FINANCIAL CALENDAR May 20, 2015 Interim statement Q1 2015 May 26, 2015 Ordinary general meeting August 28, 2015 Half-year results 2015 November 20, 2015 Interim statement Q3 2015 February 26, 2016 Annual results 2015 Annual report2014 www.avh.be [email protected] Tel. +32 3 231 87 70 87 231 3 +32 Tel. Belgium - Antwerp 2000 113 Begijnenvest Ackermans & van Haaren NV Haaren van & Ackermans 2014 REPORT L A ANNU FINANCIAL CALENDAR May 20, 2015 Interim statement Q1 2015 May 26, 2015 Ordinary general meeting August 28, 2015 Half-year results 2015 November 20, 2015 Interim statement Q3 2015 February 26, 2016 Annual results 2015 ANNUAL REPORT 2014 4 Annual report 2014 Pursuant to the Royal Decree of November 14, 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 November 14, 2007, the members of the executive committee (i.e. Luc Bertrand, Tom Bamelis, Piet Bevernage, André-Xavier Cooreman, 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] 5 CONTENTS Mission statement ...................................................................................................................................................................................................... 6 2014 at a glance .......................................................................................................................................................................................................... 8 Key events 2014 ........................................................................................................................................................................................................... 10 Annual report 13 Message of the chairmen ................................................................................................................................................................................. 14 Annual report on the statutory annual accounts ............................................................................................................... 18 Annual report on the consolidated annual accounts ................................................................................................... 21 Corporate governance statement .......................................................................................................................................................... 26 Remuneration report .............................................................................................................................................................................................. 35 Corporate social responsibility ................................................................................................................................................................... 38 Daily management and supervision .................................................................................................................................................... 42 30 years stock market listing ........................................................................................................................................................................ 44 Activity report 48 Group structure ............................................................................................................................................................................................................. 49 Marine 50 DEME .......................................................................................................................................................................................................................................... 54 Engineering & CFE ................................................................................................................................................................................................................................................. 58 Infrastructure Algemene Aannemingen Van Laere ................................................................................................................................................... 60 Rent-A-Port ......................................................................................................................................................................................................................... 62 NMP .............................................................................................................................................................................................................................................. 63 Private Banking 64 Delen Investments ...................................................................................................................................................................................................... 68 Bank J.Van Breda & C° ......................................................................................................................................................................................... 72 ASCO-BDM ......................................................................................................................................................................................................................... 75 Real Estate, 76 Extensa ...................................................................................................................................................................................................................................... 80 Leisure & Senior Care Leasinvest Real Estate ............................................................................................................................................................................................ 83 Groupe Financière Duval ................................................................................................................................................................................... 86 Anima Care ......................................................................................................................................................................................................................... 88 Energy & Resources 90 Sipef ............................................................................................................................................................................................................................................. 94 Sagar Cements ............................................................................................................................................................................................................... 96 Oriental Quarries & Mines ............................................................................................................................................................................... 97 Max Green ........................................................................................................................................................................................................................... 98 Telemond Group .......................................................................................................................................................................................................... 99 Development Capital 100 Financial statements 117 General information regarding the company and the capital ........................................................................... 188 Key figures Appendix 6 Long-term perspective • clear objectives agreed upon with the participations • responsibility of the participations for their own financial position • strive for annual growth