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Annual REPORT 2013 Worldreginfo - B07086c9-5Be1-441D-9056-B7a19291cee8 Financial Calendar

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Annual REPORT 2013 Worldreginfo - B07086c9-5Be1-441D-9056-B7a19291cee8 Financial Calendar ANNUAL REPORT 2013 WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 FINANCIAL CALENDAR May 16, 2014 Interim statement Q1 2014 May 26, 2014 Ordinary general meeting August 28, 2014 Half-year results 2014 November 18, 2014 Interim statement Q3 2014 February 27, 2015 Annual results 2014 May 25, 2015 Ordinary general meeting WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 ANNUAL REPORT 2013 WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 4 Annual report 2013 Pursuant to the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a Belgian regulated market, Ackermans & van Haaren is required to publish its annual financial report. This report contains the combined statutory and consolidated annual report of the board of directors prepared in accordance with article 119, last paragraph of the Company Code. The report further contains a condensed version of the statutory annual accounts prepared in accordance with article 105 of the Company Code, and the full version of the consolidated annual accounts. The full version of the statutory annual accounts has been deposited with the National Bank of Belgium, pursuant to articles 98 and 100 of the Company Code, together with the annual report of the board of directors and the audit report. The auditor has approved the statutory and consolidated annual accounts without qualification. In accordance with article 12, §2, 3° of the Royal Decree of 14 November 2007, the members of the executive committee (i.e. Luc Bertrand, Tom Bamelis, Piet Bevernage, Piet Dejonghe, Koen Janssen and Jan Suykens) declare that, to their knowledge: a) the annual accounts contained in this report, which have been prepared in accordance with the applicable standards for annual accounts, give a true view of the assets, financial situation and the results of Ackermans & van Haaren and the companies included in the consolidation; b) the annual accounts give a true overview of the development and the results of the company and of the position of Ackermans & van Haaren and the companies included in the consolidation, as well as a description of the main risks and uncertainties with which they are confronted. The annual report, the full versions of the statutory and consolidated annual accounts, as well as the audit reports regarding said annual accounts are available on the website (www.avh.be) and may be obtained upon simple request, without charge, at the following address: Begijnenvest 113 2000 Antwerp, Belgium Tel. +32 3 231 87 70 Fax +32 3 225 25 33 E-mail [email protected] WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 5 CONTENTS Mission statement 6 2013 at a glance 8 Key events 2013 10 Acquisition of control CFE 12 Annual report Message of the chairmen 16 14 Annual report on the statutory annual accounts 20 Annual report on the consolidated annual accounts 24 Corporate governance statement 32 Remuneration report 40 Corporate social responsibility 44 Activity report 48 Group structure 49 Marine DEME 54 Engineering & 50 CFE 58 Infrastructure Algemene Aannemingen Van Laere 62 Rent-A-Port 64 NMP 65 Private Banking Delen Investments 70 66 Bank J.Van Breda & C° 74 ASCO-BDM 77 Real Estate, Extensa 82 Leisure & 78 Leasinvest Real Estate 85 Senior Care Groupe Financière Duval 88 Anima Care 90 Energy 92 Sipef 96 & Resources Sagar Cements 98 Oriental Quarries & Mines 99 Max Green 100 Telemond Group 101 Development Capital 102 Financial statements 120 General information regarding the company and the capital 192 Key figures 2013 appendix WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 6 Annual report 2013 MISSION STATEMENT Our mission is to create shareholder value through long-term investments in a limited number of strategic participations with growth potential on an international level. WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 7 Positioning of Long term perspective Proactive shareholder Ackermans & van Haaren • an independent and diversified group • clear objectives agreed upon with the • involvement in selecting senior management • led by an experienced, multidisciplinary participations and defining long-term strategy management team • responsibility of the participations for their • permanent dialogue with management • based upon a healthy financial structure own financial position • monitoring and control of strategic focus, to support the growth ambitions of the • strive for annual growth in the results of operational and financial discipline participations each participation and of the group as a • active support of management for specific whole operational and strategic projects • focus on growth sectors in an international context WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 8 Annual report 2013 2013 AT A GLANCE Ackermans & van Haaren ended the 2013 financial year with a consolidated net profit of 293.9 million euros. This result includes a remeasurement income of 109.4 million euros which AvH had to recognize under 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 167.3 million euros in 2012. • The particularly high level of activity at DEME • A proactive portfolio management permitted was reflected in a turnover that for the first time Leasinvest Real Estate to let its real estate topped 2.5 billion euros as well as in a higher portfolio grow to 718 million euros. Extensa net profit (109.1 million euros). was able to make a profit again by a recovery in its real estate development results. • As of 24 December 2013, AvH exercises exclu- sive control over CFE (and therefore over DEME • Due to lower output volumes and lower market as well) with a 60.4% stake. Since this transac- prices for palm oil and rubber, Sipef’s result tion took place just a few calendar days before decreased in 2013. Sagar Cements and Max the year-end, the impact on the income state- Green were confronted with difficult market ment of AvH in 2013 is limited to the remeas- conditions. urement under IFRS of the 50% stake in DEME which AvH contributed to CFE in the amount of • Performance in the Development Capital seg- 550 million euros. ment is mixed: a substantial capital gain was realized on the sale of the stake in Spano, while • Delen Investments and Bank J.Van Breda restructuring costs and impairments continued & C° reported an outstanding performance in to depress the contribution from certain other 2013, and managed to grow their assets under companies in 2013. management to a new record level. Breakdown of the consolidated net result (part of the group) - IFRS (€ mio) 2013 2012 Marine Engineering & Infrastructure 59.7 51.7 Private Banking 84.5 71.5 Real Estate, Leisure & Senior Care 15.8 3.6 Energy & Resources 8.7 16.4 Development Capital -6.6 5.9 Result of the participations 162.1 149.1 Capital gains development capital 29.5 22.7 Result of the participations (incl. capital gains) 191.6 171.8 AvH & subholdings -7.2 -3.9 Other non-recurrent results (mainly remeasurement income 109.5 -0.6 on contribution of 50% DEME to CFE in 2013) Consolidated net result 293.9 167.3(1) (1) See revised financial statements 2012 (note 2 in the consolidated annual accounts) WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 9 General comments on quisition of half its stake in CFE (3,066,440 in its portfolio, mainly to strengthen their the figures shares). In addition, AvH paid out a dividend capital: Hertel (37.5 million euros), Anima in June 2013 of 1.67 euros per share, result- Care (10.5 million euros), Atenor (0.9 million • The equity of AvH (group share) increased ing in a decrease in equity by 55.3 million euros), and LRE (0.5 million euros). Further- to 2,251.5 million euros on 31 December euros. Besides cash and short-term deposits, more, the stakes in Corelio, Sipef and Sagar 2013, which corresponds to 67.22 euros per the cash position consisted of 44.8 million Cements were slightly increased. share. As at 31/12/2012, the equity stood euros in short-term investments (including at 2,003.3 million euros or 59.80 euros per treasury shares) and 38.9 million euros in • AvH further streamlined its portfolio, share. short-term debt in the form of commercial primarily with the sale of its interest in paper. Spano group (72.92% through Sofinim). • AvH had a net cash position of -3.1 mil- The total divestments amounted to lion euros at the end of 2013, compared to • In addition to the acquisition referred to earli- 135.3 million euros over the whole 87.9 million euros at the end of 2012. This er of the 60.4% stake in CFE, for which 138.0 financial year. decrease is primarily due to the payment million euros was paid in cash, AvH made to Vinci of 138.0 million euros for the ac- additional investments in several companies Net equity Net result Gross dividend (part of the group - (incl. remeasurement income of before allocation of profit) € 109.4 mio) 2,251.5 293.9 56.9 (million euros) (million euros) (million euros) 67.22 8.87 1.70 (euros per share) (euros per share) (euros per share) Information by segment Pro forma personnel (based on consolidated results 2013 and incl. acquisition of control of CFE and DEME, pro forma: all (exclusive) control interests incorporated in full, the other interests proportionally) 6,640 Pro forma turnover (€ mio) 1,048 1,101 1,742 5,831 155 € 5,669 301 7,445 3,678 mio 434 Marine Engineering & Infrastructure Private Banking Real Estate, Leisure & Senior Care Energy & Resources Development Capital 22,706 WorldReginfo - b07086c9-5be1-441d-9056-b7a19291cee8 10 Annual report 2013 KEY EVENTS 2013 January February • DEME issues a retail bond of 200 million euros (6 years), which closed early.
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