DREDGING, ENVIRONMENTAL AND CONSTRUCTION SERVICES
DEME witnessed a good start, with load factors for its fleet being almost completely full. Important new contracts were concluded in Italy, Norway, the Netherlands and Korea.
The new cutter d'Artagnan was put to water in April and will enter service in the fourth quarter of 2005. In the meantime, 2 new trailing suction hopper dredgers (type 'Pallieter') were ordered (5.400m³ hopper capacity).
ALGEMENE AANNEMINGEN VAN LAERE realised a normal level of activity. The order book was kept at a normal level with new constructions in Ghent, Antwerp, Courtrai and in the North of France.
HUMAN RESOURCES SERVICES
In the first quarter of 2005, SOLVUS realised organic growth in sales of 8.8% (total growth sales: + 6.8%) compared to the first quarter of 2004. The general temporary employment activities of Creyf's realised a growth in sales in all countries, with double-digit growth in Belgium, Italy, Poland and Germany.
In the Netherlands, Creyf's grew by 8.5% and Content by 8%. The secondment activities of Beaver IT Services (+23.5%) and Innotiv (+4.9%) also witnessed growth.
Solvus presented its 'Drive 2007' strategic objectives. The focus lies on a targeted multi-regional challenger position in the general temporary employment market and on the development of successful niches in profitable, specialised activities.
FINANCIAL SERVICES
Supported by a positive climate on the stock market in the first quarter of 2005 and thanks to the late impact of the one-time exoneration declaration act, assets entrusted to Bank Delen increased to € 6,961 million as of 31.03.2005.
BANK DELEN realised a further consolidation of its external growth by the end of April 2005 through the acquisition of the Luxembourg Banque B.I.A.. Thanks to this acquisition assets under management increased further by approximately € 780 million to € 7,741 million.
BANK J. VAN BREDA & C° also realised further steady growth. The number of target group clients increased by 1.5% over the first quarter of 2005. The improved situation on the stock market contributed to an increase in fee revenue. Leasing and car financing activities also developed according to plan.
LEASINVEST concentrated on the development of several important property development and real estate projects. In a difficult market, the LRE investment trust succeeded in maintaining its occupancy rate at 91.2%
PRIVATE EQUITY
Most participations performed according to budget over the first months. The expectation remains to be able to realise capital gains in 2005.
AVH & SUBHOLDINGS
During the course of the first quarter, € 14.5 million in capital gains were realised on the sale of portfolio shares.
Outlook for the AvH group for the year 2005
Based on the operational state of affairs of the most important participations in the first quarter of 2005, the board of directors remains optimistic regarding growth of the "results of the participations" for the entire year 2005.
Calendar 2005
1 June 2005 payment of dividend
9 September 2005 results H1 2005
28 November 2005 quarterly update Q3 2005
2nd week of March 2006 annual results 2005
Ackermans & van Haaren is a diversified group active in 4 key sectors: dredging and environmental services (DEME, one of the largest dredging companies in the world), human resources services (Solvus Resource Group, number 5 in the European temporary labor market), financial services (Bank Delen, one of the largest independent private asset managers in Belgium - Bank J. Van Breda & C°, niche bank for entrepreneurs and liberal professions) and private equity (Sofinim, one of the largest private equity providers in Belgium with an EVCA-valuation of € 298.9 million). The group concentrates on a limited number of strategic participations with a potential for growth. Market capitalisation of AvH is approximately € 1 billion.
AvH is included in the BEL Mid index and is a member of Euronext Next Prime.
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.
