bank J.Van Breda & lion euros, compared to 267.4 million euros at the end of 2019. This Cº, backed up by very solid ratios and the group’s net cash position position consists of 48.7 million euros in cash investments and 120.3 that make it possible to constantly keep exploring new investment million euros in cash and cash equivalents. The rest is made up of opportunities, permit us to look to the future with confidence and treasury shares, less short-term debts in the form of commercial paper give us the capacity to realise a long-term sustainable growth of our amounting to 8 million euros. consolidated shareholders’ equity and results. AvH invested a total of 58.1 million euros in the first half of 2020, Half-year results 2020 primarily to strengthen its participations in CFE (and therefore also in DEME, Rent-A-Port and Green Offshore) by 0.94% and in SIPEF by 2.35%. Together with SIPEF, AvH acquired the 52% interest of Sime Darby Plantation in Verdant Bioscience (SIPEF 10%, AvH 42%). AvH also invested in a number of promising technology-driven companies in Belgium (Biotalys, MRM Health, OncoDNA) and in India (Medika- bazaar). AvH owned 378,250 own shares as of June 30, 2020 (compared to 363,000 at the end of December 2019) to hedge present and future stock option plan obligations. To this number were added, on June 30, 2020, 10,510 own shares resulting from acquisitions and disposals within the framework of the AvH stock liquidity agreement Key figures per share 30.06.2020 30.06.2019 Number of shares Number of shares 33,496,904 33,496,904 Net result per share (€)(1) Basic 1.70 6.43 Diluted 1.70 6.41 30.06.2020 31.12.2019 Net equity per share (€) Key figures - consolidated balance sheet Net equity per share 105.39 104.32 (€ million) 30.06.2020 31.12.2019 Evolution of the stock price (€) Highest (January 16) 149.8 144.9 Net equity (part of the group - 3,489.3 3,456.1 before allocation of profit) Lowest (Mars 23) 110.9 125.2 Closing price (June 30) 116.4 139.7 Net cash position of AvH 201.0 267.4 (1) Corrected for own shares 1 4 3 1. Verdant Bioscience 2. DEME - 75 Filipino employees who were stuck on 12 vessels after the outbreak of the pandemic were flown back home on a DEME Half-year results 2020 charter flight 3. AvH Solidarity Fund - Tejo - Project related to 2 mental health of young people ESG Thanks to its prudent financial policy, the group never found itself in financial need, quite the opposite. AvH continued to invest, with its The ESG policy pursued by AvH and group companies helped to sub- Biotalys, MRM Health and Verdant Bioscience meriting special atten- stantially boost our resilience during the COVID-19 crisis. Combined tion from an ESG perspective. Those companies endeavour, each in with the strong focus on employee well-being and financially healthy their own way, to break new ground to meet special environmental businesses, this helped to quickly reassure employees, customers and and social needs. AvH also organised workshops in which it stressed, suppliers. even in these times, the need for innovative thinking and to look for opportunities in the new context. Mediahuis, for instance, invested in Experiences of how various HR aspects have been addressed during ‘edtech’ (education technology). this crisis were exchanged on a regular basis through the network of HR managers of the group companies. Many participations focused On the initiative of the executive committee, the ‘AvH Solidarity Fund’ strongly on social aspects in their relations with employees and cus- was set up to respond to urgent needs brought about by COVID-19 tomers. In one of the hardest hit sectors, Anima Care offered all avail- in the area of poverty, disadvantage, physical and mental health care able support to its staff to allow them to provide the best possible care and education. The executive committee of AvH voluntarily donated to its residents. Bank J.Van Breda & Cº, which has many clients from part of their net salary, and the staff of AvH and the other group the medical sector, granted more extension of payment, and guidance companies also had the opportunity to follow that example. AvH in- where necessary, than was asked by the government. Extensa organ- creased those collected funds threefold, thereby raising a total sum of ised COVID shelter in collaboration with Médecins Sans Frontières. around 650,000 euros by July 31, 2020. Various participations also DEME made serious efforts to get all its staff, wherever they were in took initiatives of their own.
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