Annual report 2017 WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a Annual report 2017 WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a 4 Partners for sustainable growth Pursuant to the Royal Decree of November 14, 2007 on the obligations of issuers of financial In accordance with Article 12, §2, 3° of the Royal Decree of November 14, 2007, the members of the instruments admitted to trading on a Belgian regulated market, Ackermans & van Haaren is required executive committee (i.e. Jan Suykens, Tom Bamelis, John-Eric Bertrand, Piet Bevernage, André-Xavier to publish its annual financial report. This report contains: Cooreman, Piet Dejonghe and Koen Janssen) declare that, to their knowledge: • the combined statutory and consolidated annual report of the board of directors prepared in a) the annual accounts contained in this report, which have been prepared in accordance with the accordance with Article 119, last paragraph of the Companies Code, applicable standards for annual accounts, give a true view of the assets, financial situation and the • a condensed version of the statutory annual accounts prepared in accordance with Article 105 of results of Ackermans & van Haaren and the companies included in the consolidation; the Companies Code, and b) the annual accounts give a true overview of the development and the results of the company and • the full version of the consolidated annual accounts. of the position of Ackermans & van Haaren and the companies included in the consolidation, as The full version of the statutory annual accounts has been deposited with the National Bank of well as a description of the main risks and uncertainties with which they are confronted. Belgium, pursuant to Articles 98 and 100 of the Companies Code, together with the annual report of the board of directors and the audit report. The auditor has approved the statutory and consolidated The annual report, the full versions of the statutory and consolidated annual accounts, as well as the annual accounts without qualification. 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 - [email protected] WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a Annual report 2017 5 Contents Mission statement .........................................................................................................6 Real Estate & Senior Care ..................................................................... 86 2017 at a glance ............................................................................................................8 Key events 2017 ......................................................................................................... 10 Extensa ........................................................................................................................... 88 Leasinvest Real Estate ................................................................................................ 91 Annual report ............................................................................................................... 13 Anima Care ................................................................................................................... 94 HPA .................................................................................................................................. 96 Message from the chairmen ................................................................................... 14 Annual report on the statutory annual accounts ............................................ 18 Annual report on the consolidated annual accounts ..................................... 20 Energy & Resources ...................................................................................... 98 Corporate governance statement ......................................................................... 29 Remuneration report ................................................................................................. 39 SIPEF ..............................................................................................................................100 Statement of non-financial information .............................................................. 42 Sagar Cements ..........................................................................................................103 Corporate social responsibility ............................................................................... 54 Oriental Quarries & Mines .....................................................................................104 Daily management and supervision ..................................................................... 60 NMP ...............................................................................................................................105 Activity report .............................................................................................................. 62 Growth Capital ..............................................................................................106 Marine Engineering & Contracting ............................................ 64 Lexicon ..........................................................................................................................121 DEME .............................................................................................................................. 66 Financial statements ................................................................................................123 CFE ................................................................................................................................... 70 A.A. Van Laere ............................................................................................................. 73 Table of contents ......................................................................................................125 Rent-A-Port ................................................................................................................... 74 Consolidated annual accounts .............................................................................126 Green Offshore ............................................................................................................ 75 Statutory annual accounts .....................................................................................193 General information regarding the company and the capital ..................198 Private Banking ............................................................................................... 76 Key figures 2017 .............................................................................................Appendix Delen Private Bank ..................................................................................................... 78 Bank J.Van Breda & C° ............................................................................................. 82 BDM-Asco ..................................................................................................................... 85 WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a 6 Partners for sustainable growth Mission WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a Annual report 2017 7 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. Long-term perspective • Clear objectives agreed upon with the participations. • Responsibility of the participations for their own financial position. • Strive for annual growth in the results of each participation and of the group as a whole. • Focus on growth companies in an international context. Proactive shareholder • Involvement in selecting senior management and defining long-term strategy. • Permanent dialogue with management. • Monitoring and control of strategic focus, operational and financial disci- pline. • Active support of management for specific operational and strategic projects. Positioning of Ackermans & van Haaren • An independent and diversified group. • Led by an experienced, multidisciplinary management team. • A healthy financial structure to support the growth ambitions of the partic- ipations. Partners for sustainable growth Partners • A partnership right from the start of Ackermans & van Haaren. • Successful track record of partnerships with families, co- shareholders and management teams as the basis for further growth. Sustainable • Development and growth of activities in a sustainable way, with respect for people and society. • Transparent reporting and communication, with an eye for financial balances and discipline. • Focus on recurring results and a long-term steadily increasing dividend. Growth • An entrepreneurial group that seeks to develop its businesses on a recurrent basis through internationalization and innovation. • Focus on operational excellence and the capacity to achieve long- term recurrent and profitable growth. Ackermans & van Haaren - Antwerp WorldReginfo - 164c599e-687c-4f5c-8f0a-785d75b2df1a 8 Partners for sustainable growth 2017 at a glance • Good results reported by AvH’s participations, coupled with capital • ‘Energy & Resources’ nearly doubled its contribution to the group gains, boost AvH’s profit to 302.5 million euros (+35%). profit, driven mostly by SIPEF, which in 2017