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Ackermans & van Haaren NV
Annual Report • Aug 30, 2024
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Annual Report
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HALF-YEAR RESULTS
Antwerp, August 30, 2024, 7.00 CET
Regulated information within the meaning of the Royal Decree of November 14, 2007.
OUTSTANDING RESULTS IN CORE PARTICIPATIONS RESULT IN A STRONG INCREASE OF ACKERMANS & VAN HAAREN'S H1 NET PROFIT TO € 200 MIO (+17%)
- • Growth by 17% of net profit, driven by excellent performances at DEME, Delen Private Bank and Bank Van Breda.
- • Increase of net result before capital gains by 38%.
- • Guidance for the full year 2024 confirmed.
- • Important cash reserve starting to be deployed.
AvH has started the year strongly and is well on track to grow net profit for the full year beyond 2023. This excellent result reflects an unprecedented contribution of our core segments. Both our private banks capitalize on continuing strong net commercial inflows and their efficient operations. DEME's strong project execution and timely investments in its fleet allows to transform the very strong order backlog in record results.
Our recently announced acquisition of a 33% participation in market leading ship management and marine support services provider V.Group fits with our ambition to put the more than 400 million euros cash position to work in market leaders with sustainable business models. We continue to look actively into other investment opportunities.
We are proud that AvH was recently included in ESG Global 50 Top Rated 2024 list of Sustainalytics, which constitutes a recognition of our ongoing commitment to embed ESG in our strategic thinking.
John-Eric Bertrand co-CEO Piet Dejonghe co-CEO
- In June 2024, the decrease of headline inflation allowed the ECB to lower its basis interest rate cautiously (by 25 bps) for the first time since 2019. It expects the economy to continue to recover and growth in the eurozone is expected to average 0.9%. Against this background of a slowly improving environment, AvH realised a strong result in the first half of 2024. Net profit grew 17% to 200.4 million euros, without any significant contribution from capital gains (in the same period last year: 25.3 million euros on the disposal of Telemond and Ogeda).
- • Marine Engineering & Contracting: High activity levels and a strong operational performance in all DEME's contracting segments resulted in a record net profit of 141.1 million euros for the first half-year and hence in a sharply higher contribution from 'Marine Engineering & Contracting' to the AvH group result. DEME's strategic investments in the world's most advanced fleet supported by top-tier professionals, allowed the company to revise upwards its outlook for the full year 2024 and to confirm excellent prospects for the coming years.
- • Private Banking: Delen Private Bank and Bank Van Breda posted another record result, driven by further growth of its client assets to over 70 billion euros, thanks to the combination of substantial net inflows with attractive returns on assets under management.
- • Real estate: Despite some sales of investment properties in 2023 and in H1 2024, Nextensa's rental income was 1 million euros higher than last year (+5% like-for-like). Due to a more difficult market environment, the development projects contributed 4.4 million euros less to Nextensa's profit than in H1 2023.
- • Energy & Resources: SIPEF benefited from a supportive price level of its (sustainable) palm oil. Although the own estates in Papua New Guinea that have been damaged by the volcanic eruption in November 2023 are recovering well, it caused SIPEF's overall production of crude palm oil (CPO) to decline by 5.7%.
- Compared to the same period last year, the contribution from core segments increased by an impressive 74.6 million euros to 224.2 million euros (+50%).
- • Growth Capital: While the contributions from consolidated participations resisted rather well (a decline of 2.6 million euros compared to H1 2023), this has been overshadowed by 35.2 million euros of negative fair value variations on the non-consolidated portfolio in H1 2024. The main elements to explain this evolution in H1 2024 are: (i) the negative evolution of Biotalys' share price (with a negative impact of 7.9 million euros on AvH's result) and (ii) a negative fair value effect of 24.8 million euros on AvH's investment in Medikabazaar, a B2B online marketplace for medical equipment and supplies in India, following the discovery of financial discrepancies.
- The contribution of AvH & subholdings benefitted from a positive fair value variation of 3.5 million euros on its treasury portfolio and from interests on its net cash position. No capital gains were realised in the first half of 2024, whereas these had contributed 25.3 million euros in H1 2023 (Telemond, Ogeda).
General comments on the figures
Shareholders' equity of AvH (group share) increased from 4,914.0 million euros at year-end 2023 to 5,020.8 million euros as of June 30, 2024. After correction for the 441,111 treasury shares in portfolio on June 30, 2024, this corresponds to 153.46 euros per share. Taking into account the 3.40 euros gross dividend per share that was paid in June 2024, that represents a growth of the equity per share by 4.40% over 6 months.
At the end of June 2024, AvH had a positive net cash position of 437.9 million euros, compared to 517.5 million euros at the end of 2023. This position includes an amount of 65.6 million euros of treasury shares. The remaining 372.2 million euros consist of cash, term deposits and a 40.0 million euros portfolio of listed investments at the level of AvH. At the end of June 2024, AvH & subholdings had no financial debt outstanding.
AvH invested 72.9 million euros net in the further expansion of its portfolio. This amount includes the increase of its participation in the listed portfolio companies Nextensa (9.2 million euros; +1.0%), SIPEF (5.9 million euros; +1.0%) and Camlin Fine Sciences (2.5 million euros, +1.5%), and a total amount of 48.4 million euros in follow-up investments in several Growth Capital participations. The remainder of the investments mainly concerns shareholder loans.
Divestments in the first half of 2024 generated cash for a total amount of 7.9 million euros, including the 6.1 million euros earn-out on Ogeda, that was already recognized in 2023.
AvH and the Christian Leysen family decided jointly to streamline their shareholding in Agidens and Axe Investments. Until recently, AvH Growth Capital's combined shareholding of 84.98% in Agidens included a direct participation as well as an indirect participation via Axe Investments. AvH increased its direct shareholding in Agidens to 84.98%, acquired a direct participation of 19% in the IT-Solutions group Xylos and fully transferred its participation in Axe Investments (previously 48.34%) to the group of Christian Leysen's family.
Treasury shares
The share buyback programme announced in October 2022 for up to 70.0 million euros, had resulted in the purchase of 488,414 treasury shares). The board of directors decided to cancel 339,154 treasury shares (1.01%), which was notarized on April 5, 2024. The company's share capital is since then represented by 33,157,750 shares.
On June 30, 2024, AvH held 413,349 treasury shares to cover outstanding stock options obligations.
In execution of the liquidity agreement with Kepler Cheuvreux, 429,654 treasury shares were purchased and 433,005 were sold in the first half of 2024, resulting in a position of 27,762 treasury shares at the end of June 2024.
The total number of treasury shares was 441,111 (1.33% of the shares issued) at the end of June 2024 (791,366 at year-end 2023).
FY2024 Outlook reconfirmed
AvH has recorded a strong first half 2024 and confirms the forecast: barring unforeseen circumstances, the profit for the full year 2024 should outperform the 399.2 million euros of the year 2023.
Events after balance sheet date
V.Group. Closing of the transaction related to AvH's agreement with European investment fund manager STAR Capital to acquire V.Group from Advent International, is expected to take place in September 2024. The transaction is subject to regulatory approvals. Upon closing, AvH will acquire 33.3% of V.Group for an investment of c. 150 million US dollars. V.Group, headquartered in London, is a market-leading ship management and marine support service provider to ship owners and operators around the globe. V.Group realized a turnover of 682.0 million US dollar and an operating cash flow (EBITDA) of 85.5 million US dollar in 2023.
On July 16, 2024, Delen Private Bank announced that it had reached an agreement with the shareholders of Dierickx Leys Private Bank whereby Delen Private Bank would acquire 100% of the shares of Dierickx Leys Private Bank. The transaction will be financed by Delen Private Bank entirely with own resources and is expected to be finalised in the course of 2025, after the customary regulatory approval. Dierickx Leys Private Bank has 3 billion euros in client assets under management, benefits from a solid balance sheet and has 73 employees, spread across 5 branches: Antwerp, Mortsel, Ghent, Kortrijk and Leuven.
On July 26, 2024, Ackermans & van Haaren announced the successful closing of a 60 million euros Series B financing round for Confo Therapeutics, for which it acted as lead investor and included the participation from additional new investor, Driehaus Capital Management as well as existing investors. AvH, through its wholly owned subsidiary AvH Growth Capital, commits a total amount of 15 million euros (in two instalments), leading to an initial shareholding of 6.2%. Confo Therapeutics is a company with investigational medicines in the clinical study phase, and is leader in the discovery of medicines targeting G-protein coupled receptors (GPCRs). Headquartered in Ghent (Belgium), it will use the proceeds to advance two wholly owned programs through Phase 1 and two additional programs to IND approval, including molecules targeting GPR75 for an obesity-related receptor. Confo Therapeutics will expand its portfolio of GPCR-targeting small molecules and therapeutic antibodies, which includes an emphasis on agonistic antibodies. This investment presents a strong addition to the growing Life Science portfolio of AvH.
A binding sales agreement was signed early August for the 'Stairs' office project at Cloche d'Or in Luxembourg, for a price of 107.5 million euros. This sale by Nextensa and its local partner Promobe will be completed after the delivery of the building, which is expected in the second quarter of 2026.
Key figures - consolidated balance sheet
| (€ million) | 30.06.2024 | 31.12.2023 | 31.12.2022 |
|---|---|---|---|
| Net equity, part of the group |
5,020.8 | 4,914.0 | 4,633.6 |
| per share(1) (€) | 153.46 | 150.25 | 139.96 |
| Net cash position | 437.9 | 517.5 | 498.7 |
Key figures per share
| 30.06.2024 | 30.06.2023 | 30.06.2022 | |||
|---|---|---|---|---|---|
| Number of shares | |||||
| Number of shares | 33,157,750 | 33,496,904 | 33,496,904 | ||
| Key figures per share (€) |
|||||
| Net result(1) | |||||
| Basic | 6.13 | 5.16 | 8.40 | ||
| Diluted | 6.12 | 5.16 | 8.39 | ||
| Net equity(1) | 153.46 | 143.86 | 126.99 | ||
| Evolution of the share price (€) |
|||||
| Highest (May 15, 2024) |
171.1 | 165.5 | 178.2 | ||
| Lowest (January 19, 2024) |
153.2 | 146.8 | 140.9 | ||
| Closing price (June 28, 2024) |
161.5 | 150.8 | 142.5 | ||
(1) After correction for treasury shares
SUSTAINABILITY (ESG) Environment, Social, Governance
Ackermans & van Haaren positions itself as the long-term partner of choice for family businesses and management teams. Its goal is to promote the development of high-performing market leaders who operate with sustainable business models. AvH firmly believes that enduring market leadership goes hand in hand with respect for social and environmental aspects.
ESG activities at AvH in the first half of 2024
Thanks to its structured approach focusing on relevant ESG topics, AvH was included in Sustainalytics' ESG Global 50 Top Rated 2024 list, being one of the 50 best companies assessed worldwide. This external recognition reflects AvH's ongoing commitment to embed ESG in its strategic thinking, taking advantage of the many new legislative initiatives such as the Corporate Sustainability Reporting Directive (CSRD).
Starting from financial year 2024, AvH is required to comply with the CSRD requirements, which include integrating the European Sustainability Reporting Standards (ESRS) into AvH's sustainability disclosures. Significant efforts were made at both AvH and group company levels to ensure compliance with these new reporting standards. To develop robust frameworks, AvH conducts double materiality assessments, enhances data collection processes, organizes workshops, and runs pilot projects. However, AvH will only gradually be able to report all data required by CSRD.
Four topics with potential material impact at the group level have been identified, for which we will report our policies, targets, KPIs, and progress in accordance with the CSRD format. First, as a responsible shareholder, AvH could be part of the solution in a significant way for many societal challenges by promoting long-term sustainable business models. Secondly, climate change may significantly impact AvH's future results. Reducing greenhouse gas (GHG) emissions, both in intensity and in absolute terms, has been and remains a key focus of AvH's policies. AvH has the ambition to implement carbon reduction action plans for more than 80% of its assets under management by 2025. Thirdly, for energy transition, AvH and its group companies aim to take a leading role in offering innovative renewable energy solutions, thus contributing substantially to the fight against global warming. Finally, talent management is and remains essential to attract and retain talent with the right skills and mindsets. AvH is dedicated to building strong, agile teams capable of navigating today's and tomorrow's challenges.
AvH is on track to achieve its 2024 action plan, which focuses on appropriate ESG policies, ecological footprint, talent development, integrity, proper double materiality assessments, and establishing processes to capture accurate data. Furthermore, AvH is assessing its scope 3 emissions and developing processes to conduct climate risk assessments. AvH remains committed to continuous improvement and to making a meaningful impact on its journey towards sustainability and resilience.
Selection of ESG-activities at the portfolio companies in the first half of 2024
DEME advanced its strategy to promote the transition to clean energy worldwide during the first semester by contributing to the realisation of more offshore wind farm projects in Europe, in Asia and in the US. In its Infra-activity, DEME is involved in the construction of the Fehmarnbelt Fixed Link project between Denmark and Germany. The tunnel will foster environmentally sustainable trade and tourism by reducing travel time and facilitating greener transport by the use of electric freight trains. Dredging & Infra is also working on the Princess Elisabeth Island in Belgium, the world's first artificial energy island and offshore energy hub and a key link in Europe's future North Sea energy grid. Finally, DEME remains actively engaged in renewable energy initiatives, including the production and storage of green hydrogen. The Group has further expanded its footprint in this sector by signing a new cooperation contract to establish a green hydrogen production plant in Gargoub, Egypt. For the ongoing green hydrogen project in Oman, HYPORT Energy Duqm, a strategic cooperation with bp was announced in July. The company has also set an ambitious target regarding its energy efficiency within its operations. To achieve this, DEME is focusing on three strategic pillars: operational efficiency, technical efficiency, and a shift to more sustainable fuels. The 'Yellowstone', the world's largest fallpipe vessel, which celebrated its naming ceremony in June 2024, embodies this forward-thinking approach as it adheres to all three pillars and fully
DEME > Construction work for offshore wind farms
Bank Van Breda SIPEF
complies with the latest emission standards. The vessel is a dual-fuel fallpipe vessel, ready for (green) methanol and is equipped with a hybrid power plant with a Li-ion battery, and a waste heat recovery system to further optimize energy efficiency.
CFE recently launched Pulse, a one-stop-shop for Belgian and international investors to revitalize their property portfolio, focusing on energy efficiency, reducing CO2 emissions and enhanced comfort for residents. The first Pulse project, in collaboration with Ethias, will involve an 8,500 m² property in Brussels.
Bank Van Breda was awarded the title of 'best workplace in Belgium' in March 2024. Bank Van Breda participated in the "Great Place to Work" survey, conducted biannually in collaboration with Vlerick Business School. This year, Bank Van Breda proudly secured the top position among large companies with over 500 employees. In the survey, 98% of their employees reported that they consider Bank Van Breda to be an excellent place to work. Additionally, their Trust Index for 2024 is an impressive 94%. Furthermore, the bank also received the special award for 'sustainable recognition' for its engagement in creating a culture of acknowledgement and appreciation.
SIPEF achieved a score of 65.9% in the 2023 edition of the Forest 500 assessment, securing the 4th position out of 350 companies. Released in February 2024, this result represents an improvement of 10% compared to SIPEF's 2022 performance. Forest 500 evaluates and ranks the most influential companies and financial institutions in the supply chains of forest-risk commodities.
Biolectric was highly recommended in the 'Small Biogas Installations' category at the annual World Biogas Expo in Birmingham. The jury praised the professionalization of Biolectric, specifically highlighting the robustness and reliability of its products. Continuous improvements in the biogas industry and Biolectric's innovative approach were cited as key reasons for awarding the prize. One of the most notable features of Biolectric's technology is the level of automation that significantly simplifies farming life.
Biotalys initiated field trials for BioFun-6 in May 2024. This is the company's second biofungicide program, targeting botrytis, powdery mildew, and anthracnose in high-value fruits and vegetables. Meanwhile, their first product candidate, EVOCA™, is advancing through the regulatory process, and its commercial version, EVOCA NG, is now entering the final development stage. Through these efforts, Biotalys is committed to supporting growers in their transition towards more sustainable agricultural practices. Recently, Biotalys was granted the 2024 AgTech Breakthrough Award for Sustainable Crop Protection Company of the Year.
Sagar Cements recognises the important role that the cement industry must play in the transition to a low-carbon and circular world. With its 'ESG Vision 2030', Sagar aims for sustainable excellence through climate action, circularity, and natural resource management, with a goal of achieving net-zero CO2 emissions by 2050, while offering its customers sustainable construction solutions.
MARINE ENGINEERING & CONTRACTING
| Contribution to the AvH consolidated net result | |
|---|---|
| ------------------------------------------------- | -- |
| (€ million) | 1H24 | 1H23 | 1H22 | |||
|---|---|---|---|---|---|---|
| DEME | 86.4 | 17.5 | 23.2 | |||
| CFE(1) | 1.7 | 5.3 | 5.4 | |||
| Deep C Holding | -1.7 | 1.3 | 0.9 | |||
| Green Offshore | 3.9 | 8.6 | 1.3 | |||
| Total | 90.4 | 32.8 | 30.8 |
(1) Excluding Deep C Holding, Green Offshore contribution
DEME
DEME Group ('DEME', AvH 62.12%) delivered a strong performance in all segments for the first half of 2024 with an impressive growth of turnover, a stable and solid backlog and a steep year-over-year increase of EBITDA, EBIT and net profit.
Even with the record turnover in the first half of 2024, DEME was able to maintain the order backlog at 7.6 billion euros, matching the peak levels of the last four quarters. Year-over-year increases in the orderbook for the Offshore Energy and Environmental segments offset the decrease in the Dredging & Infra segment. Noteworthy additions during the first half of the year include a major subsea cabling contract for the Princess Elisabeth Island zone in Belgium and a cable installation contract from Prysmian for the Ijmuiden Ver Alpha and Nederwiek 1 offshore grid system in the Netherlands, along with a variety of mid-sized and smaller new projects.
Turnover grew 30% year-over-year, fuelled by strong double-digit growth in all contracting segments. Each segment sustained its performance seen in the second half of last year, reflecting high activity levels and effective project execution.
Profitability increased significantly, reflecting continued effective project execution across all contracting segments. DEME generated an EBITDA of 345 million euros, a 55% increase compared to the first half of 2023. The EBITDA margin was 18.0%, up from 15.0% for the first half of 2023, mainly due to strong gains at the Offshore Energy and Dredging & Infra segments. As a result of the increase in EBITDA, EBIT grew from 57 million euros for the first half in 2023, or 3.9% of turnover, to 150 million euros for the first half in 2024, equivalent to 7.8% in turnover. The net profit for the Group was 141 million euro, up from 30 million euros for the first half of 2023, mainly driven by the strong operational profit, supported by favourable financial results.
In line with the capital expenditure budgeted for the year, investments for the first half amounted to 167 million euros compared to 216 million euros a year ago. Capital expenditure was mainly allocated to the expansion of DEME's fleet, mainly in its Offshore Energy segment, and to capitalised maintenance investments.
DEME
| (€ million) | 1H24 | 1H23 1H22 |
|||
|---|---|---|---|---|---|
| Turnover | 1,916.4 | 1,475.4 | 1,291.7 | ||
| EBITDA | 344.9 | 221.9 | 191.3 | ||
| Net result | 141.1 | 30.2 | 39.5 | ||
| Equity | 1,996.1 | 1,805.6 | 1,639.9 | ||
| Net financial position | -351.8 | -715.2 | -573.7 | ||
DEME > Baptism of the Yellowstone vessel in Zeebrugge, by HRH Princess Astrid. DEME > Zhong Neng
Free cash flow for the first half of the year was 278 million euros, compared to a negative 178 million euros in the same period last year. This 456 million euros improvement is the result of the significant increase in DEME's profitability, lower investment levels and a stable level of operating working capital. Net financial debt amounted to 352 million euros, roughly half of the 715 million euro level a year ago. As a result, the net financial debt over EBITDA ratio improved to 0.5, compared to 1.4 a year ago.
Offshore Energy
Offshore Energy maintained a high orderbook while revenue grew 37% year-over-year, driven by continued solid demand, expanded fleet capacity and robust project execution.
In the UK, Offshore Energy successfully completed the foundation works for the Moray West offshore wind farm and finalised inter-array cabling works for both the Dogger Bank A and the Nearth Na Gaoithe projects. In France, DEME concluded the wind turbine installation for the Fécamp offshore wind farm and kicked off projects for Île d'Yeu and Noirmoutier, and Dieppe-Le Tréport. In Taiwan, DEME's JV completed the installation of jacket foundations for the Zhong Neng project, followed by the launch of the Hai Long project with 'Green Jade'. In the US, Offshore Energy started the multi-year Coastal Virginia Offshore Wind project for Dominion Energy and continued work for the Vineyard project. In the non-renewables, Offshore Energy completed preparation works for the Rosemari project in Malaysia and is deploying specialised dredging capabilities for the Darwin pipeline duplication project in Australia.
Vessel occupancy for the segment remained robust at 23.6 weeks for the first semester, driven by continued high utilisation. The Offshore Energy segment posted an EBITDA margin of 18.3% compared to 12.0% a year ago.
DEME welcomed 'Yellowstone' to its fleet as the world's largest fallpipe vessel. Additional vessel enhancements included installing the second turntable on 'Viking Neptun' which will install inter-array cables for the Dogger Bank B project in the UK throughout the remainder of the year. The orderbook for Offshore Energy stood at 4,003 million euros, up from 3,755 million euros at the end of last year.
Dredging & Infra
Dredging & Infra reported a turnover of almost one billion euros, 39% higher than a year ago.
| Turnover | EBITDA | |||||
|---|---|---|---|---|---|---|
| (€ million) | 1H24 | 1H23 | 1H22 | 1H24 | 1H23 | 1H22 |
| Offshore Energy | 898.3 | 657.8 | 471.5 | 164.4 | 79.1 | 100.3 |
| Dredging & Infra | 991.9 | 716.2 | 746.5 | 189.2 | 102.1 | 94.6 |
| Environmental | 175.4 | 143.3 | 90.7 | 23.4 | 32.5 | 12.2 |
| Concessions | 1.9 | 2.6 | 0.2 | -8.2 | -6.8 | -6.9 |
| Reconciliation | -151.2 | -44.5 | -17.2 | -24.0 | 15.0 | -8.9 |
| Total | 1,916.4 | 1,475.4 | 1,291.7 | 344.9 | 221.9 | 191.3 |
DEME: Breakdown by segment
In Germany, DEME is working on widening the Kiel Canal. In the UK, a new contract was secured to maintain the access channel to London Gateway Port along the River Thames. In Italy, DEME is executing or preparing works in Ravenna, Augusta (Sicily), Livorno, Naples and Cagliari (Sardinia). In France, Dredging & Infra completed rock dredging works at La Pallice, La Rochelle, and continued deepening and construction works at Port-La Nouvelle. In the Netherlands, the Rijnlandroute was officially opened in July, while the New Lock Terneuzen and the Blankenburg Connection projects are nearing completion. In Belgium, good progress was made in constructing tunnel elements as part of the Oosterweel Connection project in Antwerp. For the Belgian Princess Elisabeth Island zone, the first caissons are being built and the first marine works have started. In Denmark, the Fehmarnbelt tunnel project is progressing. Overseas, DEME made notable progress strengthening its presence in Asia Pacific with various projects in India, Malaysia, Taiwan, the Maldives and Australia. In West Africa, DEME is initiating a coastal protection project in Ivory Coast, and has projects in execution in Angola, Congo, Gabon, Guinea and Nigeria. In the Middle East, DEME continued capital dredging and land reclamation works for the extension of the port of Abu Qir in Egypt. In Abu Dhabi multiple dredgers remained in operation. Also for the multi-year project for the port of Oxagon in Saudi Arabia, works are advancing well.
Vessel occupancy for the first half of the year increased compared to the first and the second half of last year, driven by recent contract wins and strong backlog. The EBITDA margin in the Dredging & Infra segment increased to 19% for the first half 2024 from 14% for the first half of 2023, mainly driven by higher activity levels and strong project execution.
The orderbook amounted to 3,290 million euros, a decrease of 4% compared to a year ago, but remained at robust levels, with diverse new projects nearly matching the conversion of the order book into turnover.
Environmental
DEME Environmental increased its orderbook to almost 330 million euros from 326 million euros a year ago and turnover grew 22% compared to last year. Orderbook at the end of last year stood at 355 million euros.
Topline growth was fuelled by ongoing work on long term and complex remediation and high-water protection projects in Belgium, the Netherlands, UK and Norway. In Belgium the main ongoing projects are Blue Gate and Oosterweel in the Antwerp region, Feluy and Cokerie du Brabant. DEME Environmental signed a new longterm contract for the reconversion of a former ArcelorMittal site near Liège. In the Netherlands, the main projects are GoWA, Ijburg and the recently initiated project Marken.
EBITDA for the first half of 2024 was 23.4 million euros, with an EBITDA margin of 13.4%, down from 22.6% a year ago. The EBITDA result in 2023 included a non-recurring settlement on a completed project in the Netherlands.
Concessions
The equity accounted for participations of DEME Concessions delivered a net result of 11 million euros compared to 18 million euros a year ago. While the first half of 2024 saw relatively high wind production, the first half of 2023 benefited from a combination of high wind production, with higher electricity prices and new legislation in Belgium. In the offshore wind domain, DEME Concessions also continues working on the Scotwind concession project and is preparing for upcoming tenders in Belgium. For dredging & infrastructure, DEME Concessions maintained its focus on projects both in portfolio and under construction including Blankenburg in the Netherlands, Port-La Nouvelle in France and port of Duqm in Oman and continued working on the preliminarily awarded project for the new deepwater terminal for the port of Swinoujscie in Poland. With respect to the long-term growth initiatives, DEME's Global Sea Mineral Resources (GSR) remains actively engaged in monitoring the legislative progress at the International Seabed Authority. DEME's HYPORT Energy continues to position itself to be amongst the first in the world to produce green molecules from renewable energy. During the first half of 2024, the HYPORT Duqm project in Oman has embarked on a certification pilot project in accordance with EU regulation. In July, DEME and OQ, Oman's leading integrated energy group, announced a strategic partnership with bp, one of the world's leading international energy companies. In this partnership bp becomes an equity partner and operator of the HYPORT Duqm project, acquiring a 49% stake while OQ and DEME each retain a 25.5% share. Furthermore, HYPORT Energy announced a new cooperation agreement with the Egyptian government to establish an industrial-scale green hydrogen project in and near the port of Gargoub.
Governance
Effective May 2024, Mr. Stijn Gaytant succeeded Ms. Els Verbraecken as the new CFO of DEME Group NV and became a member of the Executive Committee. Mr. Stijn Gaytant has more than two decades of experience at DEME.
ESG
DEME Group maintained its 'A' score from MSCI and achieved a Sustainalytics score of 30.6 - an improvement compared to 31.8 in 2023. The Ecovadis assessment in 2024 led to a silver score for both the Environmental and Offshore Energy activities.
Outlook
Based on the strong results in the first half, management has raised its turnover outlook for the full year and now anticipates revenue growth of around 20% and an EBITDA margin comparable to 2023. Capital expenditure estimates for the year remain unchanged, between 300 and 350 million euros. For the next few years, management expects the topline to be in line with 2024, taking into account the current project schedules in the backlog and pipeline for new projects along with vessel capacity, with the EBITDA margin to range between 16 and 20%.
CFE > WoodHub, Brussels CFE > WoodHub, Brussels
CFE
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| Turnover | 600.7 | 641.7 | 586.2 |
| EBITDA(1) | 21.7 | 20.0 | 27.8 |
| Net result | 4.2 | 12.5 | 13.5 |
| Equity | 230.2 | 235.5 | 196.9 |
| Net financial position | -139.5 | -90.5 | -58.9 |
(1) Excluding joint ventures
CFE
In the first half of 2024, CFE (AvH 62.12%) generated a turnover of 600.7 million euros. The 6.4% decrease (year-over-year) relates to the residential and office markets that are still affected by the rise in interest rates in 2022-2023. EBITDA for the first half of 2024 was up 8.4% year-over-year, driven by the contribution of the Construction & Renovation segment. The operating profit amounts to 4.6 million euros, down 73.1% on the first half of 2023 as the significantly improved contributions from the Construction & Renovation and Multitechnics segments were offset by lower results from the Real Estate Development and Investment & Holding segments. The net result amounted to 4.2 million euros. Thanks to several commercial successes, the order book increased by 11.2% since year-end 2023 to reach 1.41 billion euros.
In Real Estate Development, the total real estate portfolio increased by 8% since year-end 2023 to 280 million euros on June 30, 2024. As BPI did not acquire any new projects in the first half of this year, this results from the higher level of projects under construction.
In the first half of 2024, BPI delivered apartments and houses on projects, both in Belgium (176) and in Luxembourg (76), and many have already been sold. The number of residential units under construction remains high in both countries. In Poland, the delivery of 567 residential units started in July 2024 and will continue until the end of the fiscal year. In addition, 512 residential units are under construction in Poland and will be delivered in 2025. BPI and its partner have signed an agreement for the sale of the future head office building of the Belgian National Lottery, for which the notarial deed will be passed later in 2024.
In the absence of any major transactions, net profit for Real Estate Development remained limited to 0.3 million euros in the first half of 2024. In the second half, the result will be positively impacted by
CFE: Breakdown by division
| Turnover | Net result(1) | |||||
|---|---|---|---|---|---|---|
| (€ million) | 1H24 | 1H23 | 1H22 | 1H24 | 1H23 | 1H22 |
| Real Estate Development | 29.3 | 73.1 | 31.1 | 0.3 | 6.7 | 3.7 |
| Multitechnics | 157.8 | 171.2 | 172.2 | -0.5 | -2.4 | 1.9 |
| Construction & Renovation | 442.2 | 455.1 | 397.4 | 8.4 | -0.2 | 3.5 |
| Investments & Holding (incl. eliminations) | -28.6 | -57.7 | -14.5 | -4.0 | 8.4 | 4.4 |
| Total | 600.7 | 641.7 | 586.2 | 4.2 | 12.5 | 13.5 |
(1) Including contribution from Deep C Holding and Green Offshore
the aforementioned transaction with the National Lottery and the delivery of residential units in Poland.
Multitechnics realised a turnover of 157.8 million euros (-8% yearover-year). At VMA, the lower turnover is mainly related to a lower activity level for Building Electro and HVAC, whereas Maintenance and Industrial Automation reported higher revenue. While the turnover of MOBIX's Rail business unit remained relatively stable, unfavourable weather conditions and the completion of a major project impacted the other business units.
The operating result for the first half of 2024 increased to 1.6 million euros, based on the good performance in most business units. However, this could not fully offset the impact of the ZIN project, which continues to weigh on VMA's results. Financial negotiations with the customer are on-going.
The Multitechnics order book was up 19% from year-end 2023 and stood at 316.2 million euros at the end of June 2024 thanks to a number of significant new contracts.
Construction & Renovation posted a turnover of 442.2 million euros for the first half of 2024, slightly lower (-3%) than for the first half of 2023 and mainly supported by on-going work for two large projects in Brussels. Business was also strong in Flanders and Poland, but decreased in Wallonia and Luxembourg.
The operating result of Construction & Renovation amounted to 6.8 million euros, and the net result to 8.4 million euros. Both improved significantly compared to the same period last year.
The order book of Construction & Renovation stood at 1.1 billion euros, an increase by 10% compared to year-end 2023 and close to the level on 30 June 2023. While new orders in Belgium tripled yearover-year, order intake in Luxembourg and Poland remained modest.
In Investments & Holding, CFE has a 50% stake in Green Offshore and Deep C Holding. Together with the 50% stake that AvH holds directly, this leads to AvH's economic shareholding percentage of 81.06% in Green Offshore and Deep C Holding. The performance of both these companies in the first half of 2024 is commented in the following paragraphs.
CFE's net financial debt amounted to 139.5 million euros, compared to 90.5 million euros at the end of June 2023, which is due to the increase in outstanding property loans.
Outlook. The medium- and long-term outlook for CFE remains positive, thanks to its positioning in the growth markets of renovation, energy transition projects and industrial automation. In the shortterm however, the real estate market continue to be discrupted in Belgium and Luxembourg, both in the residential and office sectors. In this context, CFE expects for the full year 2024 a moderate decrease in turnover but a net profit close to that of 2023.
Deep C Holding
In the first half of 2024, land handover in the industrial zones under development bij Deep C Holding (AvH 81.06%) remained limited to 15.1 hectares, Based on its commercial pipeline, Deep C Holding management is confident that it will realise strong volumes in the second half of 2024.
Despite global economic uncertainties due to geopolitical tensions, Deep C Holding secured already several new investment projects for its industrial zones in Haiphong and Quang Ninh II, Vietnam. As a result, Deep C's client portfolio continues to expand, attracting a diverse mix of more than 170 investors so far. For 2024, the company foresees 28 new projects, close to 150 hectares of land sales and aims to attract 1.5 billion US dollar of investment capital. This includes a project of electronics manufacturer Foxconn which represents a significant investment of 287 million US dollars, focusing on the high-volume production of smart home systems.
Green Offshore
At Green Offshore (AvH 81.06%), the Belgian offshore wind farms Rentel (309 MW) and SeaMade (487 MW) benefited from strong wind conditions in the first six months of 2024, leading to a combined net production of 1,487.8 GWh of green electricity.
Production could even have been higher without production curtailments caused by damage to the export cable and during full-load conditions, for which the company received compensation for missed revenues.
Unlike in the first half of 2023, the price of electricity remained well below the guaranteed price.
Beside Green Offshore, DEME also holds participations in Belgian offshore wind farms, more specifically in Rentel, SeaMade and C-Power. Combined through DEME and Deep C Holding, AvH's beneficial interest amounts to a production capacity of 155 MW offshore wind energy generated in Belgium.
PRIVATE BANKING
Contribution to the AvH consolidated net result
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| FinAx | 0.4 | 0.3 | 0.0 |
| Delen Private Bank | 82.9 | 65.5 | 61.3 |
| Bank Van Breda | 32.8 | 29.0 | 22.5 |
| Total | 116.2 | 94.8 | 83.8 |
Continuation of growth trajectory
Both Delen Private Bank (AvH 78.75%) and Bank Van Breda (AvH 78.75%) were able to extend their remarkable growth trajectory despite continuing economic and geopolitical uncertainties, but supported by favourable financial market and interest rate environments. Together with continued net inflows, the combined net profit increased by 23% to a record 147 million euros over the first half of 2024.
Over 70 billion euros of combined total client assets
Fuelled by a steadily growing net inflow and a positive market effect, the total client assets of Delen Private Bank and Bank Van Breda increased by 8.8% since year-end 2023 to reach a level above 70 billion euros for the first time. The new record level of 71.0 billion euros compares to 69.0 billion euros at March 31, 2024 and 65,3 billion euros at December 31, 2023.
At Delen Private Bank, the consolidated assets under management (Delen Private Bank, JM Finn) reached 60.4 billion euros at the end of June 2024, compared to 54.8 billion euros at year-end 2023. The record-breaking amount of 60.4 billion euros comprises 47.4 billion euros at Delen Continental (Belgium, Luxembourg, the Netherlands, Switzerland) and 13.0 billion euros at JM Finn (United Kingdom).
This increase was mainly driven by record inflows in Belgium and the Netherlands. In addition, positive financial markets further contributed to the bank's organic growth. The qualitative growth in assets under management was supported by all regions. 91% of all assets under management are under discretionary mandates. Within Delen Continental, the share of discretionary management equalled 93%. The weighted average performance of the patrimonial funds of Delen Private Bank reached a healthy 8.6%.
At Bank Van Breda, total client assets increased 8% over the first half of 2024 to 25.8 billion euros, compared to 25.0 billion euros at the end of March 2024 and 23.9 billion euros at December 31, 2023. Clients continued to entrust Bank Van Breda with continued net inflows leading to a total amount of 18.2 billion euros off-balance sheet products, the highest level ever achieved. Client deposits and the loan portfolio remained stable at resp. 7.6 billion and 6.3
Total client assets
| (€ million) | 1H24 | 2023 2022 |
|
|---|---|---|---|
| Total client assets | |||
| Delen Private Bank (AuM) |
60,418 | 54,759 | 48,010 |
| of which discretionary | 91% | 90% | 89% |
| Delen Private Bank | 47,428 | 42,547 | 36,419 |
| Delen Private Bank (1) Netherlands |
1,693 | 1,461 | 1,022 |
| JM Finn | 12,990 | 12,212 | 11,591 |
| Bank Van Breda | |||
| Off-balance sheet products |
18,159 | 16,363 | 14,095 |
| Client deposits | 7,591 | 7,491 | 6,553 |
| AuM at Delen(1) | -15,183 | -13,354 | -10,943 |
| Delen and Van Breda Combined (100%) |
70,986 | 65,260 | 57,715 |
| Gross inflow AuM | 3,353 | 4,666 | 4,557 |
(1) Delen Private Bank Already included in AuM Delen Private Bank
With 15.2 billion euros from clients of Bank Van Breda under management at Delen Continental (i.e. 32% of the total), this is again a good illustration of the great synergy between both banks.
Cost-efficiency
The combined gross operating income increased by 16% to 420 million euros, of which 76% remains fee related. For the group as a whole, the income on assets under management remains high at 1.03%. The gross operating income of Delen Private Bank (incl. JM Finn) increased by 17% to 323 million euros primarily thanks to a higher average amount of assets under management over the period. At Bank Van Breda, the gross operating income increased with 13% to 134 million euros. The interest income grew by 7% based on increasing market interest rates, while fee income was up 14%.
Notwithstanding continued investments in staff, commercial activities and IT, the combined cost-income ratio improved further to 48,3% normalised for the spread of the bank levies over the full year, compared to 50.7% at the end of June 2023. The cost-income ratio of Delen Continental remains exceptionally strong at 39.7% (with JM Finn included: 47.9%). Also at Bank van Breda, the cost-income ratio, normalised for the spread of the bank levies, improved further to 48,5%, compared to 49.4% at the end of June 2023. At Bank Van Breda, the credit risk costs slightly increased but remained very low at 2.7 million euros, or 9 bps on the average loan portfolio.
The combined net profit increased by 22,5% to 147 million euros, of which 99.4 million euros contributed by Delen Private Bank, 6.0 million euros by JM Finn, and 41.7 million euros by Bank Van Breda.
billion at the end of the first half of 2024. Delen Private Bank and Bank Van Breda combined (100%)
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| Profitability | |||
| Operating income (gross) | 420 | 361 | 321 |
| Net profit | 147 | 120 | 106 |
| Gross fee and commissi on income as % of gross operating income |
76% | 77% | 86% |
| Gross fee and commission income as % of total AuM |
1.03% | 1.05% | 0.99% |
| Cost-income ratio | 48% | 51% | 53% |
| Balance sheet | |||
| Total equity (incl. minority interests) |
2,060 | 1,857 | 1,740 |
| Total assets | 11,668 | 10,872 | 10,237 |
| Customer deposits | 7,591 | 7,264 | 6,598 |
| Customer loans | 6,882 | 7,100 | 6,766 |
| Cost of risk(1) | 0.04% | 0.01% | 0.01% |
| Key ratios | |||
| Return on equity | 14.2% | 12.9% | 12.0% |
| CET1 ratio | 27.9% | 24.1% | 22.8% |
| Leverage ratio | 14.3% | 13.6% | 13.1% |
| LCR | 406% | 289% | 212% |
(1) Of which ECL (expected credit loss): -0.01% (1H24), 0.00% (1H23), 0.01% (1H22)
Delen Private Bank: Consolidated assets
Delen Private Bank Bank Van Breda
Solid balance sheet
Shareholders' equity increased to 2,060 million euros (compared to 1,939 million euros at year-end 2023). Solvency and liquidity remain exceptionally strong, with a combined CET1 ratio based on the 'Standardised approach' of 27.9% and a leverage ratio of 14.3%, well above the industry average and the legal requirements. Despite this conservative balance sheet, the group achieved an above-average combined ROE of 14.2%.
External growth
On July 16, 2024, Delen Private Bank announced that it had reached an agreement with the shareholders of Dierickx Leys Private Bank whereby Delen Private Bank would acquire 100% of the shares of Dierickx Leys Private Bank. The transaction will be financed by Delen Private Bank entirely with own resources and is expected to be finalised in the course of 2025, after the customary regulatory approval. Dierickx Leys Private Bank has 3 billion euros in client assets under management, benefits from a solid balance sheet and has 73 employees, spread across 5 branches: Antwerp, Mortsel, Ghent, Kortrijk and Leuven.
The acquisition of Box Consultants in the Netherlands, announced in March 2024, is expected to be completed in the third or fourth quarter of 2024. The acquisitions are in line with Delen Private Bank's strategy to further strengthen its position as an independent player in the Belgian and Dutch private banking market.
ESG
In March, Bank Van Breda was again selected by Great Place to Work as the number one Best Workplace of Belgium in the category of large companies (over 500 employees). Additionally, Bank Van Breda also received the 'Special award sustainable recognition' for its engagement in creating a culture of acknowledgement and appreciation.
Outlook
Both Delen Private Bank and Bank Van Breda are well positioned to extend the current momentum and further continue to outperform in the second half of 2024.
REAL ESTATE
Contribution to the AvH consolidated net result
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| Nextensa | 9.5 | 10.7 | 18.6 |
| Anima | - | - | 2.8 |
| Total | 9.5 | 10.7 | 21.4 |
Nextensa
Nextensa (AvH 62.67%) realised a net result of 14.1 million euros in the first half of 2024, compared to 17.1 million euros over the same period in 2023.
Rental income was 1.0 million euros higher than in the first half of 2023 and financial income was up 7.5 million euros, mainly thanks to the distribution by Retail Estates of its dividend in the first half of the year, instead of the second half as in 2023. Persisting difficult market conditions, however, outweighed these positive elements. Development results contributed 4.4 million euros less than in the same period last year, and rising interest rates negatively affected financial results by 3.4 million euros compared to the first half of 2023.
The fair value of the real estate portfolio only slightly decreased by 1.8%, from 1,298.1 million euros at year-end 2023 to 1,273.9 million euros as per 30 June 2024. On the one hand, there
Nextensa
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| Rental income | 36.2 | 35.2 | 33.2 |
| Result developments | 5.2 | 9.6 | 11.9 |
| Net result | 14.1 | 17.1 | 30.8 |
| (€ million) | 1H24 | 2023 | 2022 |
| Equity | 840.7 | 834.0 | 838.8 |
| Real estate portfolio | 1,273.9 | 1,298.1 | 1,278.7 |
| Rental yield | 5.81% | 5.74% | 5.30% |
| Net financial position | -781.4 | -786.8 | -721.5 |
| Debt ratio | 44.61% | 44.80% | 42.56% |
are mainly the divestments of the retail building in Foetz (February 2024, price in line with valuation as at year-end 2023) and the shares of the Hygge-building in Luxemburg (May 2024, with a capital gain of 1.6 million euros), combined with a slight downward revaluation (0.5% on the total fair value) on the existing portfolio. On the other hand, Nextensa invested further in the renovation of the Knauf shopping centre at Schmiede and in the Moonar project at Luxembourg airport.
Operating result of investment properties
The operational result from investment properties for the first half of 2024 amounted to 25.0 million euros, a decrease of 1.1 million euros compared to the first half of last year.
Despite the sales of several buildings in 2023 and 2024, rental income increased by 3% in the first half of 2024 compared to the first half of 2023, corresponding to a like-for-like growth of 5%. Particularly in Belgium, rental income increased significantly, primarily due to an increase in events at the Tour & Taxis site. Moreover, rent indexation has a positive effect on rents collected in the three countries where Nextensa operates.
Operating result of development projects
For the first half of 2024, the operating result of the development projects was 5.2 million euros. This decrease of 4.4 million euros compared to the first half of 2023 reflects the more difficult market conditions in the real estate development sector.
Nextensa started recognising margin on the second phase of Park Lane since the beginning of 2023. Construction work is now well
Nextensa > Moonar, Luxembourg
16
Nextensa > Cloche d'Or, Luxembourg Nextensa > Lake Side, Tour & Taxis (Brussels), artist impression
advanced to the point that the first deliveries are expected by the end of 2024. A total of 271 apartments have now been reserved or sold. At the end of the second quarter of 2024, the notarial deeds of 64% of the apartments have been passed.
On the Cloche d'Or project in Luxembourg, construction works continue to progress steadily. The delivery of the first apartments of the D5-D10 subproject is scheduled for the end of this year. Of the 136 apartments currently being commercialised, 109 have already been reserved or sold. Some sales within the D-Nord subproject took place during 2024. The building was already fully delivered in the course of 2023 and currently only the last 7 apartments are still for sale. In the D-Sud subproject, of which all apartments have already been sold, a number of leases were signed for the commercial ground-floor units.
Nextensa's average cost of funding rose from 2.67% over 2023 to 2.88% at the end of the first half of 2024. Rising interest rates are largely mitigated by the hedging strategy (hedge ratio of 71% on June 30, 2024).
On June 30, 2024, the financial debt ratio is 44.61%, a slight improvement compared to year-end 2023.
Outlook
Nextensa's strategy remains to rotate its investment portfolio in order to achieve a fully sustainable portfolio. The sale of the Foetz and Hygge buildings in the first half of 2024, are in line with this strategy of targeted divestments. Further divestments are in preparation and will be carried out under the right conditions.
As for investment properties, Nextensa expects a similar level of rental income for 2024 as in 2023, and this despite the sale of some buildings during 2023 and 2024. Indexation, visitor numbers at the Tour & Taxis site, rising occupancy rates and the delivery of a number of buildings under renovation in the previous period contribute to this evolution.
On the development front, sales of Park Lane phase II apartments at Tour & Taxis continue to do well. The first deliveries are scheduled for the end of 2024. At Cloche d'Or, there is still the effect of the slow residential market, although 79% of commercialised apartments of the D5-D10 project have already been reserved or sold. The first residential apartments in this zone are expected to be delivered by the end of this year. As for the office buildings at Cloche d'Or a binding sales agreement was signed early August for the Stairs-project, for a price of 107.5 million euros. Construction work has already started, which will allow this building to contribute to margin recognition in the income statement from the second half of 2024.
AvH participation
AvH has acquired additional shares in Nextensa in the first half of 2024 (including through the optional dividend), bringing its participation from 61.66% at year-end 2023 to 62,67% on June 30, 2024.
ENERGY & RESOURCES
| (€ million) | 1H24 | 1H23 | 1H22 |
|---|---|---|---|
| SIPEF | 9.2 | 10.7 | 20.9 |
| Verdant Bioscience | -0.6 | -0.5 | -0.1 |
| Sagar Cements | -0.4 | 1.3 | -0.5 |
| Total | 8.1 | 11.4 | 20.3 |
Contribution to the AvH consolidated net result
SIPEF: Production (Tonne)(1)
(1) Own + outgrowers
SIPEF
SIPEF (AvH 39.54%) realised a satisfactory result in the first half of 2024. Although slightly lower than in the first half of the previous years, SIPEF's performance remains strong in a historical perspective and confirms the prospect of another strong performance in 2024.
Palm oil production
The result of the past reporting period is affected by a 5.7% decrease in palm oil production, compared to the first half of 2023. While the palm estates in Papua New Guinea recover well from the damage caused by the volcanic eruption in November 2023, their oil production in the first half of 2024 was down 19.7% compared to the same period last year. In Indonesia, palm oil production grew by 4.9% thanks to increased production in all sites, both in the existing sites in North Sumatra, as in the more recent plantations in South Sumatra where the acreage is increasing, and the planted palm trees are progressively maturing. The expansion in South Sumatra continued steadily and has already resulted in more than 29,000 planted hectares, while the construction of a second palm oil mill in that region was finalised in June 2024.
SIPEF
| (USD million) | 1H24 | 1H23 | 1H22 | |
|---|---|---|---|---|
| Turnover | 204.5 | 218.6 | 249.8 | |
| EBIT | 44.0 | 51.3 | 104.6 | |
| Net result | 25.0 | 31.2 | 63.9 | |
| Equity | 856.3 | 815.3 | 773.3 | |
| Net financial position | -14.5 | 4.4 | -15.2 | |
Palm oil markets remained favourable from a historical viewpoint and the prices of the CIF Rotterdam reference price hovered around 1,000 US dollar per tonne for most of the first half of 2024.
Banana production
Banana production in Côte d'Ivoire extended the volume growth that was achieved in the first quarter of 2024, resulting in a 30.6% increase over the first six months of this year. This is entirely related to the growing volumes at the two newly developed production sites, where more mature hectares also yielded a larger number of bunches. Average prices on the world market remained fairly stable at an average of 834 US dollar per tonne.
Results
In the light of the above-mentioned events, the net result (group share) of 25.0 million US dollars is encouraging, despite the decrease
SIPEF
SIPEF Sagar Cements > Mattampaly Plant
by 6.2 million US dollars in comparison to the first half of 2023. This decrease was mainly due to reduced productions in Papua New Guinea as a result of the volcanic eruption in November 2023, and the one-off cost of 5 million US dollars relating to the disposal of the remaining rubber assets in Indonesia following their conversion to palm oil.
SIPEF generated a cash flow enabling to support its extensive annual investment program of more than 100 million US dollars, including over 10 million US dollars of investments in innovative techniques for producing high quality, low contaminant oils.
The financial position of SIPEF remains very healthy with a total equity (share of the group) of 856.3 million US dollar and a limited net financial position of -14.5 million US dollar.
Outlook
Considering that 64% of the budgeted palm oil production has already been sold at an average ex-mill gate price of 857 US dollars per tonne (including premiums for sustainability and origin), prospects for the full year 2024 are positive, with increasing production volumes from the Indonesian sites and sustained strong palm oil markets. Although SIPEF's plantations in Papua New Guinea are recovering well from the volcanic eruption in November 2023, this will still have an impact on the group's full-year performance. SIPEF therefore estimates that its recurring annual results will be slightly lower than last year's profit of 72.7 million US dollar and that the net financial debt position at year-end 2024 will be in-line with the -31.4 million US dollar as at December 31, 2023.
Governance
Petra Meekers will succeed François Van Hoydonck as Managing Director of SIPEF as from September 1, 2024 onwards.
ESG
SIPEF has further strengthened its commitment to ethical business practices through updating group-level policies. In June 2024, SIPEF's Indonesian estate Citra Sawit Mandiri (Sumatra) successfully passed its first certification audit by the Roundtable on Sustainable Palm Oil (RSPO). This achievement will add 1,568 certified hectares to SIPEF's supply base. Earlier in 2024, SIPEF achieved a score of 65.9% in the 2023 edition of the Forest 500 assessment, securing the 4th position out of 350 companies. Released in February 2024, this result represents an improvement of 10% compared to SIPEF's 2022 performance. Forest 500 evaluates and ranks the most influential companies and financial institutions in the supply chains of forest-risk commodities.
AvH participation
AvH acquired additional shares in SIPEF during the first half of 2024, resulting in a 39.54% participation on June 30, 2024 (December 31, 2023: 38.53%).
Sagar Cements
The turnover of Sagar Cements (AvH 19.64%) amounted to 12.7 billion Indian rupees in the first half of 2024, up 9.3% compared to same period in 2023. This increase is almost entirely driven by the 14% volume growth, while average selling prices fell 9% as a result of several factors, including postponement of public infrastructure projects awaiting the elections in June 2024 and ongoing consolidation in the Indian cement industry. While Sagar's EBITDA-margin improved from 6% in the first half of 2023 to 9% in this reporting period, it is permanently looking at further optimising its cost structure, impacted negatively by continuing high energy costs. The pressure on price, relatively low-capacity utilisation (even after the recent volume growth), and high depreciation and financing costs lead to a negative net result of -161.0 million Indian rupees or -1.8 million euros.
AvH & GROWTH CAPITAL
Contribution to the AvH consolidated net result
| (€ million) | 1H24 | 1H23 | 1H22 | |
|---|---|---|---|---|
| Growth Capital | -25.3 | 6.9 | 39.5 | |
| Contribution consolidated participations |
9.9 | 12.5 | 19.2 | |
| Fair value | -35.2 | -5.7 | 20.3 | |
| AvH & subholdings | 1.4 | -11.0 | -14.6 | |
| Capital gains(losses) | 0.1 | 25.3 | 97.2 | |
| AvH & Growth Capital |
-23.8 | 21.1 | 122.1 |
The contribution of Growth Capital to AvH's consolidated result declined by 32.2 million euros compared to the first half of 2023. Only 2.6 million euros of this decrease is related to the consolidated participations (including through equity method), that resisted reasonably well during the first half of 2024 taking into account the dynamics of the different businesses they are active in. AvH did adjust negatively the fair value of its non-consolidated investments in Growth Capital by 35.2 million euros. The main components of this adjustment are: (i) the negative evolution of Biotalys' share price in H1 2024, resulting in a negative impact of 7.9 million euros and (ii) the negative fair value correction of 24.8 million euros on AvH's investment in Medikabazaar, a B2B online marketplace for medical equipment and supplies in India, following the discovery of financial discrepancies.
At June 30, 2024, the fair value investments of Growth Capital were accounted for at a total value of 84.1 million euros, compared to 112.4 million euros at year-end 2023.
Consolidated participations
Biolectric (AvH 54.3%) was highly recommended in the 'Small Biogas Installations' category at the annual World Biogas Expo in Birmingham, UK.
AvH increased its participation in Camlin Fine Sciences (2.5 million euros), raising it from 6.6% to 8.0%.
EMG (AvH 22.7%) completed the agreement with Gravity Media to combine their businesses as of January 2024, creating one of the world's largest and most significant broadcast technology and production companies. In the first half of 2024, EMG was involved in the broadcasting of several high-level sports events, including the Open Golf Championship, the UEFA European Footbal Championship, the Australian Open Tennis and the two most famous cycling events, the Giro d'Italia and the Tour de France.
Mediahuis (AvH 13.9%) has announced two new investments in the first half of 2024. The first investment is in Taskbase, a leading Swiss technology company specialising in AI for education. Taskbase raised 3.9 million US dollars in a Series A funding round, which was was co-led by Mediahuis Ventures. The investment will support Taskbase's expansion into other European markets. Mediahuis Ventures also announced an investment in WorkerHero, a Munich-based HR-tech startup that raised 4 million euros in a Series A funding round led by Mediahuis. WorkerHero addresses the shortage of skilled workers. Using AI-driven sourcing and matching, the platform connects companies with quality candidates.
OMP (AvH 20.0%) was for the 9th consecutive year recognised as a Leader in the Gartner Magic Quadrant for Supply Chain Planning Solutions. OMP's reputation is also illustrated by the news that its Unison Planning™ leveraging AI-driven forecasting capabilities was successfully rolled into the worldwide organisation of both Bayer and AstraZeneca. Unison Planning is now used by more than 250 Bayer planners around the world. At AstraZeneca, a groundbreaking digital transformation has been initiated, achieving significant multi-regional milestones that are already delivering substantial value.
Turbo's Hoet Groep (AvH 50.0%) expanded its workshop in Sofia, Bulgaria, and opened a new branch in Craiova, Romania, which is strategically located in order to respond more effectively to its customers' needs. Turbo's Hoet Romania also added the distribution of heavy-duty tyres to its product offering.
EMG > Tour de France media broadcasting
Turbo's Hoet Groep > Craiova branch, Romania Van Moer Logistics provides about 20% of Delhaize's daily transport capacity.
Van Moer Logistics (AvH 32.4%) has successfully completed a 25 million euros capital increase in the first half of 2024, which was subscribed by AvH Growth Capital as well as by Jo Van Moer and his management team. Simultaneously with this capital increase, AvH Growth Capital acquired 33.3% of Blue Real Estate, which currently rents out 287,000 m² of warehouses spread over strategically situated sites in the Antwerp Port area to Van Moer Logistics. Both transactions represent a combined investment on behalf of AvH Growth Capital of 41 million euros.
Van Moer Logistics also extended its long-standing logistics contract with the Delhaize supermarkets in Belgium until 2030. Under this transport contract Van Moer Logistics provides about 20% of Delhaize's daily transport capacity. Furthermore, Van Moer Logistics announced that it will start building in 2025 the first privately managed smart charging stations for electric freight traffic in the port of Antwerp.
Fair value investments
Life Sciences
AstriVax (AvH 7.1%) had the first participants dosed in a Phase I clinical study to test the safety and efficacy of AstriVax's prophylactic vaccines for yellow fever (AVX70120) and rabies (AVX70481) in healthy adults. This study will be a stepping stone in advancing AstriVax immunotherapies to clear chronic infections such as Hepatitis B and human papillomavirus (HPV) infections.
Biotalys (AvH 11.7%) and Novonesis have entered in the first half of 2024 into an agreement to advance EVOCA NG - the next generation of Biotalys' product candidate EVOCA™ - to the final stage of development. Also in this reporting period, Biotalys initiated field trials for BioFun-6, a biofungicide targeting botrytis, powdery mildew and anthracnose in high-value fruits and vegetables. Biotalys continues to work with the EPA (Environmental Protection Agency) in the U.S. and the CTGB (College voor de Toelating van Gewasbeschermingsmiddelen en Biociden) in Europe on EVOCA's regulatory review. On August 21, 2024, the Dutch authority CTGB granted Biotalys the approval to test EVOCA in large scale demonstration trials, while allowing sale of the harvest. Pending the regulatory decision for EVOCA, Biotalys will continue the development of EVOCA NG.
MRM Health (AvH 15.9%) received regulatory and ethics committee approval to start clinical research in Parkinson's disease and reported safety and positive efficacy data with MH002 in pouchitis from an other clincial study.
India & South-East Asia
Following the discovery of financial discrepancies at Medikabazaar (AvH 8.9% direct), a B2B online marketplace for medical equipment and supplies in India, AvH recorded a negative fair value correction of 24.8 million euros in order to reduce its exposure to the initial investment of 20.9 million euros in Medikabazaar. The board of directors of Medikabazaar has taken several initiatives to strengthen the internal organisation and governance, including the nomination of a new CEO and CFO. While the evolution at Medikabazaar obviously was a big disappointment, it maintains a strong position in the fast growing healthcare market in India and has no bank debts.
AvH & subholdings
The contribution from 'AvH & subholdings' was positively impacted fair value corrections on its treasury portfolio and non-consolidated financial assets, as well as by higher interest rates on its considerable cash position.
Net capital gains/losses
AvH realised no significant divestments in the first half of 2024.
Half-yearly financial report according to IAS 34
The half-yearly financial report for the six month period starting on January 1, 2024 and ending June 30, 2024, which comprises besides the condensed financial statements, including all information according to IAS 34, also the interim management report, a statement of the responsible persons and information regarding the external audit, is available on the website www.avh.be.
Declaration by the auditor
The auditor has confirmed that his review of the consolidated half-yearly accounts has been substantially completed and that no meaningful corrections have come to its attention that would require an adjustment to the financial information included in this press release.
Antwerp, August 28, 2024
Deloitte Bedrijfsrevisoren BV statutory auditor, permanently represented by Ben Vandeweyer Partner
Ackermans & van Haaren
Ackermans & van Haaren positions itself as the long-term partner of choice of family businesses and management teams to help build high-performing market leaders and contribute to a more sustainable world.
Ackermans & van Haaren is a diversified group operating in 4 core sectors: Marine Engineering & Contracting (DEME, one of the largest dredging companies in the world - CFE, a construction group with headquarters in Belgium), Private Banking (Delen Private Bank, one of the largest independent private asset managers in Belgium, and asset manager JM Finn in the UK - Bank Van Breda, niche bank for entrepreneurs and the liberal professions in Belgium), Real Estate (Nextensa, a listed integrated real estate group) and Energy & Resources (SIPEF, an agro-industrial group in tropical agriculture). In its Growth Capital segment, AvH also provides growth capital to sustainable companies in different sectors.
At an economic level, the AvH group represented in 2023 a turnover of 6.5 billion euros and employed 21,887 people through its share in the participations. AvH is listed on Euronext Brussels and is included in the BEL20 index, the BEL ESG index and the European DJ Stoxx 600 index.
Website
All press releases issued by AvH and its most important group companies as well as the 'Investor Presentation' can also be consulted on the AvH website: www.avh.be. Anyone who is interested to receive the press releases via email has to register to this website.
Financial calendar
- November 22, 2024 ........................ Interim statement Q3 2024
- February 28, 2025 ............................ Annual results 2024
- March 31, 2025 ................................... Annual report 2024
- May 22, 2025 ........................................ Interim statement Q1 2025
- May 26, 2025 ........................................ Gen. Shareholders Meeting
- August 29, 2025 ................................. Half-year results 2025
- November 21, 2025 ........................ Interim statement Q3 2025
Contact
For further information please contact:
- John-Eric Bertrand co-CEO - co-Chairman executive committee Tel. +32 3 897 92 08
- Piet Dejonghe co-CEO - co-Chairman executive committee Tel. +32 3 897 92 36
- Tom Bamelis CFO - Member executive committee Tel. +32 3 897 92 35
e-mail: [email protected]
| 1. | Consolidated income statement 26 | ||
|---|---|---|---|
| 2. | Consolidated statement of comprehensive income 27 | ||
| 3. | Consolidated balance sheet 28 | ||
| 3.1. | Consolidated balance sheet – Assets 28 | ||
| 3.2. | Consolidated balance sheet – Equity and liabilities 29 | ||
| 4. | Consolidated cash flow statement (indirect method) 30 | ||
| 5. | Statement of changes in consolidated equity 31 | ||
| 6. | Segment information 32 | ||
| 6.1. | Segment information – Consolidated income statement 30-06-2024 33 | ||
| 6.2. | Segment information – Consolidated income statement 30-06-2023 35 | ||
| 6.3. | Segment information – Consolidated balance sheet 30-06-2024 – Assets 36 | ||
| 6.4. | Segment information – Consolidated balance sheet 30-06-2024 - Equity and liabilities 37 | ||
| 6.5. | Segment information – Consolidated balance sheet 31-12-2023 – Assets 39 | ||
| 6.6. | Segment information – Consolidated balance sheet 31-12-2023 - Equity and liabilities 40 | ||
| 6.7. 6.8. |
Segment information – Consolidated cash flow statement 30-06-2024 41 Segment information – Consolidated cash flow statement 30-06-2023 44 |
||
| 7. | Notes to the financial statements 45 | ||
| 7.1. | Basis for the presentation of the condensed financial statements 45 | ||
| 7.2. | Business combinations or disposals 45 | ||
| 7.3. | Financial assets and liabilities per category 45 | ||
| 7.4. | Seasonality or cyclicality of operations 46 | ||
| 7.5. | Participations accounted for using the equity method 46 | ||
| 7.6. | Earnings per share 47 | ||
| 7.7. | Treasury shares 48 | ||
| 7.8. | Impairments 49 | ||
| 7.9. | Pillar Two 49 | ||
| 7.10. | Contingent liabilities or contingent assets 49 | ||
| 8. | Main risks and uncertainties 49 | ||
| 9. | Overview of the major related party transactions 49 | ||
| 10. | Events after balance sheet date 49 | ||
| Declaration 52 | |
|---|---|
| Lexicon 53 | |
1. Consolidated income statement
| (€ 1,000) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Revenue | 2,885,579 | 2,427,776 |
| Rendering of services | 435 | 2 |
| Real estate revenue | 98,542 | 134,511 |
| Interest income - banking activities | 143,190 | 100,438 |
| Fees and commissions - banking activities | 57,916 | 50,873 |
| Revenue from construction contracts | 2,542,301 | 2,105,577 |
| Other operating revenue | 43,196 | 36,375 |
| Operating expenses (-) | -2,659,507 | -2,284,142 |
| Raw materials, consumables, services and subcontracted work (-) | -1,809,870 | -1,551,518 |
| Interest expenses Bank J.Van Breda & C° (-) | -69,882 | -31,698 |
| Employee expenses (-) | -536,105 | -483,282 |
| Depreciation (-) | -212,642 | -185,172 |
| Impairment losses (-) | -7,712 | -1,595 |
| Other operating expenses (-) | -25,417 | -32,778 |
| Provisions | 2,123 | 1,900 |
| Profit (loss) on assets/liabilities designated at fair value through profit and loss |
-39,927 | -12,462 |
| Financial assets - Fair value through P/L (FVPL) | -33,292 | -7,004 |
| Investment property | -6,635 | -5,457 |
| Profit (loss) on disposal of assets | 10,677 | 23,416 |
| Realised gain (loss) on intangible and tangible assets | 8,344 | 3,358 |
| Realised gain (loss) on investment property | 1,595 | 2,074 |
| Realised gain (loss) on financial fixed assets | 132 | 25,276 |
| Realised gain (loss) on other assets | 607 | -7,292 |
| Profit (loss) from operating activities | 196,823 | 154,588 |
| Financial result | 23,646 | -23,223 |
| Interest income | 25,048 | 17,442 |
| Interest expenses (-) | -31,787 | -27,252 |
| (Un)realised foreign currency results | 25,001 | -9,598 |
| Other financial income (expenses) | 2,601 | 740 |
| Derivative financial instruments designated at fair value through profit and loss | 2,784 | -4,555 |
| Share of profit (loss) from equity accounted investments | 116,925 | 112,640 |
| Other non-operating income | 0 | 0 |
| Other non-operating expenses (-) | 0 | 0 |
| Profit (loss) before tax | 337,393 | 244,005 |
| Income taxes | -66,619 | -36,847 |
| Deferred taxes | 10,153 | 19,618 |
| Current taxes | -76,772 | -56,466 |
| Profit (loss) after tax from continuing operations | 270,774 | 207,157 |
| Profit (loss) after tax from discontinued operations | 0 | 0 |
| Profit (loss) of the period | 270,774 | 207,157 |
| Minority interests | 70,363 | 36,461 |
| Share of the group | 200,411 | 170,696 |
| Earnings per share (€) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| 1. Basic earnings per share | ||
| 1.1. from continued and discontinued operations | 6.13 | 5.16 |
| 1.2. from continued operations | 6.13 | 5.16 |
| 2. Diluted earnings per share | ||
| 2.1. from continued and discontinued operations | 6.12 | 5.16 |
| 2.2. from continued operations | 6.12 | 5.16 |
.
We refer to Note 6 Segment information for more details on the consolidated result.
2. Consolidated statement of comprehensive income
| (€ 1,000) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Profit (loss) of the period | 270,774 | 207,157 |
| Minority interests | 70,363 | 36,461 |
| Share of the group | 200,411 | 170,696 |
| Other comprehensive income | 3,757 | 2,633 |
| Items that may be reclassified to profit or loss in subsequent periods | ||
| Net changes in revaluation reserve: bonds - Fair value through OCI (FVOCI) | -4,400 | 9,428 |
| Net changes in revaluation reserve: hedging reserves | 5,778 | -4,405 |
| Net changes in revaluation reserve: translation differences | 346 | -2,184 |
| Items that cannot be reclassified to profit or loss in subsequent periods | ||
| Net changes in revaluation reserve: shares - Fair value through OCI (FVOCI) | 2,259 | -105 |
| Net changes in revaluation reserve: actuarial gains (losses) defined benefit pension plans | -226 | -100 |
| Total comprehensive income | 274,532 | 209,791 |
| Minority interests | 68,611 | 36,320 |
Share of the group 205,920 173,471
For a breakdown of the 'Share of the group' and 'Minority interests' in the results, we refer to Note 6. Segment information.
In accordance with the accounting standard "IFRS 9 Financial Instruments", financial assets are split into three categories on the balance sheet and fluctuations in the fair value of financial assets are reported in the consolidated income statement. The only exception to this rule are the fair value fluctuations in the investment portfolio of Bank Van Breda and Delen Private Bank, which in the table above are divided into shares and bonds. The market value of the bond portfolio of Bank Van Breda is affected by the volatility in the interest rates (in the context of its Asset & Liability Management).
Hedging reserves arise from fluctuations in the fair value of hedging instruments used by group companies to hedge against risks. Several group companies (a.o. DEME, Nextensa and Rentel/SeaMade) have hedged against a possible rise in interest rates. In H1 2024 the positive market value of the hedging instruments has increased, resulting in unrealised gains on hedging reserves having increased by 5.8 million euros (including minority interests).
Translation differences arise from fluctuations in the exchange rates of group companies that report in foreign currencies. In H1 2024, the impact on the consolidated translation differences is limited to 0.3 million euros (including minority interests).
With the introduction of the amended IAS 19R accounting standard in 2013, the actuarial gains and losses on certain pension plans are recognized directly in other comprehensive income.
3. Consolidated balance sheet
3.1. Consolidated balance sheet – Assets
| (€ 1,000) | 30-06-2024 | 31-12-2023 |
|---|---|---|
| I. Non-current assets | 12,387,072 | 12,343,167 |
| Intangible assets | 119,095 | 118,806 |
| Goodwill | 320,140 | 320,123 |
| Tangible assets | 2,909,340 | 2,909,412 |
| Land and buildings | 279,414 | 279,354 |
| Plant, machinery and equipment | 2,356,522 | 2,241,138 |
| Furniture and vehicles | 81,471 | 65,730 |
| Other tangible assets | 16,366 | 11,753 |
| Assets under construction | 175,567 | 311,437 |
| Investment property | 1,273,947 | 1,288,844 |
| Participations accounted for using the equity method | 2,070,917 | 2,022,091 |
| Non-current financial assets | 457,652 | 450,040 |
| Financial assets : shares - Fair value through P/L (FVPL) | 200,682 | 223,016 |
| Receivables and warranties | 256,969 | 227,024 |
| Non-current hedging instruments | 96,720 | 89,227 |
| Deferred tax assets | 165,699 | 150,442 |
| Banks - receivables from credit institutions and clients after one year | 4,973,563 | 4,994,181 |
| Banks - loans and receivables to clients | 5,023,267 | 5,029,531 |
| Banks - changes in fair value of the hedged credit portfolio | -49,705 | -35,350 |
| II. Current assets | 7,283,371 | 6,666,361 |
| Inventories | 441,568 | 415,779 |
| Amounts due from customers under construction contracts | 867,187 | 780,222 |
| Investments | 629,989 | 589,954 |
| Financial assets : shares - Fair value through P/L (FVPL) | 40,039 | 44,914 |
| Financial assets : bonds - Fair value through OCI (FVOCI) | 515,234 | 501,037 |
| Financial assets : shares - Fair value through OCI (FVOCI) | 58 | 58 |
| Financial assets - at amortised cost | 74,658 | 43,944 |
| Current hedging instruments | 17,648 | 20,079 |
| Amounts receivable within one year | 1,209,901 | 937,976 |
| Trade debtors | 1,031,045 | 789,373 |
| Other receivables | 178,856 | 148,603 |
| Current tax receivables | 62,297 | 46,851 |
| Banks - receivables from credit institutions and clients within one year | 2,866,621 | 2,791,806 |
| Banks - loans and advances to banks | 112,322 | 102,073 |
| Banks - loans and receivables to clients | 1,236,005 | 1,218,593 |
| Banks - changes in fair value of the hedged credit portfolio | -2,651 | -1,402 |
| Banks - cash balances with central banks | 1,520,945 | 1,472,542 |
| Cash and cash equivalents | 1,063,868 | 989,810 |
| Deferred charges, accrued income and other current assets | 124,292 | 93,885 |
| III. Assets held for sale | 34,470 | 10,998 |
| Total assets | 19,704,913 | 19,020,526 |
The breakdown of the consolidated balance sheet by segment is presented in Note 6.3 Segment information. This reveals that the full consolidation of Bank Van Breda (Private Banking segment) has a significant impact on both the balance sheet total and the balance sheet structure of AvH. Bank Van Breda contributes for 8,628.7 million euros to the balance sheet total of 19,704.9 million euros, and although this bank is solidly capitalized with a Common Equity Tier 1 ratio of 18.4%, its balance sheet ratios, as explained by the nature of its activity, are different from those of the other companies in the consolidation scope. To improve the readability of the consolidated balance sheet, certain items from the balance sheet of Bank Van Breda have been summarized in the consolidated balance sheet.
3.2. Consolidated balance sheet – Equity and liabilities
| (€ 1,000) | 30-06-2024 | 31-12-2023 |
|---|---|---|
| I. Total equity | 6,510,780 | 6,377,060 |
| Equity - group share | 5,020,825 | 4,913,948 |
| Issued capital | 113,907 | 113,907 |
| Share capital | 2,295 | 2,295 |
| Share premium | 111,612 | 111,612 |
| Consolidated reserves | 4,958,811 | 4,907,712 |
| Revaluation reserves | -2,088 | -7,598 |
| Financial assets : bonds - Fair value through OCI (FVOCI) | -14,778 | -11,313 |
| Financial assets : shares - Fair value through OCI (FVOCI) | 2,956 | 697 |
| Hedging reserves | 36,447 | 32,617 |
| Actuarial gains (losses) defined benefit pension plans | -24,391 | -24,165 |
| Translation differences | -2,323 | -5,434 |
| Treasury shares (-) | -49,805 | -100,074 |
| Minority interests | 1,489,955 | 1,463,112 |
| II. Non-current liabilities | 2,838,157 | 2,803,449 |
| Provisions | 125,120 | 118,304 |
| Pension liabilities | 71,792 | 72,121 |
| Deferred tax liabilities | 142,115 | 138,710 |
| Financial debts | 1,439,256 | 1,465,653 |
| Bank loans | 1,157,498 | 1,219,260 |
| Bonds | 99,741 | 99,613 |
| Subordinated loans | 677 | 677 |
| Lease debts | 171,476 | 133,969 |
| Other financial debts | 9,864 | 12,135 |
| Non-current hedging instruments | 26,628 | 35,869 |
| Other amounts payable | 38,517 | 46,754 |
| Banks - non-current debts to credit institutions, clients & securities | 994,731 | 926,038 |
| Banks - deposits from credit institutions | 0 | 0 |
| Banks - deposits from clients | 994,731 | 926,038 |
| Banks - debt certificates including bonds | 0 | 0 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | 0 |
| III. Current liabilities | 10,355,975 | 9,840,018 |
| Provisions | 26,183 | 30,356 |
| Pension liabilities | 64 | 136 |
| Financial debts | 537,672 | 550,672 |
| Bank loans | 336,279 | 308,070 |
| Bonds | 0 | 40,000 |
| Subordinated loans | 0 | 0 |
| Lease debts | 71,314 | 43,055 |
| Other financial debts | 130,079 | 159,547 |
| Current hedging instruments | 27,842 | 20,175 |
| Amounts due to customers under construction contracts | 906,337 | 660,854 |
| Other amounts payable within one year | 1,901,850 | 1,683,854 |
| Trade payables | 1,491,999 | 1,266,781 |
| Advances received | 92,286 | 84,486 |
| Amounts payable regarding remuneration and social security | 193,886 | 218,725 |
| Other amounts payable | 123,678 | 113,863 |
| Current tax payables | 102,027 | 92,010 |
| Banks - current debts to credit institutions, clients & securities | 6,784,787 | 6,725,882 |
| Banks - deposits from credit institutions | 62,457 | 49,604 |
| Banks - deposits from clients | 6,596,760 | 6,564,963 |
| Banks - debt certificates including bonds | 125,570 | 111,315 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | 0 |
| Accrued charges and deferred income | 69,214 | 76,078 |
| IV. Liabilities held for sale | 0 | 0 |
| Total equity and liabilities | 19,704,913 | 19,020,526 |
4. Consolidated cash flow statement (indirect method)
| (€ 1,000) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| I. Cash and cash equivalents - opening balance | 989,810 | 1,160,972 |
| Profit (loss) from operating activities | 196,823 | 154,588 |
| Reclassification 'Profit (loss) on disposal of assets' to cash flow from divestments | -10,677 | -23,416 |
| Dividends from participations accounted for using the equity method | 118,157 | 94,261 |
| Other non-operating income (expenses) | 0 | 0 |
| Income taxes (paid) | -72,414 | -70,059 |
| Non-cash adjustments | ||
| Depreciation | 212,642 | 185,172 |
| Impairment losses | 7,697 | 1,605 |
| Share based payment | -646 | -647 |
| (Profit) Loss on assets/liabilities designated at fair value through profit and loss | 39,927 | 12,462 |
| (Decrease) increase of provisions | -2,298 | -1,969 |
| Other non-cash expenses (income) | 225 | 2,895 |
| Cash flow | 489,436 | 354,891 |
| Decrease (increase) of working capital | 96,016 | -120,213 |
| Decrease (increase) of inventories and construction contracts | -14,507 | 15,028 |
| Decrease (increase) of amounts receivable | -369,356 | -243,038 |
| Decrease (increase) of receivables from credit institutions and clients (banks) | -71,378 | -533,564 |
| Increase (decrease) of liabilities (other than financial debts) | 453,185 | -12,400 |
| Increase (decrease) of debts to credit institutions, clients & securities (banks) | 132,610 | 657,642 |
| Decrease (increase) other | -34,538 | -3,881 |
| Cash flow from operating activities | 585,452 | 234,677 |
| Investments | -389,808 | -542,400 |
| Acquisition of intangible and tangible assets | -179,801 | -233,666 |
| Acquisition of investment property | -12,883 | -42,596 |
| Acquisition of financial fixed assets (business combinations included) | -76,339 | -25,594 |
| Cash acquired through business combinations | 3,276 | 0 |
| New loans granted | -24,041 | -25,344 |
| Acquisition of investments | -100,021 | -215,199 |
| Divestments | 133,586 | 277,848 |
| Disposal of intangible and tangible assets | 10,926 | 10,514 |
| Disposal of investment property | 32,067 | 43,532 |
| Disposal of financial fixed assets (business disposals included) | 13,577 | 61,162 |
| Cash disposed of through business disposals | 0 | 0 |
| Reimbursements of loans | 16,217 | 4,611 |
| Disposal of investments | 60,799 | 158,029 |
| Cash flow from investing activities | -256,222 | -264,552 |
| Financial operations | ||
| Dividends received | 9,471 | 2,521 |
| Interest received | 25,113 | 17,441 |
| Interest paid | -31,617 | -28,328 |
| Other financial income (costs) | 14,663 | -9,268 |
| Decrease (increase) of treasury shares - AvH | 1,604 | -11,818 |
| Decrease (increase) of treasury shares - affiliates | -2,882 | 0 |
| Increase of financial debts | 117,091 | 247,260 |
| (Decrease) of financial debts | -243,456 | -226,626 |
| (Investments) and divestments in controlling interests | 2,075 | 23,068 |
| Dividends paid by AvH | -111,301 | -102,511 |
| Dividends paid to minority interests | -36,902 | -20,107 |
| Cash flow from financial activities | -256,141 | -108,367 |
| II. Net increase (decrease) in cash and cash equivalents | 73,090 | -138,243 |
| Impact of exchange rate changes on cash and cash equivalents | 969 | -1,601 |
| III. Cash and cash equivalents - ending balance | 1,063,868 | 1,021,128 |
5. Statement of changes in consolidated equity
| (€ 1,000) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Issued capital & share premium |
Consolidated reserves | through OCI (FVOCI) Bonds -Fair value |
through OCI (FVOCI) Shares -Fair value |
Hedging reserves | defined benefit pension Actuarial gains (losses) plans |
Translation differences | Treasury shares | Equity - group share | Minority interests | Total equity | |
| Opening balance, 1 January 2023 | 113,907 | 4,547,922 | -32,964 | 129 | 59,938 | -23,375 | 8,673 | -40,597 | 4,633,633 | 1,368,824 | 6,002,456 |
| Profit | 170,696 | 170,696 | 36,461 | 207,157 | |||||||
| Unrealised results | 7,425 | -83 | -2,873 | -100 | -1,594 | 2,775 | -142 | 2,633 | |||
| Total of realised and unrealised results |
0 | 170,696 | 7,425 | -83 | -2,873 | -100 | -1,594 | 0 | 173,471 | 36,319 | 209,791 |
| Distribution of dividends | -102,511 | -102,511 | -34,490 | -137,000 | |||||||
| Operations with treasury shares | -12,015 | -12,015 | -12,015 | ||||||||
| Other (a.o. changes in consol. scope / beneficial interest %) |
59,434 | 59,434 | 44,914 | 104,348 | |||||||
| Ending balance, 30 June 2023 | 113,907 | 4,675,542 | -25,539 | 46 | 57,065 | -23,475 | 7,079 | -52,612 | 4,752,014 | 1,415,568 | 6,167,581 |
| (€ 1,000) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Issued capital & share premium |
Consolidated reserves | through OCI (FVOCI) Bonds -Fair value |
through OCI (FVOCI) Shares -Fair value |
Hedging reserves | defined benefit pension Actuarial gains (losses) plans |
Translation differences | Treasury shares | Equity - group share | Minority interests | Total equity | |
| Ending balance, 31 December 2023 | 113,907 | 4,907,712 | -11,313 | 697 | 32,617 | -24,165 | -5,434 | -100,074 | 4,913,948 | 1,463,112 | 6,377,060 |
| Impact IFRS amendments | 0 | 0 | 0 | ||||||||
| Opening balance, 1 January 2024 | 113,907 | 4,907,712 | -11,313 | 697 | 32,617 | -24,165 | -5,434 | -100,074 | 4,913,948 | 1,463,112 | 6,377,060 |
| Profit | 200,411 | 200,411 | 70,363 | 270,774 | |||||||
| Unrealised results | -3,465 | 2,259 | 3,830 | -226 | 3,111 | 5,510 | -1,752 | 3,757 | |||
| Total of realised and unrealised results |
0 | 200,411 | -3,465 | 2,259 | 3,830 | -226 | 3,111 | 0 | 205,920 | 68,611 | 274,532 |
| Distribution of dividends | -111,301 | -111,301 | -36,902 | -148,202 | |||||||
| Operations with treasury shares | 50,269 | 50,269 | 50,269 | ||||||||
| Other (a.o. changes in consol. scope / beneficial interest %) |
-38,011 | -38,011 | -4,866 | -42,878 | |||||||
| Ending balance, 30 June 2024 | 113,907 | 4,958,811 | -14,778 | 2,956 | 36,447 | -24,391 | -2,323 | -49,805 | 5,020,825 | 1,489,955 | 6,510,780 |
More details on the unrealised results can be found in Note 2. Consolidated statement of comprehensive income.
After the General Meeting of May, 27th 2024, AvH paid a dividend of 3.40 euros per share, resulting in a total dividend payment of 111.3 million euros, taking into account that no dividend is paid on the treasury shares that AvH owns at the date of payment.
The share buyback programme announced in October 2022 for up to 70.0 million euros, had resulted in the purchase of 488,414 treasury shares). The board of directors decided to cancel 339,154 treasury shares (1.01%), which was notarized on April 5, 2024. The company's share capital is since then represented by 33,157,750 shares.
On June 30, 2024, AvH held 413,349 treasury shares to cover outstanding stock options obligations.
In execution of the liquidity agreement with Kepler Cheuvreux, 429,654 treasury shares were purchased and 433,005 were sold in the first half of 2024, resulting in a position of 27,762 treasury shares at the end of June 2024.
The total number of treasury shares was 441,111 (1.33% of the shares issued) at the end of June 2024 (791,366 at year-end 2023).
The item "Other" in the "Minority interests" column arises, among other aspects, from the changes in the consolidation scope of AvH or its affiliates. The increase in the controlling interest in Nextensa gave rise to a decrease in minority interests. We refer to Explanatory Note 6. Segment reporting for more details.
The item "Other" in the column "Consolidated reserves" includes a.o. the eliminations of results on sales of treasury shares, the impact of the acquisition or sale of minority interests and the impact of the remeasurement of the purchase obligation on certain shares. The cancellation of treasury shares had no impact on the consolidated equity : the decrease of the bookvalue of the treasury shares due to cancellation was neutralised by the same reduction of the legal statutory reserves (48.9 million euros). The impact of the acquisition of additional Nextensa shares amounts to 3.9 million euros.
6. Segment information
Segment 1
Marine Engineering & Contracting:
DEME Group (full consolidation 62.12%), CFE (full consolidation 62.12%), Deep C Holding (full consolidation 81.06%) and Green Offshore (full consolidation 81.06%).
Segment 2
Private Banking:
Delen Private Bank (equity method 78.75%), Bank Van Breda (full consolidation 78.75%) and FinAx (full consolidation 100%).
Segment 3
Real Estate:
Nextensa (full consolidation 62.67%)
In H1 2024, AvH increased its participation in Nextensa from 61.66% to 62.67%, through purchases on the stock exchange and its participation in Nextensa's optional dividend.
Segment 4
.
Energy & Resources:
SIPEF (equity method 39.54%), Verdant Bioscience (equity method 42%), AvH India Resources (full consolidation 100%) and Sagar Cements (equity method 19.64%).
In H1 2024, AvH increased its participation in SIPEF from 38.53% to 39.54%, without this having an impact on the way in which this participation is reported in the consolidated financial statements.
AvH India Resources holds no other participations than in Sagar Cements.
Segment 5
AvH & Growth Capital:
- AvH, AvH Growth Capital & subholdings (full consolidation 100%)
- Participations fully consolidated: Agidens (85.0%) and Biolectric Group (54.3%)
- Participations accounted for using the equity method: Amsteldijk Beheer (50%), Axe Investments (sold in H1), Financière EMG (22.7%), GreenStor (50%), Mediahuis Partners (26.7%), Mediahuis (13.9%), MediaCore (49.9%), OM Partners (20.0%), Turbo's Hoet Groep (50%), Van Moer Logistics (32.4%), Blue Real Estate (33.3%) and Camlin Fine Sciences (8.0%).
- Non-consolidated participations:
- Life Science: Astrivax (7.1%), Biotalys (11.7%), Bio Cap Invest (22.9%), Indigo Diabetes (2.8%), MRM Health (15.9%), OncoDNA (10.4%) and Vico Therapeutics International (3.6%).
- India / South-East Asia: HealthQuad Fund I (36.3%), HealthQuad Fund II (11.0%), Medikabazaar (8.9%), Venturi Partners Fund I (11.1%) and Convergent Finance (6.8%).
AvH and Christian Leysen decided jointly to streamline their shareholding in Agidens and Axe Investments. Until recently, AvH Growth Capital's combined shareholding of 84.98% in Agidens included a direct participation as well as an indirect participation via Axe Investments. AvH increased its direct shareholding in Agidens to 84.98%, acquired a direct participation of 19% in the IT-Solutions group Xylos and fully transferred its participation in Axe Investments (previously 48.34%) to Christian Leysen's group.
AvH increased its participation Camlin Fine Sciences (2.5 million euros), raising its participation from 6.6% to 8.0%.
Van Moer Logistics has successfully completed a 25 million euros capital increase in the first half of 2024, which was subscribed by AvH Growth Capital as well as by Jo Van Moer and his management team. Simultaneously with this capital increase, AvH Growth Capital acquired 33.3% of Blue Real Estate, which currently rents out 287,000 m² of warehouses spread over strategically situated sites in the Antwerp Port area to Van Moer Logistics. Both transactions represent a combined investment on behalf of AvH Growth Capital of 41 million euros.
6.1. Segment information – Consolidated income statement 30-06-2024
| Marine AvH & Eliminations Private Energy & Total Engineering & Real Estate Growth between Banking Resources 30-06-2024 Contracting Capital segments Revenue 2,563,392 202,331 70,716 10 49,769 -638 2,885,579 Rendering of services 0 0 0 0 1,029 -595 435 Real estate revenue 29,265 0 69,277 0 0 0 98,542 Interest income - banking activities 0 143,190 0 0 0 0 143,190 Fees and commissions - banking activities 0 57,916 0 0 0 0 57,916 Revenue from construction contracts 2,495,663 0 0 0 46,681 -43 2,542,301 Other operating revenue 38,464 1,225 1,439 10 2,059 0 43,196 Operating expenses (-) -2,414,464 -142,734 -43,333 -68 -59,750 842 -2,659,507 Raw materials, consumables, services and subcontracted work (-) -1,721,317 -17,973 -38,264 -68 -33,091 842 -1,809,870 Interest expenses Bank J.Van Breda & C° (-) 0 -69,882 0 0 0 0 -69,882 Employee expenses (-) -472,622 -36,645 -3,449 0 -23,389 0 -536,105 Depreciation (-) -204,904 -4,195 -751 0 -2,791 0 -212,642 Impairment losses (-) -4,673 -2,701 0 0 -338 0 -7,712 Other operating expenses (-) -13,015 -11,353 -865 0 -183 0 -25,417 Provisions 2,068 15 -3 0 43 0 2,123 Profit (loss) on assets/liabilities 0 0 -10,148 0 -29,779 0 -39,927 designated at fair value through profit and loss Financial assets - Fair value through P/L (FVPL) 0 0 -3,513 0 -29,779 0 -33,292 Investment property 0 0 -6,635 0 0 0 -6,635 Profit (loss) on disposal of assets 8,360 0 1,595 0 723 0 10,677 Realised gain (loss) on intangible and tangible assets 8,280 0 0 0 64 0 8,344 Realised gain (loss) on investment property 0 0 1,595 0 0 0 1,595 Realised gain (loss) on financial fixed assets 79 0 0 0 53 0 132 Realised gain (loss) on other assets 0 0 0 0 607 0 607 Profit (loss) from operating activities 157,287 59,597 18,829 -58 -39,036 204 196,823 Financial result 15,325 -216 -1,340 0 10,081 -204 23,646 Interest income 12,544 513 3,306 0 9,357 -672 25,048 Interest expenses (-) -18,478 0 -13,856 0 -122 669 -31,787 (Un)realised foreign currency results 24,970 0 0 0 31 0 25,001 Other financial income (expenses) -3,711 0 5,698 0 816 -201 2,601 Derivative financial instruments designated at fair value through profit and loss 0 -728 3,512 0 0 0 2,784 Share of profit (loss) from equity accounted investments 16,301 82,949 2,739 8,186 6,750 0 116,925 Other non-operating income 0 0 0 0 0 0 0 Other non-operating expenses (-) 0 0 0 0 0 0 0 Profit (loss) before tax 188,913 142,330 20,228 8,128 -22,205 0 337,393 Income taxes -40,929 -18,899 -5,574 15 -1,232 0 -66,619 Deferred taxes 11,711 1,077 -2,463 0 -173 0 10,153 Current taxes -52,640 -19,976 -3,111 15 -1,059 0 -76,772 Profit (loss) after tax from continuing operations 147,984 123,431 14,654 8,142 -23,437 0 270,774 Profit (loss) after tax from discontinued operations 0 0 0 0 0 0 0 Profit (loss) of the period 147,984 123,431 14,654 8,142 -23,437 0 270,774 Minority interests 57,611 7,238 5,188 0 326 0 70,363 Share of the group 90,373 116,193 9,465 8,142 -23,763 0 200,411 |
(€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | |
|---|---|---|---|---|---|---|---|
Comments on the consolidated income statement
Compared to H1 2023, AvH's consolidation scope has remained largely unchanged. In H1 2024 only the new 33.33%-participation in Blue Real Estate was added and the 48.34%-stake in Axe Investments was removed. As both these participations are/were equity accounted for, this doesn't affect the comparability of the P&L statement significantly. All other perimeter changes described in Note 6. Segment information concern changes of shareholding-% that did not result in changes of consolidation method.
Consolidated revenues increased by 457.8 million euros (+19%) to 2,885.6 million euros. This evolution is primarily explained by the strong double digit growth at DEME in all contracting segments (+441.0 million euros ; +30%) reflecting high activity levels and effective project execution and at Bank Van Breda (+46.1 million euros ; +30%). Higher market interest rates and higher assets entrusted by clients to Bank Van Breda boosted both its interest and fee income. Nextensa's rental income was 1.0 million euros higher than last year, despite the sale of several buildings in 2023 and in H1 2024, thanks to indexation and an increase of events at Tour & Taxis in Brussels. Nextensa's revenue from development projects increased by 7.6 million euros reflecting smooth sales of the second phase of the Park Lane residential project at Tour & Taxis.
More details on the revenue from construction contracts is included in the section "Marine Engineering & Contracting" (from page 8).
Other operating income increased by 6.8 million euros to 43.2 million euros, of which 18.8 million euros was due to DEME (including various proceeds from insurance claims relating to equipment).
These higher revenues required higher operating expenses, which were up 375.4 million euros (+16%). Cost of raw materials, services and subcontracted work increased by 17%, personnel costs by 11% and depreciation charges by 15%. The higher market interest rates have resulted in a 42.8 million euros increase in interest revenues at Bank van Breda, but also led to 38.2 million euros higher interest expenses. The continuous investments by DEME in its fleet explain most of the 27.5 million euros higher depreciation charges. Impairment charges increased to 7.7 million euros. reflecting an impairment by DEME of 4.4 million euros on the crane of the "Sea Challenger", a net credit loss of 2.7 million euros at Bank Van Breda (still very limited on a total credit portfolio of 6,259 million euros) next to minor impairment of receivables spread over different group companies.
Other operating expenses decreased by 7.4 million euros. Whilst the cost for bank levies at Bank Van Breda decreased by 2.6 million euros compared to last year, this still represented a total cost of 11.4 million euros on top of the 18.9 million euros corporate income tax of H1 2024.
Fair value adjustments recorded through P&L resulted in a loss of 39.9 million euros in H1 2024, compared to a loss of 12.5 million euros in H1 2023. The negative share price evolution of the 1,351,320 Retail Estates shares held by Nextensa explains a 3.5 million euros negative fair value adjustment, while its real estate portfolio was negatively adjusted by 6.6 million euros. AvH benefitted from a positive fair value evolution of 3.5 million euros on its treasury portfolio, but revised downwards for a total amount of 35.2 million euros the fair value of its "Life Sciences" and "India & South-East Asia" investments. The main components of this 35.2 million euros correction concern Biotalys (7.9 million euros) reflecting the lower share price as of June, 30 2024 and the direct investment of AvH in Indian digital health-tech platform Medikabazaar. Following the discovery of financial irregularities, Medikabazaar's Board of directors has taken a series of actions, including changing the senior management of the company. Based on the elements at its disposal, AvH has revised the fair value of this investment by 24.8 million euros to reduce it to the initial cash outlay of 20.9 million euros and will continue to monitor the situation closely.
In H1 2024, the disposal of assets contributed a profit of 10.7 million euros. compared to 23.4 million euros last year. DEME realised a profit of 7.3 million euros on the divestment of a workshop in Zeebrugge and of miscellaneous equipment within its Dredging and Infra-segment. Nextensa realised a capital gain of 1.6 million euros on the sale of its office building Hygge in Luxembourg.
The consolidated financial result in H1 2024 was 23.6 million euros positive, sharply different form the loss of 23.2 million euros last year. The explanation is not related to net interest costs: given the conservative balance sheet structure of the AvH group companies, net consolidated interest charges represented no more than 6.7 million euros compared to 9.8 million euros last year. The big positive variation this year is explained by:
- i) the positive exchange results of 25.0 million euros in H1 2024, reflecting the strengthening of several currencies (mainly USD) to the EUR in the first half of 2024, compared to a negative of 9.6 million euros over the same period last year (affected by a depreciation of EGP in DEME's accounts), by
- ii) the dividend Retail Estates of 6.8 million euros (5 euro per share in 2024) that was already collected by Nextensa prior to June 30 in 2024 (last year only in H2) and
- iii) by a positive value evolution of hedging instruments for an amount of 2.8 million euros.
The share of profit from equity accounted participations increased to 116.9 million euros and represents almost 60% of AvH's net consolidated profit. It includes the contribution from core portfolio companies such as Delen Private Bank and SIPEF, but also the contributions from the offshore wind farms Rentel and SeaMade that are held through DEME and Green Offshore, from other joint ventures fom DEME, from Sagar Cements and from AvH Growth Capital participations. The full list of companies included in this category can be found in note Note 6. Segment information.
Income taxes represented a cost of 66.6 million euros in H1 2024, sharply up from 36.8 million euros last year. As already highlighted in previous years, it should be noted that the contribution from the equity-accounted participations is already included on a post-tax basis. The income tax charge born by these companies cannot be derived from the AvH consolidated accounts. Therefore, the H1 2024 tax charge of 66.6 million euros relates to an adjusted profit before tax of 337.4 million euros – 116.9 million euros = 220.5 million euros and resulting in a tax rate of 30.2%.
6.2. Segment information – Consolidated income statement 30-06-2023
| (€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|
| Marine Engineering & Contracting |
Private Banking |
Real Estate | Energy & Resources |
AvH & Growth Capital |
Eliminations between segments |
Total 30-06-2023 |
|
| Revenue | 2,163,340 | 156,219 | 63,031 | 11 | 46,181 | -1,006 | 2,427,776 |
| Rendering of services | 0 | 0 | 0 | 0 | 964 | -963 | 2 |
| Real estate revenue | 73,059 | 0 | 61,453 | 0 | 0 | 0 | 134,511 |
| Interest income - banking activities | 0 | 100,438 | 0 | 0 | 0 | 0 | 100,438 |
| Fees and commissions - banking activities | 0 | 50,873 | 0 | 0 | 0 | 0 | 50,873 |
| Revenue from construction contracts | 2,062,540 | 0 | 0 | 0 | 43,080 | -43 | 2,105,577 |
| Other operating revenue | 27,740 | 4,908 | 1,578 | 11 | 2,137 | 0 | 36,375 |
| Operating expenses (-) | -2,096,856 | -97,198 | -33,633 | -73 | -57,607 | 1,225 | -2,284,142 |
| Raw materials, consumables, services and subcontracted work (-) | -1,474,888 | -14,775 | -29,917 | -73 | -33,091 | 1,225 | -1,551,518 |
| Interest expenses Bank J.Van Breda & C° (-) | 0 | -31,698 | 0 | 0 | 0 | 0 | -31,698 |
| Employee expenses (-) | -425,458 | -32,697 | -3,005 | 0 | -22,121 | 0 | -483,282 |
| Depreciation (-) | -178,493 | -3,611 | -327 | 0 | -2,741 | 0 | -185,172 |
| Impairment losses (-) | -1,142 | -452 | -1 | 0 | 0 | 0 | -1,595 |
| Other operating expenses (-) | -18,141 | -14,025 | -379 | 0 | -233 | 0 | -32,778 |
| Provisions | 1,266 | 60 | -3 | 0 | 578 | 0 | 1,900 |
| Profit (loss) on assets/liabilities designated at fair value through profit and loss |
0 | 0 | -2,484 | 0 | -9,977 | 0 | -12,462 |
| Financial assets - Fair value through P/L (FVPL) | 0 | 0 | 2,973 | 0 | -9,977 | 0 | -7,004 |
| Investment property | 0 | 0 | -5,457 | 0 | 0 | 0 | -5,457 |
| Profit (loss) on disposal of assets | 3,347 | -7,292 | 2,074 | 0 | 25,287 | 0 | 23,416 |
| Realised gain (loss) on intangible and tangible assets | 3,329 | 0 | 0 | 0 | 29 | 0 | 3,358 |
| Realised gain (loss) on investment property | 0 | 0 | 2,074 | 0 | 0 | 0 | 2,074 |
| Realised gain (loss) on financial fixed assets | 18 | 0 | 0 | 0 | 25,259 | 0 | 25,276 |
| Realised gain (loss) on other assets | 0 | -7,292 | 0 | 0 | 0 | 0 | -7,292 |
| Profit (loss) from operating activities | 69,831 | 51,729 | 28,988 | -61 | 3,884 | 219 | 154,588 |
| Financial result | -15,329 | -374 | -12,612 | 0 | 5,311 | -219 | -23,223 |
| Interest income | 10,162 | 348 | 2,529 | 0 | 5,607 | -1,204 | 17,442 |
| Interest expenses (-) | -17,072 | 0 | -10,893 | 0 | -491 | 1,204 | -27,252 |
| (Un)realised foreign currency results | -9,149 | 0 | 0 | 0 | -449 | 0 | -9,598 |
| Other financial income (expenses) | 731 | 73 | -488 | 0 | 643 | -219 | 740 |
| Derivative financial instruments designated at fair value through profit and loss | 0 | -795 | -3,760 | 0 | 0 | 0 | -4,555 |
| Share of profit (loss) from equity accounted investments | 17,388 | 65,509 | 5,702 | 11,686 | 12,355 | 0 | 112,640 |
| Other non-operating income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-operating expenses (-) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit (loss) before tax | 71,890 | 116,863 | 22,078 | 11,625 | 21,550 | 0 | 244,005 |
| Income taxes | -16,174 | -15,715 | -4,602 | -31 | -325 | 0 | -36,847 |
| Deferred taxes | 19,056 | 165 | 81 | 0 | 316 | 0 | 19,618 |
| Current taxes | -35,231 | -15,880 | -4,683 | -31 | -641 | 0 | -56,466 |
| Profit (loss) after tax from continuing operations | 55,715 | 101,148 | 17,476 | 11,594 | 21,225 | 0 | 207,157 |
| Profit (loss) after tax from discontinued operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit (loss) of the period | 55,715 | 101,148 | 17,476 | 11,594 | 21,225 | 0 | 207,157 |
| Minority interests | 22,958 | 6,373 | 6,823 | 183 | 124 | 0 | 36,461 |
| Share of the group | 32,757 | 94,775 | 10,653 | 11,410 | 21,101 | 0 | 170,696 |
6.3. Segment information – Consolidated balance sheet 30-06-2024 – Assets
| (€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|
| Marine Engineering & |
Private Banking |
Real Estate | Energy & Resources |
AvH & Growth |
Eliminations between |
Total 30-06-2024 |
|
| Contracting | Capital | segments | |||||
| I. Non-current assets | 3,886,773 | 6,181,241 | 1,467,616 | 373,065 | 505,748 | -27,372 | 12,387,072 |
| Intangible assets | 115,576 | 402 | 885 | 0 | 2,233 | 0 | 119,095 |
| Goodwill | 174,166 | 134,247 | 0 | 0 | 11,727 | 0 | 320,140 |
| Tangible assets | 2,827,994 | 54,316 | 8,481 | 0 | 18,549 | 0 | 2,909,340 |
| Land and buildings | 227,157 | 43,162 | 0 | 0 | 9,095 | 0 | 279,414 |
| Plant, machinery and equipment | 2,348,996 | 3,380 | 1,796 | 0 | 2,351 | 0 | 2,356,522 |
| Furniture and vehicles | 68,263 | 5,687 | 672 | 0 | 6,849 | 0 | 81,471 |
| Other tangible assets | 9,370 | 728 | 6,014 | 0 | 254 | 0 | 16,366 |
| Assets under construction | 174,207 | 1,360 | 0 | 0 | 0 | 0 | 175,567 |
| Investment property | 0 | 0 | 1,273,947 | 0 | 0 | 0 | 1,273,947 |
| Participations accounted for using the equity method | 392,018 | 951,056 | 66,612 | 373,065 | 288,165 | 0 | 2,070,917 |
| Non-current financial assets | 208,310 | 3,177 | 90,032 | 0 | 183,504 | -27,372 | 457,652 |
| Financial assets : shares - Fair value through P/L (FVPL) | 4,727 | 0 | 83,782 | 0 | 112,174 | 0 | 200,682 |
| Receivables and warranties | 203,584 | 3,177 | 6,250 | 0 | 71,330 | -27,372 | 256,969 |
| Non-current hedging instruments | 20,705 | 52,129 | 23,886 | 0 | 0 | 0 | 96,720 |
| Deferred tax assets | 148,004 | 12,352 | 3,773 | 0 | 1,571 | 0 | 165,699 |
| Banks - receivables from credit institutions and clients after one year | 0 | 4,973,563 | 0 | 0 | 0 | 0 | 4,973,563 |
| Banks - loans and receivables to clients | 0 | 5,023,267 | 0 | 0 | 0 | 0 | 5,023,267 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | -49,705 | 0 | 0 | 0 | 0 | -49,705 |
| II. Current assets | 3,016,567 | 3,621,387 | 298,068 | 676 | 350,200 | -3,528 | 7,283,371 |
| Inventories | 334,331 | 0 | 105,082 | 0 | 2,155 | 0 | 441,568 |
| Amounts due from customers under construction contracts | 780,814 | 0 | 78,247 | 0 | 8,126 | 0 | 867,187 |
| Investments | 2 | 589,949 | 0 | 0 | 40,037 | 0 | 629,989 |
| Financial assets : shares - Fair value through P/L (FVPL) | 2 | ||||||
| 0 | 0 | 0 | 40,037 | 0 | 40,039 | ||
| Financial assets : bonds - Fair value through OCI (FVOCI) | 0 | 515,234 | 0 | 0 | 0 | 0 | 515,234 |
| Financial assets : shares - Fair value through OCI (FVOCI) | 0 | 58 | 0 | 0 | 0 | 0 | 58 |
| Financial assets - at amortised cost | 0 | 74,658 | 0 | 0 | 0 | 0 | 74,658 |
| Current hedging instruments | 12,594 | 5,054 | 0 | 0 | 0 | 0 | 17,648 |
| Amounts receivable within one year | 1,076,503 | 3,165 | 86,537 | 26 | 44,834 | -1,164 | 1,209,901 |
| Trade debtors | 991,755 | 69 | 22,839 | 0 | 17,547 | -1,164 | 1,031,045 |
| Other receivables | 84,749 | 3,095 | 63,699 | 26 | 27,287 | 0 | 178,856 |
| Current tax receivables | 48,104 | 2,351 | 11,123 | 0 | 718 | 0 | 62,297 |
| Banks - receivables from credit institutions and clients within one year |
0 | 2,866,621 | 0 | 0 | 0 | 0 | 2,866,621 |
| Banks - loans and advances to banks | 0 | 112,322 | 0 | 0 | 0 | 0 | 112,322 |
| Banks - loans and receivables to clients | 0 | 1,236,005 | 0 | 0 | 0 | 0 | 1,236,005 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | -2,651 | 0 | 0 | 0 | 0 | -2,651 |
| Banks - cash balances with central banks | 0 | 1,520,945 | 0 | 0 | 0 | 0 | 1,520,945 |
| Cash and cash equivalents | 669,448 | 134,965 | 9,204 | 650 | 249,601 | 0 | 1,063,868 |
| Deferred charges, accrued income and other current assets | 94,770 | 19,282 | 7,875 | 0 | 4,729 | -2,363 | 124,292 |
| III. Assets held for sale | 33,536 | 934 | 0 | 0 | 0 | 0 | 34,470 |
6.4. Segment information – Consolidated balance sheet 30-06-2024 - Equity and liabilities
| (€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|
| Marine | Private | Energy & | AvH & | Eliminations | |||
| Engineering & | Banking | Real Estate | Resources | Growth | between | Total 30-06-2024 |
|
| Contracting | Capital | segments | |||||
| I. Total equity | 2,566,213 | 1,923,454 | 844,646 | 373,742 | 802,726 | 0 | 6,510,780 |
| Equity - group share | 1,568,874 | 1,762,612 | 520,480 | 373,742 | 795,117 | 0 | 5,020,825 |
| Issued capital | 0 | 0 | 0 | 0 | 113,907 | 0 | 113,907 |
| Share capital | 0 | 0 | 0 | 0 | 2,295 | 0 | 2,295 |
| Share premium | 0 | 0 | 0 | 0 | 111,612 | 0 | 111,612 |
| Consolidated reserves | |||||||
| Revaluation reserves | 1,579,336 | 1,775,019 | 518,630 | 353,018 | 732,808 | 0 | 4,958,811 |
| Financial assets : bonds - Fair value through OCI (FVOCI) | -10,462 | -12,407 | 1,851 | 20,724 | -1,793 | 0 | -2,088 |
| 0 | -14,778 | 0 | 0 | 0 | 0 | -14,778 | |
| Financial assets : shares - Fair value through OCI (FVOCI) | 0 | 2,956 | 0 | 0 | 0 | 0 | 2,956 |
| Hedging reserves | 34,764 | 0 | 1,675 | 5 | 3 | 0 | 36,447 |
| Actuarial gains (losses) defined benefit pension plans | -22,724 | -4,357 | 0 | -2,033 | 4,723 | 0 | -24,391 |
| Translation differences | -22,502 | 3,772 | 175 | 22,752 | -6,520 | 0 | -2,323 |
| Treasury shares (-) | 0 | 0 | 0 | 0 | -49,805 | 0 | -49,805 |
| Minority interests | 997,339 | 160,842 | 324,165 | 0 | 7,609 | 0 | 1,489,955 |
| II. Non-current liabilities | 1,179,396 | 1,034,967 | 633,914 | 0 | 17,252 | -27,372 | 2,838,157 |
| Provisions | 108,259 | 3,633 | 2,406 | 0 | 10,823 | 0 | 125,120 |
| Pension liabilities | 64,091 | 7,250 | 0 | 0 | 451 | 0 | 71,792 |
| Deferred tax liabilities | |||||||
| 85,790 | 0 | 55,997 | 0 | 329 | 0 | 142,115 | |
| Financial debts | 880,018 | 5,901 | 575,445 | 0 | 5,263 | -27,372 | 1,439,256 |
| Bank loans | 685,689 | 0 | 470,348 | 0 | 1,461 | 0 | 1,157,498 |
| Bonds | 0 | 0 | 99,741 | 0 | 0 | 0 | 99,741 |
| Subordinated loans | 677 | 0 | 0 | 0 | 0 | 0 | 677 |
| Lease debts | 159,455 | 5,901 | 2,318 | 0 | 3,802 | 0 | 171,476 |
| Other financial debts | 34,197 | 0 | 3,039 | 0 | 0 | -27,372 | 9,864 |
| Non-current hedging instruments | 22,143 | 4,419 | 66 | 0 | 0 | 0 | 26,628 |
| Other amounts payable | 19,096 | 19,034 | 0 | 0 | 386 | 0 | 38,517 |
| Banks - non-current debts to credit institutions, clients & securities | 0 | 994,731 | 0 | 0 | 0 | 0 | 994,731 |
| Banks - deposits from credit institutions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Banks - deposits from clients | 0 | 994,731 | 0 | 0 | 0 | 0 | 994,731 |
| Banks - debt certificates including bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| III. Current liabilities | 3,191,268 | 6,845,141 | 287,124 | 0 | 35,970 | -3,528 | 10,355,975 |
| Provisions | 25,176 | 13 | 350 | 0 | 644 | 0 | 26,183 |
| Pension liabilities | 0 | 64 | 0 | 0 | 0 | 0 | 64 |
| Financial debts | 315,250 | 2,970 | 215,143 | 0 | 4,309 | 0 | 537,672 |
| Bank loans | 209,301 | 0 | 125,314 | 0 | 1,663 | 0 | 336,279 |
| Bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Subordinated loans | |||||||
| Lease debts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial debts | 65,699 | 2,970 | 0 | 0 | 2,646 | 0 | 71,314 |
| 40,250 | 0 | 89,829 | 0 | 0 | 0 | 130,079 | |
| Current hedging instruments | 27,470 | 371 | 0 | 0 | 0 | 0 | 27,842 |
| Amounts due to customers under construction contracts | 896,538 | 0 | 0 | 0 | 9,799 | 0 | 906,337 |
| Other amounts payable within one year | 1,793,017 | 47,163 | 43,998 | 0 | 18,836 | -1,164 | 1,901,850 |
| Trade payables | 1,454,928 | 110 | 28,699 | 0 | 9,427 | -1,164 | 1,491,999 |
| Advances received | 92,286 | 0 | 0 | 0 | 0 | 0 | 92,286 |
| Amounts payable regarding remuneration and social security | 170,542 | 12,884 | 4,421 | 0 | 6,040 | 0 | 193,886 |
| Other amounts payable | 75,260 | 34,170 | 10,879 | 0 | 3,370 | 0 | 123,678 |
| Current tax payables | 95,554 | 47 | 5,338 | 0 | 1,088 | 0 | 102,027 |
| Banks - current debts to credit institutions, clients & securities | 0 | 6,784,787 | 0 | 0 | 0 | 0 | 6,784,787 |
| Banks - deposits from credit institutions | 0 | 62,457 | 0 | 0 | 0 | 0 | 62,457 |
| Banks - deposits from clients | 0 | 6,596,760 | 0 | 0 | 0 | 0 | 6,596,760 |
| Banks - debt certificates including bonds | 0 | 125,570 | 0 | 0 | 0 | 0 | 125,570 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accrued charges and deferred income | 38,262 | 9,726 | 22,296 | 0 | 1,293 | -2,363 | 69,214 |
| IV. Liabilities held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity and liabilities | 6,936,877 | 9,803,562 | 1,765,683 | 373,742 | 855,948 | -30,899 | 19,704,913 |
Comments on the consolidated balance sheet
The consolidated balance sheet total of AvH has further grown to 19,704.9 million euros (+4%). This increase by 684.4 million euros is primarily explained by continued growth in the segments "Marine Engineering & Contracting" and "Private Banking". These two segments have also realised strong profit growth supported by high activity levels in H1 2024.
The full consolidation of Bank Van Breda continues to have a considerable impact on both the size and the structure of AvH's balance sheet. Due to the specificity of its banking activities, Bank Van Breda has a significantly larger balance sheet than the other companies of the AvH group. The full consolidation of Bank Van Breda alone already accounts for a balance sheet total of 8,628.7 million euros (or 44% ) of AvH's total assets. Bank Van Breda has a balance sheet structure that is well adapted to its activities. And although the bank belongs to the best capitalised financial institutions in Belgium, it clearly has very different balance sheet ratios from the other AvH group companies. As in previous years, the 78.75% participation of AvH in Delen Private Bank has been accounted for using the equity method, reflecting the joint control with the Delen family as defined in the shareholders' agreement.
Intangible assets and goodwill have remained almost unchanged compared to last year.
Tangible fixed assets have remained stable at 2,909 million euros. The biggest contribution to this amount comes from DEME (2,708 million euros). As part of the efforts to enhance its fallpipe vessels fleet, DEME invested in a new DP2 fallpipe vessel by purchasing and converting a bulk carrier. This vessel named "Yellowstone" is equipped with a central fallpipe system enabling the vessel to conduct activities using rocks with larger diameters close to subsea structures. Since Q2 2024 DEME deploys this vessel on its projects. Other additions to tangible fixed assets at DEME concern amounts invested during H1 2024 in a new offshore survey vessel "Karina" and in the DEME campus. At June 30, 2024, the net book value of floating and other construction equipment represented approximately 2.2 billion euros.
The investment property portfolio of Nextensa slightly decreased to 1,273.9 million euros, representing a total lettable area of 482.463 m² at an occupancy rate of 90.23%. It is spread over Belgium (552.1 million euros), Luxembourg (529.7 million euros) and Austria (192.1 million euros). Nextensa continued to invest in its portfolio, but no new properties were added in H1 2024. In Luxembourg, it sold its retail property "Foetz" of around 4,200 m² as well as the company owning the office building "Hygge", located in Luxembourg's Central Business District, after a short period of renovation.
Participations accounted for using the equity method include the interest in jointly controlled participations or in participations in which no controlling interest is held. The full list of companies can be found in Note 6. Segment information. The 48.8 million euros growth compared to year end 2023 is mainly explained by the results of these participations during H1 2024, by dividend distributions and by the additional investment of 41 million euros in Van Moer Logistics and the related real estate company Blue Real Estate.
Non-current financial assets : shares-fair value through P&L amounted to 200.7 million euros. This is a decrease by 22.3 million euros compared to year end 2023 and is explained primarily by 35.2 million euros negative fair value adjustments in the portfolio of non-consolidated investments at AvH Growth Capital and by scope changes. The latter include the direct participations acquired in IT-consulting company Xylos and in Baarbeek Immo, the company owning the real estate in Zwijndrecht where Agidens has its headquarters. Both these assets have been acquired in the context of the streamlined partnership with Christian Leysen and the simplification of the Agidens shareholders' structure. Nextensa holds an unchanged position of 1,351,320 shares (9.2%) in listed real estate company Retail Estates.
Banks- loans and receivables to clients : the total credit volume of Bank Van Breda towards its clients virtually plateaued at 6.259.3 million euros combined over the short and the long term. Loans and avances to other banks also remained quite stable at 112.3 million euros compared to last year (102.1 million euros). On June 30, 2024 Bank Van Breda had deposited 1,520.9 million euros at central banks, which is 48.4 million euros higher than at year end 2023. In combination with the (more than) coverage of Van Breda's loan book by deposits from clients, this very significant deposits with national banks reflect the very strong liquidity position of Bank Van Breda.
Inventories increased by 25.8 million euros to 441.6 million euros. Besides the inventory of raw materials and consumables at both DEME and CFE, it mainly includes the land banks of CFE (175.8 million euros), Deep C Holding (113.3 million euros) and Nextensa (105.1 million euros both for its real estate developments and on Tour & Taxis).
Amounts due from customers under construction contracts grew 87.0 million euros to 867.2 million euros, which is explained by the higher turnover at DEME and by the progress on the Park Lane development project at Tour & Taxis.
Investments amounted to 630.0 million euros at June 30, 2024 (+40.0 million euros compared to year end 2023). Bank Van Breda's bond portfolio has increased by 14.2 million euros over 6 months, whilst financial assets/shares at fair value through P&L at the level of AvH has decreased by 4.9 million euros, following the positive fair value adjustments of 3.5 million euros on the one hand and the sale of part of the portfolio on the other hand. The value of Bank Van Breda's bond portfolio at amortised cost also increased, by 30.7 million euros.
Trade debtors increase by 241.7 million euros compared to year end 2023. This evolution corresponds to a large extent with the growth of trade receivables at DEME (+236.3 million euros), which is explained by the higher turnover and by the progress of major projects and their timing of invoicing and not by an increase in overdue amounts.
Other receivables include financings to non-fully consolidated group companies and on June 30, 2024 also an amount of 8.35 million euros of SIPEF-dividend that was already approved by its Annual Meeting of Shareholders, but which had not yet been distributed.
The evolution of "Cash and cash equivalents" is commented in the Cash flow statement.
Assets held for sale at June 30, 2024 amount to 34.5 million euros. They concern primarily DEME's DP2 jack-up installation vessel Sea Challenger and its crane.
The evolution of equity is explained in the "Statement of changes in consolidated equity".
Non-current provisions have increased by 6.8 million euros compared to year end 2023. The vast majority of provisions are related to the "Marine Engineering & Contracting" segment for either warranty obligation or to equity accounted companies with a negative equity. They also still include for an amount of 10 million euros (unchanged during H1 2024) contingent liabilities identified by AvH in 2013 when taking the control over CFE (share AvH 6,0 million euros).
Financial debts-long term decreased by 26.4 million euros in H1 2024. This reduction came on top of a 13 million euros reduction of short term financial debts and an increase by 74.1 million euros of cash and cash equivalents. Although the net financial position of each portfolio company is managed separately, this overall improvement of the net financial position of the fully consolidated group companies in combination with a very comfortable equity position illustrate the solid balance sheet of the AvH Group. A 40 million euros bond issued by the former Extensa was repaid in H1 2024.
Amounts due to customers under construction contracts increased significantly (+245.5 million euros). This evolution is almost entirely (247.6 million euros) situated in "Marine engineering & Contracting" and is explained by higher turnover.
6.5. Segment information – Consolidated balance sheet 31-12-2023 – Assets
| (€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|
| Marine Engineering & Contracting |
Private Banking |
Real Estate | Energy & Resources |
AvH & Growth Capital |
Eliminations between segments |
Total 31-12-2023 |
|
| I. Non-current assets | |||||||
| Intangible assets | 3,870,602 115,407 |
6,175,212 267 |
1,480,596 889 |
353,632 0 |
488,361 2,243 |
-25,236 0 |
12,343,167 118,806 |
| Goodwill | 174,150 | 134,247 | 0 | 0 | 11,727 | 0 | 320,123 |
| Tangible assets | 2,817,276 | 54,478 | 8,697 | 0 | 28,961 | 0 | 2,909,412 |
| Land and buildings | 216,797 | 44,832 | 0 | 0 | 17,725 | 0 | 279,354 |
| Plant, machinery and equipment | 2,233,197 | 2,665 | 1,899 | 0 | 3,378 | 0 | 2,241,138 |
| Furniture and vehicles | 53,106 | 5,284 | 697 | 0 | 6,644 | 0 | 65,730 |
| Other tangible assets | 3,621 | 816 | 6,101 | 0 | 1,215 | 0 | 11,753 |
| Assets under construction | 310,555 | 882 | 0 | 0 | 0 | 0 | 311,437 |
| Investment property | 0 | 0 | 1,288,844 | 0 | 0 | 0 | 1,288,844 |
| Participations accounted for using the equity method | 397,890 | 933,089 | 64,238 | 353,632 | 273,242 | 0 | 2,022,091 |
| Non-current financial assets | 208,600 | 3,177 | 93,546 | 0 | 169,954 | -25,236 | 450,040 |
| Financial assets : shares - Fair value through P/L (FVPL) | 4,547 | 0 | 87,296 | 0 | 131,173 | 0 | 223,016 |
| Receivables and warranties | 204,053 | 3,177 | 6,250 | 0 | 38,781 | -25,236 | 227,024 |
| Non-current hedging instruments | 22,630 | 45,965 | 20,633 | 0 | 0 | 0 | 89,227 |
| Deferred tax assets | 134,649 | 9,808 | 3,750 | 0 | 2,235 | 0 | 150,442 |
| Banks - receivables from credit institutions and clients after one year | 0 | 4,994,181 | 0 | 0 | 0 | 0 | 4,994,181 |
| Banks - loans and receivables to clients | 0 | 5,029,531 | 0 | 0 | 0 | 0 | 5,029,531 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | -35,350 | 0 | 0 | 0 | 0 | -35,350 |
| II. Current assets | |||||||
| Inventories | 2,531,655 312,041 |
3,388,815 0 |
284,367 102,079 |
736 0 |
464,778 1,659 |
-3,990 0 |
6,666,361 415,779 |
| Amounts due from customers under construction contracts | 701,437 | 0 | 73,490 | 0 | 5,295 | 0 | 780,222 |
| Investments | 2 | 545,039 | 0 | 0 | 44,912 | 0 | 589,954 |
| Financial assets : shares - Fair value through P/L (FVPL) | 2 | 0 | 0 | 0 | 44,912 | 0 | 44,914 |
| Financial assets : bonds - Fair value through OCI (FVOCI) | 0 | 501,037 | 0 | 0 | 0 | 0 | 501,037 |
| Financial assets : shares - Fair value through OCI (FVOCI) | 0 | 58 | 0 | 0 | 0 | 0 | 58 |
| Financial assets - at amortised cost | 0 | 43,944 | 0 | 0 | 0 | 0 | 43,944 |
| Current hedging instruments | 16,161 | 3,918 | 0 | 0 | 0 | 0 | 20,079 |
| Amounts receivable within one year | 808,994 | 5,601 | 81,908 | 3 | 42,814 | -1,343 | 937,976 |
| Trade debtors | |||||||
| 745,145 | 56 | 22,777 | 0 | 22,738 | -1,343 | 789,373 | |
| Other receivables | 63,848 | 5,545 | 59,131 | 3 | 20,076 | 0 | 148,603 |
| Current tax receivables Banks - receivables from credit institutions and clients within one |
33,758 0 |
1 2,791,806 |
12,505 0 |
43 0 |
544 0 |
0 0 |
46,851 2,791,806 |
| year Banks - loans and advances to banks |
0 | 102,073 | 0 | 0 | 0 | 0 | 102,073 |
| Banks - loans and receivables to clients | 0 | 1,218,593 | 0 | 0 | 0 | 0 | 1,218,593 |
| Banks - changes in fair value of the hedged credit portfolio | 0 | -1,402 | 0 | 0 | 0 | 0 | -1,402 |
| Banks - cash balances with central banks | 0 | 1,472,542 | 0 | 0 | 0 | 0 | 1,472,542 |
| Cash and cash equivalents | 583,759 | 29,339 | 11,129 | 689 | 364,894 | 0 | 989,810 |
| Deferred charges, accrued income and other current assets | 75,502 | 13,110 | 3,257 | 0 | 4,661 | -2,647 | 93,885 |
| III. Assets held for sale | 1,630 | 138 | 9,230 | 0 | 0 | 0 | 10,998 |
6.6. Segment information – Consolidated balance sheet 31-12-2023 - Equity and liabilities
| Marine AvH & Eliminations Private Energy & Total Engineering & Real Estate Growth between Banking Resources 31-12-2023 Contracting Capital segments I. Total equity 2,488,966 1,806,327 837,420 354,332 890,015 0 6,377,060 Equity - group share 1,523,953 1,646,827 507,192 354,332 881,643 0 4,913,948 Issued capital 0 0 0 0 113,907 0 113,907 Share capital 0 0 0 0 2,295 0 2,295 Share premium 0 0 0 0 111,612 0 111,612 Consolidated reserves 1,532,617 1,658,844 505,355 339,566 871,331 0 4,907,712 Revaluation reserves -8,664 -12,017 1,837 14,767 -3,521 0 -7,598 Financial assets : bonds - Fair value through OCI (FVOCI) 0 -11,313 0 0 0 0 -11,313 Financial assets : shares - Fair value through OCI (FVOCI) 0 697 0 0 0 0 697 Hedging reserves 30,815 0 1,665 134 4 0 32,617 Actuarial gains (losses) defined benefit pension plans -22,724 -4,357 0 -1,782 4,699 0 -24,165 Translation differences -16,755 2,956 172 16,415 -8,223 0 -5,434 Treasury shares (-) 0 0 0 0 -100,074 0 -100,074 Minority interests 965,013 159,500 330,228 0 8,372 0 1,463,112 II. Non-current liabilities 1,215,006 974,601 618,568 0 20,510 -25,236 2,803,449 Provisions 101,519 3,693 2,264 0 10,828 0 118,304 Pension liabilities 64,211 7,458 0 0 452 0 72,121 Deferred tax liabilities 84,616 0 53,709 0 385 0 138,710 Financial debts 914,291 5,726 562,159 0 8,713 -25,236 1,465,653 Bank loans 756,115 0 457,345 0 5,800 0 1,219,260 Bonds 0 0 99,613 0 0 0 99,613 Subordinated loans 677 0 0 0 0 0 677 Lease debts 123,012 5,726 2,318 0 2,913 0 133,969 Other financial debts 34,487 0 2,884 0 0 -25,236 12,135 Non-current hedging instruments 23,078 12,355 436 0 0 0 35,869 Other amounts payable 27,291 19,331 0 0 132 0 46,754 Banks - non-current debts to credit institutions, clients & securities 0 926,038 0 0 0 0 926,038 Banks - deposits from credit institutions 0 0 0 0 0 0 0 Banks - deposits from clients 0 926,038 0 0 0 0 926,038 Banks - debt certificates including bonds 0 0 0 0 0 0 0 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 III. Current liabilities 2,699,915 6,783,238 318,205 35 42,615 -3,990 9,840,018 Provisions 29,319 5 350 0 681 0 30,356 Pension liabilities 0 136 0 0 0 0 136 Financial debts 308,416 2,955 235,790 0 3,512 0 550,672 Bank loans 196,926 0 109,493 0 1,651 0 308,070 Bonds 0 0 40,000 0 0 0 40,000 Subordinated loans 0 0 0 0 0 0 0 Lease debts 38,240 2,955 0 0 1,861 0 43,055 Other financial debts 73,250 0 86,297 0 0 0 159,547 Current hedging instruments 20,324 -149 0 0 0 0 20,175 Amounts due to customers under construction contracts 648,981 0 0 0 11,873 0 660,854 Other amounts payable within one year 1,576,533 41,927 42,881 5 23,851 -1,343 1,683,854 Trade payables 1,231,376 47 26,046 5 10,651 -1,343 1,266,781 Advances received 84,486 0 0 0 0 0 84,486 Amounts payable regarding remuneration and social security 184,774 16,954 5,265 0 11,732 0 218,725 Other amounts payable 75,897 24,927 11,570 0 1,469 0 113,863 Current tax payables 79,274 3,676 8,254 30 776 0 92,010 Banks - current debts to credit institutions, clients & securities 0 6,725,882 0 0 0 0 6,725,882 Banks - deposits from credit institutions 0 49,604 0 0 0 0 49,604 Banks - deposits from clients 0 6,564,963 0 0 0 0 6,564,963 Banks - debt certificates including bonds 0 111,315 0 0 0 0 111,315 Banks - changes in fair value of the hedged credit portfolio 0 0 0 0 0 0 0 Accrued charges and deferred income 37,068 8,806 30,930 0 1,921 -2,647 76,078 IV. Liabilities held for sale 0 0 0 0 0 0 0 Total equity and liabilities |
(€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|---|
| 6,403,886 | 9,564,165 | 1,774,194 | 354,367 | 953,139 | -29,226 | 19,020,526 |
6.7. Segment information – Consolidated cash flow statement 30-06-2024
| (€ 1,000) | Segment 1 | Segment 2 | Segment 3 | Segment 4 | Segment 5 | ||
|---|---|---|---|---|---|---|---|
| Marine Engineering & Contracting |
Private Banking |
Real Estate | Energy & Resources |
AvH & Growth Capital |
Eliminations between segments |
Total 30-06-2024 |
|
| I. Cash and cash equivalents - opening balance | 583,759 | 29,339 | 11,129 | 689 | 364,894 | 0 | 989,810 |
| Profit (loss) from operating activities | 157,287 | 59,597 | 18,829 | -58 | -39,036 | 204 | 196,823 |
| Reclassification 'Profit (loss) on disposal of assets' | -8,360 | 0 | -1,595 | 0 | -723 | -10,677 | |
| to cash flow from divestments Dividends from participations accounted for |
34,567 | 70,795 | 0 | 0 | 12,795 | 118,157 | |
| using the equity method Other non-operating income (expenses) |
0 | 0 | 0 | 0 | 0 | 0 | |
| Income taxes (paid) | -48,282 | -19,976 | -3,111 | 15 | -1,059 | -72,414 | |
| Non-cash adjustments | |||||||
| Depreciation | 204,904 | 4,195 | 751 | 0 | 2,791 | 212,642 | |
| Impairment losses | 4,673 | 2,686 | 0 | 0 | 338 | 7,697 | |
| Share based payment | 505 | -2,451 | 0 | 0 | 1,300 | -646 | |
| (Profit) Loss on assets/liabilities designated at | 0 | 0 | 10,148 | 0 | 29,779 | 39,927 | |
| fair value through profit and loss (Decrease) increase of provisions |
-1,892 | -367 | 3 | 0 | -43 | -2,298 | |
| Other non-cash expenses (income) | 1,746 | -1,326 | -117 | 0 | -79 | 225 | |
| Cash flow | 345,149 | 113,153 | 24,909 | -43 | 6,064 | 204 | 489,436 |
| Decrease (increase) of working capital | 87,490 | 49,736 | -29,182 | -15 | -12,013 | 0 | 96,016 |
| Decrease (increase) of inventories and construction contracts | -216 | 0 | -7,644 | 0 | -6,646 | -14,507 | |
| Decrease (increase) of amounts receivable | -362,553 | 86 | -4,629 | -23 | -2,237 | 0 | -369,356 |
| Decrease (increase) of receivables from credit institutions and clients (banks) |
0 | -71,378 | 0 | 0 | 0 | -71,378 | |
| Increase (decrease) of liabilities (other than financial debts) | 461,902 | 1,607 | -7,517 | -5 | -2,802 | 0 | 453,185 |
| Increase (decrease) of debts to credit institutions, clients & securities (banks) |
0 | 132,610 | 0 | 0 | 0 | 132,610 | |
| Decrease (increase) other | -11,643 | -13,190 | -9,392 | 14 | -328 | -34,538 | |
| Cash flow from operating activities | 432,640 | 162,888 | -4,273 | -58 | -5,949 | 204 | 585,452 |
| Investments | -203,184 | -102,047 | -13,627 | -5,660 | -67,789 | 2,500 | -389,808 |
| Acquisition of intangible and tangible assets | -175,681 | -2,318 | -745 | 0 | -1,057 | -179,801 | |
| Acquisition of investment property | 0 | 0 | -12,883 | 0 | 0 | -12,883 | |
| Acquisition of financial fixed assets (business combinations included) | -7,218 | 0 | 0 | -5,660 | -63,461 | -76,339 | |
| Cash acquired through business combinations | 0 | 0 | 0 | 0 | 3,276 | 3,276 | |
| New loans granted | -20,286 | 0 | 0 | 0 | -6,255 | 2,500 | -24,041 |
| Acquisition of investments | 0 | -99,728 | 0 | 0 | -293 | -100,021 | |
| Divestments | 30,813 | 51,495 | 32,067 | 0 | 19,572 | -362 | 133,586 |
| Disposal of intangible and tangible assets | 10,836 | 0 | 0 | 0 | 90 | 10,926 | |
| Disposal of investment property | 0 | 0 | 32,067 | 0 | 0 | 32,067 | |
| Disposal of financial fixed assets (business disposals included) | 4,293 | 0 | 0 | 0 | 9,284 | 13,577 | |
| Cash disposed of through business disposals | 0 | 0 | 0 | 0 | 0 | 0 | |
| Reimbursements of loans | 15,683 | 0 | 0 | 0 | 895 | -362 | 16,217 |
| Disposal of investments | 0 | 51,495 | 0 | 0 | 9,304 | 60,799 | |
| Cash flow from investing activities | -172,371 | -50,552 | 18,440 | -5,660 | -48,217 | 2,139 | -256,222 |
| Financial operations | |||||||
| Dividends received | 0 | 1,620 | 6,757 | 0 | 1,094 | 9,471 | |
| Interest received | 12,610 | 513 | 3,306 | 0 | 9,357 | -672 | 25,113 |
| Interest paid | -18,308 | 0 | -13,856 | 0 | -122 | 669 | -31,617 |
| Other financial income (costs) | 16,210 | 0 | -1,059 | 0 | -288 | -199 | 14,663 |
| Decrease (increase) of treasury shares - AvH | 0 | 0 | 0 | 0 | 1,604 | 1,604 | |
| Decrease (increase) of treasury shares - affiliates | -2,882 | 0 | 0 | 0 | 0 | -2,882 | |
| Increase of financial debts | 56,248 | 0 | 63,343 | 0 | 0 | -2,500 | 117,091 |
| (Decrease) of financial debts | -173,090 | -1,660 | -67,132 | 0 | -1,935 | 362 | -243,456 |
| (Investments) and divestments in controlling interests | 0 | 0 | 7,454 | 0 | -5,379 | 2,075 | |
| Dividends paid by AvH | 0 | 0 | 0 | 0 | -111,301 | -111,301 | |
| Dividends paid intra group | -42,305 | 0 | -9,251 | 0 | 51,556 | 0 | |
| Dividends paid to minority interests | -24,012 | -7,183 | -5,654 | 0 | -52 | -36,902 | |
| Cash flow from financial activities | -175,529 | -6,710 | -16,092 | 0 | -55,468 | -2,341 | -256,141 |
| II. Net increase (decrease) in cash and cash equivalents | 84,739 | 105,626 | -1,926 | -5,718 | -109,634 | 2 | 73,090 |
| Transfer between segments | 0 | 0 | 0 | 5,660 | -5,660 | 0 | |
| Impact of exchange rate changes on cash and cash equivalents | 950 | 0 | 0 | 19 | 1 | -2 | 969 |
| III. Cash and cash equivalents - ending balance | 669,448 | 134,965 | 9,204 | 650 | 249,601 | 0 | 1,063,868 |
Comments on the consolidated cash flow statement
AvH realised a strong increase of its Cash flow to 489.4 million euros (+38%), mainly thanks to the combination of i) a 42.2 million euros higher profit from operations with ii) a 12.7 million euros smaller contribution from profits realised on the disposal of assets, that are reclassed to "cash flow from investing activities", iii) 23.9 million euros more dividends received from equity accounted companies and iv) 58.0 million euros more non-cash adjustments to be added. Taxes paid increased to 72.4 million euros and explain the only negative variation. Almost the full improvement of cash flow compared to last year is generated in "Marine Engineering & Contracting", thanks to the outstanding performance at DEME.
The split per segment of profit from operating activities and comments on its main variations can be found under Note 6. Segment information – Income statement" of this report.
Despite the higher profit from operations realised in H1 2024, the contribution of capital gains to this profit is limited to 10.7 million euros, which is 12.7 million euros lower than last year. The effect on cash flow from disposals is reclassed to cash flow from investing activities. In H1 2024 the main disposals contributing to operating profit concerned the sale by DEME of a former workshop in Zeebrugge and of several smaller equipment as well as by Nextensa of the Hygge-property in Luxemburg.
AvH received 118.2 million euros dividends from participations accounted for under the equity method, 23.9 million euros more than last year. The biggest contributors to this 118.2 million euros were : Delen Private Bank (70.8 million euros), the offshore wind companies Rentel and SeaMade (19.7 million euros) and several real estate development companies of CFE (9.6 million euros).
Non-cash adjustments were 257.5 million euros positive, compared to 199.5 million euros in H1 2023. Depreciation charges increased by 27.5 million euros, of which 25.5 million euros is explained by the higher depreciation charges at DEME.
Profit from operating activities included 7.7 million euros impairments, compared to only 1.6 million euros last year. In H1 2024, the 4.4 million euros impairment of the crane of Sea Challenger and 2.7 million euros of credit loss at Bank Van Breda were the main components. In H1 2024, profit from operating activities was impacted by 39.9 million euros of negative fair value adjustments, which are noncash impacts. The main elements of this 39.9 million euros were the 6.6 million euros negative evolution of Nextensa's property portfolio, the 3.5 million euros decrease of the market value of Nextensa's Retail Estates shares and the 29.8 million euros combined negative fair value evolution of AvH's fair value investments (both in Growth Capital and in other non-consolidated).
During H1 2024 the overall working capital decreased by 96.0 million euros, whereas in H1 2023 working capital had increased by 120.2 million euros. The variance in need for working capital alone therefore explains a combined effect of 216.2 million euros year-on-year. The working capital evolution of H1 2024 can be split in a 49.4 million euros lower need at Bank Van Breda mainly reflecting that the growth of deposits from clients outpaces that of the total credit portfolio and a 46.6 million euros lower working capital spread over all other fully consolidated group companies.
The combination of a cash flow of 489.4 million euros with the 96.0 million euros lower need for working capital resulted in a cash flow from operating activities in H1 2024 of 585.5 million euros.
Although the companies of the AvH Group continued to invest actively in H1 2024, the total amount of investments decreased compared to last year by 152.6 million euros to 389.8 million euros. Out of this total amount of 389.8 million euros, investments by Bank Van Breda in the context of its ALM-management represented 99.7 million euros, whilst disposals amounted to 51.5 million euros in the same period. Investments in tangible and intangible assets (179.8 million euros) were mainly concentrated in "Marine Engineering & Contracting" (DEME : 167.1 million euros, CFE : 7.0 million euros and Deep C Holding 1.6 million euros).
Nextensa spent 12.9 million euros capex on its existing real estate property portfolio and sold its properties "Foetz" and "Hygge" for a total amount of 32.1 million euros. AvH invested 69,1 million euros acquisition of financial fixed assets, including 5.7 million euros to increase its shareholding in SIPEF by 1.0%, 2.5 million euros to increase its shareholding in Camlin Fine Sciences and 41.4 million euros combined to participate in a capital increase of 25 million euros at Van Moer Logistics and for the acquisition of 33% of Blue Real Estate, a real estate company owning properties leased by Van Moer Logistics. In the context of the streamlining of its partnership with Christian Leysen, AvH Growth Capital acquired 100% of investment company Oksalys, acquired a minority stake in IT-company Xylos and increased its direct shareholding in Agidens (previously held through Axe Investments), while it divested its 48.34%-stake in Axe Investments. Other investments by AvH included follow up investments in Venturi, Health Quad II and Vico Therapeutics.
Divestments in H1 2024 generated 133.6 million euros cash, a decrease by 144.3 million euros compared to last year. Divestments of tangible fixed assets were almost entirely related to the disposal by DEME of a workshop in Zeebrugge and other divestments of equipment for a total amount of 9.2 million euros. Divestments of financial fixed assets generated 13.6 million euros. This amount included the proceeds from a minor decrease of DEME's share in C-Power, from the liquidation of a PPP-company by CFE, from the disposal by AvH Growth Capital of its 48.34%-stake in Axe Investments and from a number of smaller transactions.
AvH invested 9.1 million euros to increase its shareholding in Nextensa. This amount includes the reinvestment in the context of the optional dividend offered by Nextensa to its shareholders.
Evolution of the financial debts (cash & non -cash)
| (€ 1,000) | |
|---|---|
| Financial debts at 31 -12 -2023 |
2,016,326 |
| Movements in the Cashflow statement (Cash flow from financial activities) | |
| Increase of financial debts | 117,091 |
| (Decrease) of financial debts | -243,456 |
| Non -cash movements |
|
| - Changes in consolidation scope - acquisitions |
-2,387 |
| - Changes in consolidation scope - divestments |
0 |
| - IFRS 16 Leases - tangible assets |
92,107 |
| - IFRS 16 Leases - investment property | 0 |
| - Impact of exchange rates | -2,753 |
| - Others | 0 |
| Financial debts at 30 -06 -2024 |
1,976,928 |
6.8. Segment information – Consolidated cash flow statement 30-06-2023
| (€ 1,000) | Segment 1 Marine Engineering & Contracting |
Segment 2 Private Banking |
Segment 3 Real Estate & Senior Care |
Segment 4 Energy & Resources |
Segment 5 AvH & Growth Capital |
Eliminations between segments |
Total 30-06-2023 |
|---|---|---|---|---|---|---|---|
| I. Cash and cash equivalents - opening balance | 693,990 | 24,515 | 31,106 | 642 | 410,718 | 0 | 1,160,972 |
| Profit (loss) from operating activities | 69,831 | 51,729 | 28,988 | -61 | 3,884 | 219 | 154,588 |
| Reclassification 'Profit (loss) on disposal of assets' | -3,347 | 7,292 | -2,074 | 0 | -25,287 | -23,416 | |
| to cash flow from divestments | |||||||
| Dividends from participations accounted for using the equity method |
16,264 | 63,226 | 0 | 0 | 14,772 | 94,261 | |
| Other non-operating income (expenses) | 0 | 0 | 0 | 0 | 0 | 0 | |
| Income taxes (paid) | -48,824 | -15,880 | -4,683 | -31 | -641 | -70,059 | |
| Non-cash adjustments | |||||||
| Depreciation | 178,493 | 3,611 | 327 | 0 | 2,741 | 185,172 | |
| Impairment losses | 1,142 | 462 | 1 | 0 | 0 | 1,605 | |
| Share based payment | 80 | -1,702 | 0 | 0 | 974 | -647 | |
| (Profit) Loss on assets/liabilities designated at | 0 | 0 | 2,484 | 0 | 9,977 | 12,462 | |
| fair value through profit and loss | |||||||
| (Decrease) increase of provisions | -1,031 | -364 | 3 | 0 | -578 | -1,969 | |
| Other non-cash expenses (income) | 2,494 | -163 | -95 | 0 | 659 | 2,895 | |
| Cash flow | 215,101 | 108,212 | 24,952 | -92 | 6,500 | 219 | 354,891 |
| Decrease (increase) of working capital | -188,574 | 50,555 | -29,541 | 19 | -34,919 | 82,248 | -120,213 |
| Decrease (increase) of inventories and construction contracts | 16,475 | 0 | 3,514 | 0 | -4,961 | 15,028 | |
| Decrease (increase) of amounts receivable | -221,446 | -77,824 | -147 | -4 | -25,863 | 82,248 | -243,038 |
| Decrease (increase) of receivables from credit institutions and clients (banks) |
0 | -533,564 | 0 | 0 | 0 | -533,564 | |
| Increase (decrease) of liabilities (other than financial debts) | 18,888 | -6,353 | -21,015 | -6 | -3,914 | 0 | -12,400 |
| Increase (decrease) of debts to credit institutions, | |||||||
| clients & securities (banks) | 0 | 657,642 | 0 | 0 | 0 | 657,642 | |
| Decrease (increase) other | -2,491 | 10,655 | -11,893 | 29 | -181 | -3,881 | |
| Cash flow from operating activities | 26,526 | 158,767 | -4,589 | -74 | -28,419 | 82,466 | 234,677 |
| Investments | -253,895 | -216,703 | -43,239 | -4,717 | -23,845 | 0 | -542,400 |
| Acquisition of intangible and tangible assets | -229,294 | -907 | -643 | 0 | -2,822 | -233,666 | |
| Acquisition of investment property | 0 | 0 | -42,596 | 0 | 0 | -42,596 | |
| Acquisition of financial fixed assets (business combinations included) | -2,104 | 0 | 0 | -4,717 | -18,773 | -25,594 | |
| Cash acquired through business combinations | 0 | 0 | 0 | 0 | 0 | 0 | |
| New loans granted | -22,497 | -597 | 0 | 0 | -2,250 | 0 | -25,344 |
| Acquisition of investments | 0 | -215,199 | 0 | 0 | 0 | -215,199 | |
| Divestments | 15,139 | 158,029 | 43,532 | 0 | 70,863 | -9,715 | 277,848 |
| Disposal of intangible and tangible assets | 10,470 | 0 | 0 | 0 | 44 | 10,514 | |
| Disposal of investment property | 0 | 0 | 43,532 | 0 | 0 | 43,532 | |
| Disposal of financial fixed assets (business disposals included) | 58 | 0 | 0 | 0 | 61,104 | 61,162 | |
| Cash disposed of through business disposals | 0 | 0 | 0 | 0 | 0 | 0 | |
| Reimbursements of loans | 4,611 | 0 | 0 | 0 | 9,715 | -9,715 | 4,611 |
| Disposal of investments | 0 | 158,029 | 0 | 0 | 0 | 158,029 | |
| Cash flow from investing activities | -238,757 | -58,674 | 292 | -4,717 | 47,018 | -9,715 | -264,552 |
| Financial operations | |||||||
| Dividends received | 0 | 1,524 | 0 | 0 | 997 | 2,521 | |
| Interest received | 10,162 | 347 | 2,529 | 0 | 5,607 | -1,204 | 17,441 |
| Interest paid | -18,088 | -61 | -10,893 | 0 | -491 | 1,204 | -28,328 |
| Other financial income (costs) | -8,121 | 0 | -488 | 0 | -440 | -219 | -9,268 |
| Decrease (increase) of treasury shares - AvH | 0 | 0 | 0 | 0 | -11,818 | -11,818 | |
| Decrease (increase) of treasury shares - affiliates Increase of financial debts |
0 162,783 |
0 0 |
0 84,800 |
0 0 |
0 81,925 |
-82,248 | 0 247,260 |
| (Decrease) of financial debts (Investments) and divestments in controlling interests |
-166,369 32,816 |
-1,599 0 |
-66,297 0 |
0 0 |
-2,075 -9,748 |
9,715 | -226,626 23,068 |
| Dividends paid by AvH | 0 | 0 | 0 | 0 | -102,511 | -102,511 | |
| Dividends paid intra group | -9,440 | 0 | -15,220 | 0 | 24,660 | 0 | |
| Dividends paid to minority interests | -3,679 | -5,801 | -10,488 | 0 | -138 | -20,107 | |
| Cash flow from financial activities | 64 | -5,591 | -16,058 | 0 | -14,031 | -72,751 | -108,367 |
| II. Net increase (decrease) in cash and cash equivalents | -212,167 | 94,503 | -20,355 | -4,791 | 4,568 | 0 | -138,243 |
| Transfer between segments | 0 | 0 | 0 | 4,717 | -4,717 | ||
| Impact of exchange rate changes on cash and cash equivalents | -1,598 | 0 | 0 | -3 | 0 | -1,601 | |
| III. Cash and cash equivalents - ending balance | 480,225 | 119,018 | 10,751 | 565 | 410,568 | 0 | 1,021,128 |
7. Notes to the financial statements
7.1. Basis for the presentation of the condensed financial statements
The condensed consolidated financial statements of AvH as of June 30, 2024 are issued in accordance with IAS 34. These condensed financial statements do not contain all the information that is required for full reporting and should be read in conjunction with the 2023 financial statements.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31 December 2023.
New and amended standards and interpretations:
Following new standards and amendments to existing standards published by the IASB, are applied as from January 1, 2024:
- amendments to IAS 1 presentation of financial statements: non-current liabilities with covenants and classification of liabilities as current or non-current (deferred)
- amendments to IFRS 16 leases: lease liability in a sale and leaseback
- amendments to IAS 7 statement of cash flows and IFRS 7 financial instruments: disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements.
The application of those new and amended standards and interpretations has no significant impact on the group's financial statements.
7.2. Business combinations or disposals
No business combinations nor disposals took place in H1 2024.
7.3. Financial assets and liabilities per category
| (€ 1,000) | Fair value | Book value | ||
|---|---|---|---|---|
| 30-06-2024 | 31-12-2023 | 30-06-2024 | 31-12-2023 | |
| Financial assets | ||||
| Financial assets : shares - Fair value through P/L (FVPL) | 240,722 | 267,930 | 240,722 | 267,930 |
| Financial assets : bonds - Fair value through OCI (FVOCI) | 515,234 | 501,037 | 515,234 | 501,037 |
| Financial assets : shares - Fair value through OCI (FVOCI) | 58 | 58 | 58 | 58 |
| Financial assets - at amortised cost | 74,661 | 44,560 | 74,658 | 43,944 |
| Receivables and cash | ||||
| Financial fixed assets - receivables and warranties | 256,969 | 227,024 | 256,969 | 227,024 |
| Other receivables | 178,856 | 148,603 | 178,856 | 148,603 |
| Trade debtors | 1,031,045 | 789,373 | 1,031,045 | 789,373 |
| Cash and cash equivalents | 1,063,868 | 989,810 | 1,063,868 | 989,810 |
| Banks - receivables from credit institutions & clients | 7,870,530 | 7,836,913 | 7,892,540 | 7,822,739 |
| Banks - changes in fair value of the hedged credit portfolio | -52,356 | -36,752 | -52,356 | -36,752 |
| Hedging instruments | 114,368 | 109,306 | 114,368 | 109,306 |
| (€ 1,000) | Fair value | Book value | ||
|---|---|---|---|---|
| 30-06-2024 | 31-12-2023 | 30-06-2024 | 31-12-2023 | |
| Financial liabilities | ||||
| Financial liabilities valued at amortised cost | ||||
| Financial debts | ||||
| Bank loans | 1,477,789 | 1,515,623 | 1,493,777 | 1,527,330 |
| Bonds | 92,949 | 139,613 | 99,741 | 139,613 |
| Surbordinated loans | 677 | 677 | 677 | 677 |
| Lease debts | 242,790 | 177,024 | 242,790 | 177,024 |
| Other financial debts | 139,942 | 171,681 | 139,942 | 171,681 |
| Other debts | ||||
| Trade payables | 1,491,999 | 1,266,781 | 1,491,999 | 1,266,781 |
| Advances received | 92,286 | 84,486 | 92,286 | 84,486 |
| Amounts payable regarding remuneration and social security | 193,886 | 218,725 | 193,886 | 218,725 |
| Other amounts payable | 123,678 | 113,863 | 123,678 | 113,863 |
| Banks - debts to credit institutions, clients & securities | 7,753,574 | 7,630,595 | 7,779,517 | 7,651,919 |
| Hedging instruments | 54,469 | 56,043 | 54,469 | 56,043 |
| (€ 1,000) | 30-06-2024 | 31-12-2023 | ||||
|---|---|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| Financial assets | ||||||
| Financial assets : shares - Fair value through P/L (FVPL) | 147,267 | 93,454 | 161,684 | 106,245 | ||
| Financial assets : bonds - Fair value through OCI (FVOCI) | 515,234 | 501,037 | ||||
| Financial assets : shares - Fair value through OCI (FVOCI) | 58 | 58 | ||||
| Financial assets - at amortised cost | 54,811 | 19,850 | 44,560 | |||
| Receivables and cash | ||||||
| Banks - receivables from credit institutions & clients | 1,633,265 | 6,237,265 | 1,574,684 | 6,262,229 | ||
| Banks - changes in fair value of the hedged credit portfolio | -52,356 | -36,752 | ||||
| Hedging instruments | 114,368 | 109,306 | ||||
| Financial liabilities | ||||||
| Financial debts | ||||||
| Bank loans | 1,477,789 | 1,515,623 | ||||
| Bonds | 92,949 | 139,613 | ||||
| Surbordinated loans | 677 | 677 | ||||
| Lease debts | 242,790 | 177,024 | ||||
| Banks - debts to credit institutions, clients & securities | 7,753,574 | 7,630,595 | ||||
| Hedging instruments | 54,469 | 56,043 |
7.4. Seasonality or cyclicality of operations
AvH is active in several segments, each (more or less) cyclically sensitive : dredging & infrastructure, energy markets (DEME, Deep C Holding, Green Offshore), construction (CFE), evolution on the financial markets and interest rates (Delen Private Bank and Bank Van Breda), real estate and interest rates
evolution (Nextensa) and the evolution of commodity prices (SIPEF, Sagar Cements). The segments in which the Growth Capital participations are active, are also confronted with seasonal or cyclical activities.
7.5. Participations accounted for using the equity method
| (€ 1,000) | 30-06-2024 | 31-12-2023 |
|---|---|---|
| Participations accounted for using the equity method | ||
| Marine Engineering & Contracting | 392,018 | 397,890 |
| Private Banking | 951,056 | 933,089 |
| Real Estate | 66,612 | 64,238 |
| Energy & Resources | 373,065 | 353,632 |
| AvH & Growth Capital | 288,165 | 273,242 |
| Total | 2,070,917 | 2,022,091 |
Participations accounted for using the equity method include the interest in jointly controlled participations or in participations in which no controlling interest is held. The full list of companies can be found in Note 6. Segment information. The 48.8 million euros growth compared to year end 2023 is mainly explained by the results of these participations during H1 2024, by dividend distributions and by the additional investment of 41 million euros in Van Moer Logistics and the related real estate company Blue Real Estate.
The share of profit from equity accounted participations increased to 116.9 million euros and represents almost 60% of AvH's net consolidated profit. It includes the contribution from core portfolio companies such as Delen Private Bank and SIPEF, but also the contributions from the offshore wind farms Rentel and SeaMade that are held through DEME and Green Offshore, from other joint ventures fom DEME, from Sagar Cements and from AvH Growth Capital participations.
Private Banking
The 78.75%-participation of AvH in Delen Private Bank has been accounted for using the equity method, reflecting the joint control with the Delen family as defined in the shareholders' agreement.
| (€ mio) | 30-06-2024 | 31-12-2023 |
|---|---|---|
| Key figures Delen Private Bank | ||
| Cash & loan advances to banks | 1,598.9 | 1,287.2 |
| Loans and advances to clients | 623.0 | 738.1 |
| Financial assets | 291.7 | 297.2 |
| Tangible assets | 187.2 | 186.1 |
| Goodwill and intangible assets | 230.4 | 230.3 |
| Other assets | 86.0 | 45.7 |
| Total assets | 3,017.2 | 2,784.5 |
| Deposits from clients & credit institutions | 1,675.5 | 1,462.2 |
| Provisions, taxes & other liabilities | 132.8 | 135.5 |
| Equity (including minority interest) | 1,208.9 | 1,186.8 |
| Total liabilities | 3,017.2 | 2,784.5 |
| (€ mio) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Gross revenues | 319.9 | 274.1 |
| fees paid (-) | -42.1 | -36.4 |
| Expenses | -134.0 | -122.9 |
| Profit before tax | 143.7 | 114.8 |
| Income taxes | -37.1 | -30.5 |
| Profit of the period | ||
| - Minority intrests | -1.3 | -1.1 |
| - Share of the group | 105.3 | 83.2 |
7.6. Earnings per share
| (€ 1,000) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Net consolidated result, group share (€ 1,000) | 200,411 | 170,696 |
| Weighted average number of shares (1) | 32,711,089 | 33,068,792 |
| Earnings per share (€) | 6.13 | 5.16 |
| Net consolidated result, group share (€ 1,000) | 200,411 | 170,696 |
| Weighted average number of shares (1) | 32,711,089 | 33,068,792 |
| Impact stock options | 29,297 | 30,788 |
| Adjusted weighted average number of shares | 32,740,386 | 33,099,580 |
| Diluted earnings per share (€) | 6.12 | 5.16 |
| (€ 1,000) | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Net consolidated result from continuing operations, group share (€ 1,000) | 200,411 | 170,696 |
| Weighted average number of shares (1) | 32,711,089 | 33,068,792 |
| Earnings per share (€) | 6.13 | 5.16 |
| Net consolidated result from continuing operations, group share (€ 1,000) | 200,411 | 170,696 |
| Weighted average number of shares (1) | 32,711,089 | 33,068,792 |
| Impact stock options | 29,297 | 30,788 |
| Adjusted weighted average number of shares | 32,740,386 | 33,099,580 |
| Diluted earnings per share (€) | 6.12 | 5.16 |
(1) Based on number of shares issued, adjusted for treasury shares in portfolio
7.7. Treasury shares
| Treasury shares as part of the stock option plan | 30-06-2024 | 30-06-2023 |
|---|---|---|
| Opening balance | 351,839 | 317,100 |
| Acquisition of treasury shares | 0 | 80,000 |
| Transfer from the share buyback programme | 69,260 | 0 |
| Disposal of treasury shares as a result of exercise of options | -7,750 | -28,000 |
| Ending balance | 413,349 | 369,100 |
| Treasury shares as part of the liquidity contract | 30-06-2024 | 30-06-2023 |
| Opening balance | 31,113 | 3,506 |
| Acquisition of treasury shares | 429,654 | 105,892 |
| Disposal of treasury shares | -433,005 | -96,031 |
| Ending balance | 27,762 | 13,367 |
| Treasury shares as part of the share buyback programme | 30-06-2024 | 30-06-2023 |
| Opening balance | 408,414 | 70,633 |
| Acquisition of treasury shares | 0 | 11,885 |
| Transfer to cover of stock option plan | -69,260 | 0 |
| Disposal of treasury shares | 0 | 0 |
| Cancellation of treasury shares | -339,154 | 0 |
| Ending balance | 0 | 82,518 |
The share buyback programme announced in October 2022 for up to 70.0 million euros, had resulted in the purchase of 488,414 treasury shares). The board of directors decided to cancel 339,154 treasury shares (1.01%), which was notarized on April 5, 2024. The company's share capital is since then represented by 33,157,750 shares.
On June 30, 2024, AvH held 413,349 treasury shares to cover outstanding stock options obligations.
In execution of the liquidity agreement with Kepler Cheuvreux, 429,654 treasury shares were purchased and 433,005 were sold in the first half of 2024, resulting in a position of 27,762 treasury shares at the end of June 2024.
The total number of treasury shares was 441,111 (1.33% of the shares issued) at the end of June 2024 (791,366 at year-end 2023).
7.8. Impairments
Each group company of AvH is treated as a distinct cash generating unit (CGU). Where there are indications of an impairment loss, and as part of an impairment test, a fair value is determined for each CGU on the basis of publicly available market valuations (market price of listed companies / recent transactions / broker reports). If after this first step on the basis of a fair value approach it turns out that additional justification is required, a value in use will also be determined from the perspective of AvH, based on a discounted cash flow (DCF) model or market multiples. If, after this second step, still no adequate justification can be given for the carrying amount in the balance sheet, an 'impairment' will be recognised. In addition, AvH subjects the goodwill in its balance sheet to an impairment test at least each year.
The impairment test at AvH did not result in any material impairment loss. Both positive and negative fair value adjustments are recognised on certain financial assets designated at fair value (see Note 6.1 Segment information - Income statement).
Impairment charges increased to 7.7 million euros. reflecting an impairment by DEME of 4.4 million euros on the crane of the "Sea Challenger", a net credit loss of 2.7 million euros at Bank Van Breda (still very limited on a total credit portfolio of 6,259 million euros) next to minor impairment of receivables spread over different group companies.
7.9. Pillar Two
Pillar Two legislation has been enacted or substantively enacted in several jurisdictions in which the AvH Group operates (a.o. Belgium).
The Pillar Two legislation is effective for the AvH Group's current financial year beginning 1 January 2024.
Based on an assessment made by the AvH Group, the AvH Group has identified potential exposure to Pillar Two top-up taxes in certain jurisdictions. The exact exposure can currently not reasonably be estimated, a.o. since the outcome of the assessment will still be influenced by the expected OECD Administrative Guidance to be published in the course of 2024. However, based on historical data, the group's expected interpretation of further OECD Administrative Guidance and a risk assessment performed, the AvH Group currently does not expect a material exposure.
7.10. Contingent liabilities or contingent assets
- No change in the provision for contingent liabilities which AvH has accounted for at year-end 2013 in respect of its stake in CFE. The remaining provision for contingent liabilities amounts to 10 million euros (AvH share: 6.0 million euros).
- In September 2023, certain companies of the DEME group were summoned to appear before the criminal court in Ghent. This decision follows a judicial investigation carried out in respect of the circumstances in which a contract was awarded in April 2014 by negotiated procedure to Mordraga, a former Russian joint venture company of the DEME group, for the execution of dredging works in the port of Sabetta (Russia). The works were carried out in the summer months of 2014 and 2015. The investigation was launched following a complaint lodged by a competitor, to whom said contract was not granted by negotiated procedure and is based solely on selective information provided by this competitor. Said competitor has meanwhile definitely waived its civil complaint in the dispute.
Following the exchange of written submissions between the parties, the case was heard by the Court of First Instance Oost-Vlaanderen, Ghent Division on 5 June 2024. This means that for the first time, parties had the opportunity to set out substantive arguments regarding the charges brought by the Public Prosecutor. During this hearing, the Public Prosecutor requested that the Criminal Court convict the DEME Companies on the basis of the charges brought forward, imposing a fine of 4.2 million euros and the optional forfeiture of alleged illegal financial gains, which the Public Prosecutor estimates at 12.6
million euros. The DEME Companies fully contest all allegations and have put forward an extensive number of procedural and substantive defences to this end. A verdict in the trial is expected at the earliest in September 2024. In the current circumstances, it is premature to speculate on the outcome of these proceedings. It is however clear that there is no longer any risk of payment of civil damages to the initial claimant, who, as stated above, has definitively waived its civil complaint.
8. Main risks and uncertainties
For a description of the main risks and uncertainties, please refer to the AvH annual report for the financial year ended December 2023. The composition of AvH's portfolio changed only slightly during the year. Accordingly, the risks and the spread of those risks have not changed fundamentally in relation to the situation at the end of the previous year.
Several group companies of AvH (such as DEME, CFE, Deep C Holding, SIPEF, Turbo's Hoet Groep, Agidens,...) are internationally active and are therefore exposed to related political and credit risks.
When disposing of participating interests and/or activities, AvH and its subholdings are regularly required to provide certain warranties and representations. These may give rise to claims - legitimate or otherwise - from buyers for compensation on that basis. AvH and its subholdings received no such claims in H1 2024.
Several fully consolidated companies have agreed on certain ratios (covenants) in their credit agreements and these were respected on June 30, 2024.
Several group companies of AvH (such as DEME, CFE, Agidens...) are actively involved in the execution of projects. This always entails a certain operational risk, but also means that certain estimates of profitability at the end of such a project need to be made. This risk is inherent to the activity, as well as the risk of disagreements with customers over divergent costs or changes in execution and the collection of these receivables. DEME is involved, both as claimant and as defendant, in discussions with customers about the financial consequences of deviations in the execution of contracting projects. In a small number of cases they may result in lawsuits. In so far as the consequences of such lawsuits can be reliably estimated, provisions are made for this in the accounts.
In the current market context, AvH is focusing more than ever on its role as proactive shareholder in its portfolio companies. By participating in risk committees, audit committees, technical committees etc. at DEME, CFE, Deep C Holding and Agidens, AvH specifically monitors the risks in its contracting division from a very early stage.
As regards to the risk of value adjustments on assets, reference is made to section 7.8 Impairments.
In its role as proactive shareholder, AvH also sees to it that the companies in which it participates organize themselves in such a way as to comply with current laws and regulations, including all kinds of international and compliance rules.
9. Overview of the major related party transactions
No new transactions with related parties took place in H1 2024 that have any material impact on AvH's results. Furthermore, in H1 2024 there were no changes in the transactions with affiliated parties as they are described in the annual report for the 2023 financial year and which could have material consequences for AvH's financial position or results.
10. Events after balance sheet date
V.Group. Closing of the transaction related to AvH's agreement with European investment fund manager STAR Capital to acquire V.Group from Advent International, is expected to take place in September 2024. The transaction is subject to regulatory approvals. Upon closing, AvH will acquire 33.3% of V.Group for an investment of c. 150 million US dollars. V.Group, headquartered in London, is a market-leading ship management and marine support service provider to ship owners and operators around the globe. V.Group realized a turnover of 682.0 million US dollar and an operating cash flow (EBITDA) of 85.5 million US dollar in 2023.
On July 16, 2024, Delen Private Bank announced that it had reached an agreement with the shareholders of Dierickx Leys Private Bank whereby Delen Private Bank would acquire 100% of the shares of Dierickx Leys Private Bank. The transaction will be financed by Delen Private Bank entirely with own resources and is expected to be finalised in the course of 2025, after the customary regulatory approval. Dierickx Leys Private Bank has 3 billion euros in client assets under management, benefits from a solid balance sheet and has 73 employees, spread across 5 branches: Antwerp, Mortsel, Ghent, Kortrijk and Leuven.
On July 26, 2024, Ackermans & van Haaren announced the successful closing of a 60 million euros Series B financing round for Confo Therapeutics, for which it acted as lead investor and included the participation from additional new investor, Driehaus Capital Management as well as existing investors. AvH, through its wholly
owned subsidiary AvH Growth Capital, commits a total amount of 15 million euros (in two instalments), leading to an initial shareholding of 6.2%. Confo Therapeutics is a company with investigational medicines in the clinical study phase, and is leader in the discovery of medicines targeting G-protein coupled receptors (GPCRs). Headquartered in Ghent (Belgium), it will use the proceeds to advance two wholly owned programs through Phase 1 and two additional programs to IND approval, including molecules targeting GPR75 for an obesityrelated receptor. Confo will expand its portfolio of GPCR-targeting small molecules and therapeutic antibodies, which includes an emphasis on agonistic antibodies. This investment presents a strong addition to the growing Life Science portfolio of AvH.
A binding sales agreement was signed early August for the 'Stairs' office project at Cloche d'Or in Luxembourg, for a price of 107.5 million euros. This sale by Nextensa and its local partner Promobe, This sale will be completed after the delivery of the building, which is expected in the second quarter of 2026.
AUDITOR'S REPORT
Report on the review of the condensed consolidated financial statements of Ackermans & van Haaren for the six-month period ended 30 June 2024.
Introduction
In the context of our appointment as the company's statutory auditor, we report to you on the condensed consolidated financial statements. This condensed consolidated financial statements comprises the consolidated balance sheet as at 30 June 2024, the consolidated income statement, the consolidated statement of comprehensive income, the statement of changes in consolidated equity, the consolidated cash flow statement (indirect method) and the segment information for the period of six months then ended, as well as selective notes 7.1 to 7.10.
Report on the condensed consolidated financial statements
We have reviewed the condensed consolidated financial statements of Ackermans & van Haaren NV ("the company") and its subsidiaries (jointly "the group"), prepared in accordance with International Accounting Standard (IAS) 34, "Interim Financial Reporting" as adopted by the European Union. The consolidated balance sheet shows total assets of 19,704,913 (000) EUR and the consolidated income statement shows a consolidated profit (group share) for the period then ended of 200,411,(000) EUR.
The board of directors of the company is responsible for the preparation and fair presentation of the consolidated interim financial information in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility is to express a conclusion on this consolidated interim financial information based on our review.
Scope of Review
We conducted our review of the condensed consolidated financial statements in accordance with International Standard on Review Engagements (ISRE) 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit performed in accordance with the International Standards on Auditing (ISA) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the condensed consolidated financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements of Ackermans & van Haaren has not been prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union.
Antwerp, August 28, 2024 Deloitte Bedrijfsrevisoren BV Statutory auditor Represented by Ben Vandeweyer Partner
DECLARATION
To our knowledge:
(i) the condensed financial statements, drafted in accordance with the applicable standards for annual accounts, present a true and fair view of the assets, financial situation and the results of Ackermans & van Haaren and the companies included in the consolidation;
(ii) the half yearly report provides a true and fair view of the main events and major transactions with related parties that took place in the first six months of the
John-Eric Bertrand Piet Dejonghe Tom Bamelis Piet Bevernage
financial year and their effect on the condensed financial statements, as well as a description of the main risks and uncertainties for the remaining months of the financial year.
August 27, 2024 On behalf of the company
Co-chairman of the Co-chairman of the Member of the Member of the Executive Committee Executive Committee Executive Committee Executive Committee
André-Xavier Cooreman An Herremans Koen Janssen Member of the Member of the Member of the Executive Committee Executive Committee Executive Committee
LEXICON
- Cost-income ratio: The relative cost efficiency (cost versus income) of the banking activities (EBA definition).
- Common Equity Tier1 capital ratio: A capital ratio of the liquidity buffers held by banks to offset any losses, seen from the regulator's perspective. The equity of a bank consists of share capital and undistributed profits. This equity is necessary to offset losses on loans.
- EBIT: Earnings before interest and taxes.
- EBITDA: EBIT plus depreciation and amortization on fixed assets
- ESEF: the European Single Electronic Format is an electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports.
- KPI: Key Performance Indicator
- Net financial position: Cash & cash equivalents and investments minus short and long term financial debt.
- Net result: Net result (group share)
- Rental yield based on fair value: Rental yield is only calculated on buildings in operation, excluding the projects and the assets held for sale.
- Return on equity (ROE): The relative proftability of the group, more particularly the amount of net income returned as a percentage of shareholders' equity
- SDG: Sustainable Development Goals
- EU taxonomy: regulation that determines which investments can be classified as 'green' and play an important role to implement the EU Green Deal. The classification is based on technical screening criteria (TSC) and minimum criteria based on the do not significant harm principle (DNSH).
- XBRL: An electronical language, specifically designed for the exchange of financial reporting over internet.