Ackermans & van Haaren - 1H14 results: Investor presentation

InvestorPresentation20132013

AUGUST 28 2014AUGUST 28, 2014

ACKERMANS & VAN HAAREN A diversified

group active in

Limited number of

at a glance

1H14

group active in 5 segments

strategic participations

Net result Equity Gross dividend

€ 96 mio € 2,294 mio € 1.70Total payout: € 57 mio

Market capitalization Personnel

We work for € 3,085 mio

Share price: € 92.09 (30/6/2014)

22,706 growth

2

Ackermans & van Haaren: Introduction (1/3)

• Family controlled public companyy p p y• 1876: First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans

• 1924: Incorporation of Ackermans & van Haaren NV

• 1984: IPO

• 2007: Inclusion in Bel20 index

• Still controlled and inspired by founding families & by family values

• Providing development capital• Providing development capital• From an industrial background

• With a long term focusg

• Financed with its own financial resources

• Working for growth

3


• Company values• Discretion

• Independence

• Common sense (“Hollandse nuchterheid”)

C t t g• Company strategy• Long term vision

• Diversificiation in a limited number of strategic participationsDiversificiation in a limited number of strategic participations

• Sound financial policy: positive net cash position

• Opportunistic approach

• Corporate governance• Board of Directors (9 members): majority of family representatives

• Management (7 members): meritocracy4


• Acting as a pro-active shareholder within the participations• Selection of top-management

• Definition of long-term strategy

• Strategic focus

• Strict operational and financial discipline

A ti b d t ti• Active board representations

• Value creation fully aligned with management

• Not a holding company• No holding company inefficiencies

• No shared financing structure / cross guarantees

5

AvH strategy: We work for growth

Ensure equity growth above 10% Focus on strategic participationsAverage annual growth of

12.0% (2004-2013)

Create shareholder value Dividend payout of € 1.70AvHBelgian all

Average annual growth of 11.3% (2004-2013)

Belgian all share index

AvH share: x42Stock index: x8

(1984-2013)

6

(until 19/8/14)

7

Consolidated group result

(in € mio) 1H14 1H13 2013( )

Marine Engineering & Infrastructure 42.2 20.4 59.7Private Banking 44.6 45.0 84.5Private Banking 44.6 45.0 84.5Real Estate, Leisure & Senior Care 3.6 -0.3 15.8Energy & Resources 6.9 5.6 8.7Development Capital -1 3 -6 6 -6 6Development Capital -1.3 -6.6 -6.6

Result from participations 96.0 64.1 162.1C it l g i d l t it l 4 9 34 0 29 5Capital gains development capital 4.9 34.0 29.5Result from participations (incl. capital gains) 100.9 98.1 191.6

AvH & subholdings -4.5 -3.3 -7.2

Other non-recurrent result 0.0 0.0 109.5(1)

Consolidated group result 96.4 94.8 293.9(1)

8

(1) Incl. € 109.4 mio result on the “remeasurement” of AvH’s existing 50% stake in DEME when taking full control over DEME in December 2013

Highlights 1H14

The consolidated net result of AvH amounts to 96.4 million euros for 1H14

• Increase by 1.6 million euros (+1.6%) over last year, primarily thanks to a substantial improvement (+31.9 million euros) in the result of the participations, amounting to 96.0 million euros (1H13: 64.1 million euros). In addition, a capital gain of 4.9 million euros

li d h l f h i i i i Cwas realized on the sale of the participation in NMC.

• The substantial improvement in DEME’s result is reinforced by the higher shareholding percentage (from 50% to 60.40%) following the CFE transaction at the end of 2013.percentage (from 50% to 60.40%) following the CFE transaction at the end of 2013.

• Delen Investments and Bank J.Van Breda & Co performed well again and were both able to realize a further growth in assets under management.

• The sale by Extensa of the building for the Brussels Department of Environment d i ifi i i h l d i i ib i f h R l ensured a significant increase in the result and a positive contribution from the Real

Estate, Leisure & Senior Care segment.• Favourable weather conditions boosted Sipef’s production and its contribution to the

group result.group result.• A clear, albeit early, improvement in results was recorded in the Development Capital

segment. AvH realized a capital gain of 4.9 million euros on Sofinim’s sale of its participation in NMC. Last year, capital gains accounted for a greater share of the result th k t th 34 0 illi i th l f S

9

thanks to the 34.0 million euros gain on the sale of Spano.

Other key figures

(i € i ) 1H14 2013 2012Consolidated balance sheet AvH group(in € mio) 1H14 2013 2012

Shareholders' equity (group share) 2,293.7 2,251.5 2,003.3Net cash AvH and subholdings -14.6 -3.1 87.9g

(i €) 1H14 1H13 2013Key figures per share(in €) 1H14 1H13 2013

Number of shares (#) 33,496,904 33,496,904 33,496,904Net result per share 2 91 2 86 8 87Net result per share 2.91 2.86 8.87

Gross dividend 1.70

Net equity 68 47 60 99 67 22Net equity 68.47 60.99 67.22Stock price: highest (12/5) 95.53 70.59 85.16 lowest (3/2) 78.71 62.74 62.74 close (30/6) 92 09 64 45 85 16

10

close (30/6) 92.09 64.45 85.16

Pro forma group figures(based upon conso results 2013, incl. pro rata (based upon conso results 2013, incl. pro rata under equity method)

Group personnel per segment ‘Consolidated’ turnover per segment (in € mio)

22,706 5,66918,752 3,308

11

* Taking into account acquisition of control of CFE and DEME (both taken for 100%)

AvH share performance vs. BEL 20

AVH AVH rebased to 100 BEL20 rebased to 100

12

Marine Engineering & Infrastructure: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

DEME 17.2

(€ mio) 1H14 1H13 2013

53.737.8

CFE - -2.7

A.A. VAN LAERE

RENT A

-0.5 0.71.0

RENT-A-PORT

NMP

3.0

0 7

3.8

1 5

-0.1

0 8NMP

TOTAL

0.7

20.4

1.5

59.7

0.8

42.2

13

Marine Engineering & Infrastructure

CFE

• One of the largest and most diversified dredging and marine engineering companies in the world

DEME

• An industrial group active in Construction, Rail and Road,

VAN LAERE G l t t f l g id ti l ffi d i il

g p , ,Multitechnics, Real Estate Development and Management Services, Public-Private Partnership and Concessions

VAN LAERE(see slide 56)

• General contractor of large residential, office and civil construction projects; focus on PPS projects and parkings

• 1H14: Increase of turnover to € 88 mio• Order book at € 239 mio • Order book at € 239 mio

• Specialised in port development and logistics• 1H14: Decrease in net result. 2014 is transition year for Dinh Vu

RENT-A-PORT(see slide 57)

NMP • Operator of pipelines for chemicals

(Vietnam). Expansion to 1,600 ha expected by year-end

14

NM(see slide 58)

Ope ato o p pel es o c e cals• 1H14: Slightly higher results in line with expectations

DEME: key figures (1/2)(AvH 60.40%)(AvH 60.40%)

One of the largest and most diversified dredging and marine engineering companies in the world

(in € mio) 1H13 2013

(1) (2) (2) (2)

1H14Consolidated key figures

(1) (2) (2) (2)Turnover 1,212.3 1,305.6 1,207.0 2,531.6EBITDA 191.7 215.4 181.1 437.8EBIT 90.7 104.0 71.9 216.5Net result 62.6 62.6 34.4 109.1

Net cash flow 164.0 174.5 143.2 330.9Sh h ld ' i 881 7 881 7 776 1 847 7Shareholder's equity 881.7 881.7 776.1 847.7Net financial position -416.3 -536.1 -821.8 -711.3Total assets 2,767.1 2,951.3 2,812.9 2,837.0Capex 40 40 190 209Capex 40 40 190 209

# personnel 4,357 4,582(1) Following the introduction of the new accounting standards IFRS10 and IFRS11, group companies jointly controlled by DEME

15

are accounted for using the equity method with effect from 1 January 2014.(2) In this presentation, the group companies that are jointly controlled by DEME are still proportionally integrated. Although this is not in accordance with the new IFRS10 and IFRS11 accounting standards, it nevertheless gives a more complete picture of the operations and assets/liabilities of those companies. In the equity accounting as applied under (1), the contribution of the group companies is summarized under one single item on the balance sheet and in the income statement.

DEME: key figures (2/2)

Capacity utilization (# weeks)Evolution as % of economic turnover

* *

* Turnover impacted by procurement of supplies (2013: € 230 mio, 1H14: € 28 mio)

16

SARB energy island (Abu Dhabi)Amoras (Antwerp)Lazaro Cardenas (Mexico)Valdemarsvik (Sweden)

DEME: breakdown of economic turnover

Turnover per type of customerTurnover per region Turnover per activity

17

DEME: highlights

Highlights 1H14Si ifi i f i € 1 306 i (1H13 € 1 207 i ) d • Significant increase of economic turnover to € 1,306 mio (1H13: € 1,207 mio) and net result to € 62.6 mio (1H13: € 34.4 mio) driven by high activity level, good fleet utilization and order book of € 2,805 mio

• Impact of increase strenghtened by increase of shareholding percentage from 50% to 60.4% Impact of increase strenghtened by increase of shareholding percentage from 50% to 60.4% after acquisition of control over DEME/CFE at the end of 2013

• Limited capex and positive working capital evolution resulting in lower debt

A t li d Q t di t l E ti f J I l d W t d E t i • Australia and Qatar according to plan. Execution of Jurong Island Westward Extension (Singapore) and installation works of Westmost Rough wind farm (UK). Works for Northwind (Belgium), Amrumbank West and Butendiek (Germany) wind farms finalized. Second phase of Soa Rap project (Vietnam) inaugurated. Second phase of Soa Rap project (Vietnam) inaugurated.

18

Innovation at Westermost Rough (UK) Marieke in Abidjan (Africa) Northwind (Belgium)

DEME: examples of projects

Waterdunen (Netherlands) Pallieter on Seine (France)

19

Innovation at West of Duddon Sand (UK) Pearl River in Sepetiba (Brazil)

DEME: order book

Order book 1H14 maintained at a high level: € 2,805 mio (vs € 3,049 mio end 2013), with orders across different regions and activitiesorders across different regions and activities• Deepening of channel and turning basin of port in Sepetiba Bay (Rio de Janeiro, Brazil)• Construction of approach channel and harbour basis of service port for new LNG terminal in

Yamal (Russia)• Maintenance dredging works of Pacific entrance of Panama Canal and in channels and

turning basis of Dhamra Port (India) • Maintenance and deepening works in ports of Tema and Takoradi (Ghana)• Cable protection works in Canada and rock installation works in China by TidewayCable protection works in Canada and rock installation works in China by Tideway

Evolution order book (€ mio)

Other

Middle East + India

A i

20%

7%

20% Asia

Europe

20%

32%

20

Benelux21%

DEME: diversification of activities (1/2)

Marine and civil engineering

Tideway Rock dumping, landfalls and cable laying DEME (100%)

GeoSea Nearshore and offshore foundation works for offshore energy projects and oil & gas projects

DEME (100%)

Scaldis Hoisting of heavy loads at sea and salvaging services

DEME (54%), Jan De Nul, Herbosch-Kiere

HGO Infra Jack-up vessels for offshore windfarm construction Hochtief Solutions Solutions

pand oil&gas services and GeoSea (50%)

OWA Services for offshore wind assistance GeoSea (100%)

21

Innovation Flintstone Neptune

DEME: diversification of activities (2/2)

Environmental services

DEC/ Ecoterres Environmental group of DEME companies DEME (75%) and SRIW

Purazur High technological treatment of industrial waste water

DEC (100%)

TerraSea GLDD and DEC

Fluvial and marine aggregates

DEME B ildi E t ti i d l f i DEME (100%)DEME Building Materials (DBM)

Extraction, processing and sales of marine aggegrates for construction industry

DEME (100%)

OceanflORE Deepsea mining DEME (50%) and IHC MerwedeMerwede

Maritime services

CTOW Marine services for sea terminals DEME (54%), Herbosch-d l hKiere and Multraship

Renewable energy and concessions: offshore wind

C-Power Offshore wind farms DEME (11%)

22

Renewable energy and concessions: wave and tidal energy

DEME Blue Energy Wave and tidal energy DEME (70%)

( )

DEME: long term track record of stable long term shareholding and entrepreneurial growthshareholding and entrepreneurial growth

(in 000 euro) Turnover Equity

2.000.000

2.500.000

1.000.000

1.500.000

‐

500.000

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 20121974 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 201297

ScaldisDBM Creation DEME

Holding G SCTOWCreation Dredging

International (AvH Tideway

DEC

(Building Materials)

Holding(Acquisition Decloedt)

GeoSea DEME Blue EnergyOceanflore

International (AvH + CFE dredging) Power@Sea

Tideway

23

AvH 39.5% AvH 48.5% AvH 50% AvH 60.4%

Consolidation Partnership

AvH 50%

Control

Structural growth drivers of global dredging marketdredging market

Global population increase and tourism Global warming leading to rising sea levels

Northwind

Seaborne trade in line with GDP Energy & raw materials consumption growing

24Source: Rabobank

CFE: key figures (excl. DEME and Rent-A-Port)(AvH 60.40%)(AvH 60.40%)

Belgian industrial group active in Construction, Rail and Road, Multitechnics, Real Estate Development and Management Services, Public-Private Partnership and Concessions

(in € mio) 1H14(1)

Turnover 561.2EBITDA 14 5

p g , p

EBITDA 14.5EBIT 2.7Net result 0.9

Order book 1,116Net financial debt -136.2

(1) Excluding DEME and Rent-A-Port( ) g

Highlights 1H14• Increase of turnover (+19%) driven by significantly higher construction activities (in

Benelux and internationaly, despite lower volumes in civil engineering). Increase of more

Police station (Charleroi)

than 10% in multitechnics and rail and road• Important improvement in operational result in construction and increase in rail and road

and multitechnics• Positive impact on consolidated AvH result (€ 2 2 mio)• Positive impact on consolidated AvH result (€ 2.2 mio)• Decrease of order book to € 1,116 mio (compared to a exceptionally high order book in

2013 for buildings) due to difficult market in civil engineering and decrease in Africa25

CFE: key figures by segment

Turnover Operational result(1) Net result

(in € mio) 1H14 1H13 1H14 1H13 1H14 1H13

Construction 427.3 337.7 1.7 -7.5 0.1 -9.0Rail & Road 51 1 44 2 2 2 1 4 1 2 0 8

Turnover Operational result Net result

Rail & Road 51.1 44.2 2.2 1.4 1.2 0.8Multitechnics 86.2 77.7 1.9 -6.1 0.9 -6.9Real Estate 3.9 3.7 0.7 1.3 -0.1 0.0PPP C i 0 3 0 6 1 2 2 1 0 0 2 1PPP-Concessions 0.3 0.6 -1.2 2.1 0.0 2.1Holding -7.6 7.8 -2.6 -5.7 -1.2 -4.0Total 561.2 471.7 2.7 -14.5 0.9 -17.0

(1) EBIT + equity method

26

Green Hill (Luxembourg) SchaarbeekJan Palfijn (Ghent)Belview (Brussels)

CFE: a multidisciplinary contractor

MultitechnicsPPP-Concessions

19% stake in PPP Schulen Eupen 45% stake in Rent-A-Port, Rent-A-

Port Energy25% t k i L il

Electrical contracting Railroad electrification and

signalisation Installation of high

tension lines

0%

25% stake in Locorail 18% stake in Coentunnel 25% stake in Bizerte Study costs concessions

tension lines Industrial & process automation HVAC

Rail & Road

Order book 1H14: € 1,116 mio

11%7%

4%

signalization and track-laying works railway works, railway overhead lines transport of energy high and low voltage

lines road and rail works ,

78% asphalt works

Real Estate and Management servicesConstruction Real estate development Specific associated services:

- Project management- Property management

Management services Civil Engineering Infrastructure projects - tunnels,

bridges, roads Buildings – offices, industrial,

commercial and residential

Construction

27

commercial and residential Renovation & rehabilitation Bonded laminates

Private Banking: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

FINAXIS-PROMOFI -0.3

(€ mio) 1H14 1H13 2013

-0.4-0.5

DELEN INVESTMENTS 31.0 59.931.2

BANK J.VAN BREDA & CO 14.1 24.813.4

ASCO-BDM

TOTAL

0.2

45 0

0.2

84 5

0.5

44 6TOTAL 45.0 84.544.6

28

Private Banking

DELEN INVESTMENTS Discretionary asset management and patrimonial DELEN INVESTMENTS

• Specialised advisory bank for entrepreneurs and

• Discretionary asset management and patrimonial advice for private clients

BANK J VAN BREDA & CO Specialised advisory bank for entrepreneurs and liberal professions

BANK J.VAN BREDA & C

• Insurance group focused on marine and property ASCO-BDMinsurance

29

Finaxis organisation chart

AvH Promofi15%

75% 25%

Finaxis

75% 25%

Bank J Van Breda & CoDelen Investments CVA

99% 100%

Bank J.Van Breda & CDelen Investments CVA

100% 73% 99.9%

JM Finn & CoDelen Private Bank ABK

30

Assets under management

(in € mio) 1H14 1H13 2013Total assets under management

Delen Investments 31,492 27,103 29,536 Delen Private Bank 21,703 18,746 20,210 JM Finn & Co 9,789 8,357 9,326

Van Breda: bancassurance products 1,536 1,511 1,507Van Breda: AuM at Delen* 3,308 2,765 3,036Van Breda: client deposits 3,800 3,621 3,683(*) Already included in Delen Private Bank AuM

31

Delen Investments: funds under management

JM FinnAuM CAGR 2004-2013: 20.7%

Start cooperationwith Bank J.VanBreda & C°

BI&A

Capfi

HavauxBI&A

(in € mio) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14Discretionary mandates 2,042 2,682 3,050 3,196 2,792 3,098 3,545 4,748 5,579 8,719 7,049 8,901 10,816 15,416 18,075 20,939 22,454Advisory

32

Advisory clients 1,553 1,393 1,643 1,530 1,232 1,437 1,900 2,723 2,837 3,407 3,294 4,342 4,456 7,154 7,780 8,597 9,038

Total 3,595 4,075 4,693 4,726 4,024 4,535 5,445 7,471 8,416 12,126 10,343 13,243 15,272 22,570 25,855 29,536 31,492

Acquisitions 610 757 117 2,748 6,377

Delen Investments: key figures(AvH 78.75%)(AvH 78.75%)

Private banking and wealth management. Focused on discretionary asset management for private clients in Belgium and UK

(in € mio) 1H14(2) 1H13 2013

G 137 0 127 9 255 2

management for private clients, in Belgium and UKBrussels

Gross revenues 137.0 127.9 255.2Net result 39.6 39.4 76.0Equity 477.6 448.8 464.1Assets under management 31,492 27,103 29,536

Cost - income ratio(1) 53.4% 53.5% 54.8%Ghent

ROE (IFRS) 16.8% 18.3% 17.3%Core Tier1 capital ratio 24.8% 24.9% 25.3%

# personnel 552(1) Excl. JM Finn = 41.0% (1H14), 42.4% (2013)(2) Impact of JM Finn on revenues of € 37.9 mio, on net result of € 3.3 mio (after

amortization of intangibles (clients) and 26% minorities of € 1 8 mio)

33

amortization of intangibles (clients) and 26% minorities of € 1.8 mio)

Delen Investments: highlights and outlook

Highlights 1H14• Continued growth of AuM to € 31,492 mio (€ 21,703 mio Delen Private Bank, € 9,789 mio

JM Finn), positively impacted by markets and exchange rate and continued strong inflow• Stable cost - income ratio to 53.4% (1H13: 53.5%): Delen Private Bank 41.0%, JM Finn & Co

81 4%81.4%• Net equity (after dividend payment) increased to € 478 mio (€ 464 mio end 2013), largely

exceeding Basel II and III requirements• Core Tier1 of 24.8%, well above sector average• Net result of € 39.6 mio (of which € 3.3 mio from JM Finn & Co), partially impacted by

non-recurrent elements related to the acquisition of JM Finn & Co and its exchange rate effect £/€

• Paul De Winter succeeded Jacques Delen as CEO from July 2014. Jacques Delen remains chairman of the board

Outlook 2014• Delen Private Bank: well positioned thanks to continued strong inflows• JM Finn & Co: continued focus on strengthening JM Finn model towards discretionary asset

management a o via launching Coleman Street Investment services and efficient management, a.o. via launching Coleman Street Investment services and efficient commercial strategy with focus on new inflows

34

Bank J.Van Breda & C°: client assets(incl ABK and Van Breda Car Finance)(incl. ABK and Van Breda Car Finance)

6000 Total deposits & funds

300040005000

Total deposits & fundsCAGR 2004-2013: 12.5%

0100020003000

02004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14

Entrusted funds Client deposits Private loans

(€ mio) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1H14

Total deposits and funds 3,118 3,547 4,077 4,701 5,009 5,645 6,369 7,469 8,010 9,018 9,566

- Entrusted funds, of which 1,647 2,071 2,417 2,802 2,788 3,286 3,772 4,015 4,586 5,335 5,766 AuM at Delen 815 1,037 1,220 1,463 1,370 1,668 1,968 2,115 2,504 3,036 3,308 Bancassurance 596 739 880 1,044 1,174 1,309 1,414 1,438 1,496 1,507 1,536

Client deposits 1 471 1 476 1 660 1 899 2 221 2 359 2 597 3 453 3 424 3 683 3 800

35

- Client deposits 1,471 1,476 1,660 1,899 2,221 2,359 2,597 3,453 3,424 3,683 3,800

Private loans(1)1,671 1,670 1,798 2,057 2,202 2,328 2,631 3,044 3,306 3,455 3,536

(1) Van Breda Car Finance included

Bank J.Van Breda & C°: key figures(AvH 78 75%)(AvH 78.75%)

Relationship bank focused on private as well as professional needs for entrepreneurs and liberal professions

(in € mio) 1H14 1H13 2013

entrepreneurs and liberal professions

Bank product 60.3 60.6 117.7Net result 17.0 17.9 31.5Equity (group share) 455.2 430.9 447.9Total assets 4,424.1 4,192.9 4,410.3Total client assets(1) 9,565.8 8,596.3 9,017.9

Cost - income ratio 60.1% 56.5% 58.9%Cost income ratio 60.1% 56.5% 58.9%ROE 7.5% 7.3% 7.2%CAD (solvency ratio) 17.1% 16.4% 15.6%Core Tier 1 capital ratio 15.0% 14.3% 13.7%N l i ff / l f li 0 02% 0 06% 0 04%Net loan write-offs / avg loan portfolio 0.02% 0.06% 0.04%Leverage (equity/assets) 10.3 9.4 10.2

# personnel 466

36

p

(1) Deposits and entrusted funds

Bank J.Van Breda & C°: highlights & outlook

Highlights 1H14C i d d h f i l l B k J V B d & C (i l ABK)• Continued steady growth of commercial volumes at Bank J.Van Breda & Co (incl. ABK)

• Total client deposits and entrusted funds increased to € 9,566 mio (vs € 9,018 mio as of 31.12.13), of which € 3,800 mio client deposits and € 5,766 mio entrusted funds

• Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,536 mio Continued growth of private loans (incl. ABK and Van Breda Car Finance): € 3,536 mio (€ 3,455 mio as of 31.12.13)

• Very limited net loan loss provisions: 0.02% • Cost - income ratio of 60.1% (vs 56.5% for 1H13)

N t it i d € 455 i ( € 448 i f 31 12 13) i h C Ti 1 i • Net equity increased to € 455 mio (vs € 448 mio as of 31.12.13), with a Core Tier1 ratio of 15.0% and financial leverage (equity/assets) of 10

• Net result of € 17.0 mio: absence of major capital gains on investment portfolio and positive hedging results compared to 1H13 (net effect of € 2.3 mio)positive hedging results compared to 1H13 (net effect of € 2.3 mio)

• Dirk Wouters succeeded Carlo Henriksen as CEO at the end of March 2014

O tl k 2014Outlook 2014• Bank J.Van Breda & Co: strong commercial franchise, leading to continuous volume

growth of both deposits and AuM as well as loan portfolio. Interest margins under pressure due to highly competitive deposit market, but compensated by successful ‘asset

37

p g y p p , p ygathering’ strategy

• ABK: continued focus on repositioning of brand

Structural growth drivers of the Belgian private banking marketprivate banking market

High level of net financial assets per capita

High level of household savings rateHigh level of household savings rate

38Source: Rabobank

Real Estate, Leisure & Senior Care: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

LEASINVEST REAL ESTATE 4.3

(€ mio) 1H14 1H13 2013

8.74.5

EXTENSA -0.6 4.54.6

GROUPE FINANCIERE DUVAL -4.6 2.0-5.7

ANIMA CARE

TOTAL

0.6

0 3

0.6

15 83 6

0.2

TOTAL -0.3 15.83.6

39

Real Estate, Leisure & Senior Care

LEASINVEST REAL ESTATE • Real Estate Investment Trust for offices, logistics and

EXTENSA • Land development in Belgium• Real estate development in B/Lux

retail in Belgium and Luxembourg

p

FINANCIERE DUVAL(see slide 59)

• Real estate group with activities in RE promotion, tourism, golf sites and senior careOd l 115 000 b d 329 i NGF 33 lf i • Odalys: 115,000 beds, 329 sites; NGF: 33 golf sites; Residalya: 1,957 beds, 26 sites

• 1H14 traditionally impacted by seasonality of t i ti iti tourism activities

• Disposal of parking activities Park’A

ANIMA CARE • Health & senior care sector in Belgium(see slide 60)

g• 1H14: Increase of turnover driven by portfolio

expansion, startup costs linked with opening of new builds

40

• Total portfolio of more than 1,300 beds and service flats (922 beds and 78 service flats in operation)

Leasinvest Real Estate (AvH 30%)(AvH 30%)

Real Estate Investment Trust (bevak – sicafi) for offices, logistics and retail in Belgium and Luxembourg Belgium and Luxembourg

(in € mio) 1H14 1H13 2013Operational result 19.9 15.6 34.2

Retail

Offi

Real estate porfolio

Operational result 19.9 15.6 34.2Net result 13.5 13.0 26.9Net equity 324.2 318.3 335.3

22%

Offices

Logistics/semi-industral

Portfolio real estate (fair value) 708.8 598.1 718.2Rental yield (%) 7.28 7.36 7.31Occupancy rate (%) 96.3 95.9 96.9N t d bt ti (%)(1) 53 8 47 1 53 5

43%

35%

Net debt ratio (%)(1) 53.8 47.1 53.5

Per share (€) Net asset value 65 6 64 5 67 90

Luxembourg Belgium

Net asset value 65.6 64.5 67.90 Stock price - closing 81.75 66.01 73.60 High/Low 84.50/73.00 80.52/65.15 82.45/65.10

Dividend 4.50 61%

39%

41

(1) Total net debt: € 406 mio (2013), € 407 mio (1H14)

Leasinvest Real Estate: highlights

Highlights 1H14S i i i l di hi h l i • Strategic reorientation leading to higher rental income

• Luxembourg (portfolio value: € 431.0 mio, 18 sites) most important investment market, compared to Belgium (portfolio value: € 277.8 mio,14 sites) and retail most important asset compared to Belgium (portfolio value: € 277.8 mio,14 sites) and retail most important asset class (41%)

• Limited decrease of real estate portfolio to € 709 mio (€ 718 mio end 2013), due to the sale f ffi b ildi L i l 66 B l d th i i d t i l it i M t f th of office building Louizalaan 66, Brussels, and the semi industrial site in Meer, as part of the

strategy to sell smaller, non-strategic sites. Capital gain of € 1.8 mio on these disposals

• Occupancy rate increased to 96.3% (1H13: 95.9%); average duration increased to 5.0 years Occupancy rate increased to 96.3% (1H13: 95.9%); average duration increased to 5.0 years (1H13: 4.4 years)

• Operational result positively impacted by acquisitions in 2013 of shopping center KnaufP l h (L b ) d H b hPommerloch (Luxembourg) and Hornbach

• Dividend distribution of € 20.2 mio in 1H14

42

Leasinvest Real Estate: examples of projects and propertiesand properties

Knauf Pommerloch (Luxembourg)

4343

HornbachRoyal 20 (Luxembourg) (artist impression)

Extensa Group: consolidated balance sheet (Extensa – LRE combined) (AvH 100%)(Extensa LRE combined) (AvH 100%)

Real estate developer with focus on residential and mixed projects in Belgium and Luxembourg(in € mio) 30/06/14 31/12/13 30/06/14 31/12/13

Land development (hi t i l t) 16 3 14 6 Net equity 132 7 125 1

and Luxembourg

Land development (historical cost) 16.3 14.6 Net equity 132.7 125.1

Real estate projects (fair value) 86.5 81.7

RE investments & Leasings (fair value) 41.9 41.9Tour&Taxis (50%): FV yield of 7.0% 27.3 26.7

Other assets 14.6 15.2

Leasinvest Real Estate (equity method) 94.8 98.1 Financial debts(3) 123.9 125.91,444,754 shares(1,2)

Other assets 32.9 29.1 Other liabilities 15.8 16.0a.o. cash € 23.2 mio (1H14), € 13.2 mio (2013)

44

Total assets 272.4 267.0 Total liabilities 272.4 267.0(1) AvH holding directly 37,211 shares(2) Market value of LRE shares (30/6: € 81.75): € 118.1 mio

(3) Net financial debt 1H14: € 100.8 mio; 2013: € 112.6 mio

Extensa: highlights

Highlights 1H14g g• Significant improvement of net result, thanks to delivery and sale of Building for Brussels

Department of Environment (Tour&Taxis). Development of 105 apartments, 48,000 m² office and underground car park (187 places) planned. Agreement in principle by Flemish government to accomodate all civil servants in new • Agreement in principle by Flemish government to accomodate all civil servants in new building (De Meander, 45,737 m²) on T&T site, to be developed by 2017

• Limited contribution from sale of land and from other development activities• Cloche d’Or (Luxembourg) (Extensa 50%, 20 ha – 400,000 m²): Financial closing (Ilot A, ( g) ( , , ) g ( ,

70,000 m²) finalized. Commercialization of first phase of residential development to be started in 2H14

45

Brussels Environment (Tour&Taxis) De Meander (Tour&Taxis) (artist impression)

From real estate leasing over real estate development to real estate servicesdevelopment to real estate services

Extensa

it

140 (in million euro)

equity

80

100

120

40

60

80

‐

20

40

AvH 100% Acquisition -Creation of LRE AvH 60%

19941995199619971998199920002001200220032004200520062007200820092010201120122013

AvH 100% Extensa(real estate development)

(investment trust)-Acquisition Brixton(real estate management)

AvH 60%(equipment & real estate leasing)

46

Recent diversification into ‘Real estate services’:

Groupe Duval (41%) - France (real estate exploitation & services)

Anima Care (100%)Senior care facilities & services

Energy & Resources: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

SIPEF 4.2

(€ mio) 1H14 1H13 2013

11.26.4

SAGAR CEMENTS -0.2 -0.4-0.4

TELEMOND 1.5 3.00.7

OTHER

TOTAL

0.1

5 6

-5.1

8 7

0.2

6 9TOTAL 5.6 8.76.9

47

Energy & Resources

SIPEF • Agro industrial group with plantations of palm oil, rubber SIPEF g g p p p ,and tea in Indonesia and Papua New Guinea

• Production of cement and clinkers. In partnership with the Reddy family

SAGAR CEMENTS(see slide 61) Reddy family

• 1H14: Lower turnover and net result due to difficult market conditions.

(see sl de 6 )

ORIENTAL QUARRIES • Stone quarries producting building aggregates. In O N QU S & MINES(see slide 62)

Sto e qua es p oduct g bu ld g agg egates. partnership with the Bakshi family

• 1H14: Positive impact from turnaround Bilaua site, resulting in increase of turnover and positive net result

MAX GREEN(see slide 63)

• Renewable energy based on biomass (wood pellets), in JV with Electrabel

• 1H14: Difficult to manage under continuously changing legal framework. Production shutdown since April 2014

• Development & manufacturing (Poland) of welded steel TELEMOND GROUP l d 6

48

structures and equipment• 1H14: Lower order book resulted in lower turnover and

net result

(see slide 64)

Sipef: key figures (AvH 26 78%)(AvH 26.78%)

A Belgian agro-industrial group operating and managing tropical plantation businesses (53 899 ha oil palm and 9 661 ha rubber) in Indonesia and Papua businesses (53,899 ha oil palm and 9,661 ha rubber), in Indonesia and Papua New Guinea

(in USD mio) 1H14 1H13(2) 2013€ 1 = USD 1.37 (1H14)

Group production (in T)(1)

Palm oil 131,415 120,616 253,912, , ,Rubber 5,547 5,276 10,403Tea 1,369 1,400 2,850

Turnover 157.7 149.5 291.7EBIT 36.3 28.9 79.0Net result 32.7 20.5 55.6N i 526 1 472 4 508 1Net equity 526.1 472.4 508.1Net cash position -20.1 -12.0 -31.9Share high/low (in €) 63.31/54.60 65.03/51.62 65.03/50.00

Market cap (€ mio) 558 6 462 1 516 5

49

(1) Own + outgrowers(2) Adjusted in line with IFRS11

Market cap (€ mio) 558.6 462.1 516.5

Sipef: highlights & outlook

Highlights 1H14Highlights 1H14• Favorable agronomic conditions leading to higher production volumes in palm oil (+9%), both

from mature and young plants, and rubber• Increase of turnover to USD 157.7 mio and of net result (+60%) to USD 32.7 mio thanks to

higher volumes and slightly higher sales prices

(in USD/ton) 1H14 1H13 2013€ 1 = USD 1.37 (1H14)

P l il 899 852 857

• Expansion plans continued. Two extraction plants (in Indonesia and Papua New Guinea) l d d l l l d G d S h S

Palm oil 899 852 857Rubber 2,187 3,030 2,795

completed and new oil palms planted in Papua New Guinea and in South Sumatra

Outlook 2014• Taking into account the positive production outlook and the forward sales, Sipef expects the Taking into account the positive production outlook and the forward sales, Sipef expects the

2014 result to be higher than in 2013

50

Development Capital: Contribution to the AvH consolidated net resultContribution to the AvH consolidated net result

SOFINIM -0.7

(€ mio) 1H14 1H13 2013

-2.8-1.1

CONTRIBUTION PORTFOLIO SOFINIM -7.2 -6.3-0.7

CONTRIBUTION PORTFOLIO GIB 1.3 2.50.5

CONTRIBUTION BEFORE CAPITAL GAINS

CAPITAL GAINS

-6.6

34 0

-6.6

29 5

-1.3

4 9CAPITAL GAINS 34.0 29.5

TOTAL CONTRIBUTION DEVELOPMENT CAPITAL 27.4 22.93.6

4.9

51

DEVELOPMENT CAPITAL

52

Development Capital: adjusted net asset valueasset value

(in € mio) 1H14 2013

Sofinim 495.2 493.2

Unrealised capital gain Atenor 10.6 8.2p gShare price Atenor (in €) 37.90 34.25

Market value Groupe Flo / Trasys 9.8 10.0Sh i G Fl (i €) 2 94 3 00Share price Groupe Flo (in €) 2.94 3.00

Total Development Capital 515.6 511.4

53

Development Capital: overview of major divestmentsdivestments

64 1

2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014

53.7

64.1

IRR %

34.131 9

39.0

28.3

22.6

16 5

26.7

16 5

24.9

31.9

14 8

25.5

19.014 8

-0.8

16.5

-1.3

16.5

11.114.8

3.4 5.7 2.2

14.8

3 8 5 3 10 10 4 9 11 4 6 8 8 7 15 2 5 6 11 6 12

Investment term (# years)

54

Other participations

55

Van Laere(AvH 100%)(AvH 100%)

General contractor of construction and civil engineering projects

(in € mio) 1H14 1H13 2013Turnover 88 3 48 8 122 3

Consolidated key figures

Turnover 88.3 48.8 122.3Net result 1.0 -0.5 0.7

Shareholder's equity 37.4 35.4 36.6q yNet financial position 4.9 0.6 6.1

# personnel 463Regatta (Antwerp)

Highlights 1H14• Strong improvement of turnover thanks to better weather conditions than in 2013

Regatta (Antwerp)

• Order book of € 239 mio (2013: € 169 mio)

56

Rent-A-Port(AvH 72.18%)(AvH 72.18%)

Specialized company for port development, port management and logistics consultancy


(in € mio) 1H14 1H13 2013Turnover 2.2 4.7 6.8Net result 0.0 6.7 12.3

Shareholder's equity 25.6 20.2 25.9Net financial position -8.2 -7.5 0.5

Highlights 1H14• 2014 is transition year for Dinh Vu (Vietnam). Expansion to 1,600 ha expected by

year-endyear end

57

Nationale Maatschappij der Pijpleidingen (NMP)(AvH 75%)(AvH 75%)

Operator of 700 km of pipelines for transport of industrial gases and chemicals in Belgiumand chemicals in Belgium

(in € mio) 1H14 1H13 2013Consolidated key figures( ) 1H13 2013Turnover 6.8 7.1 13.9Net result 1.0 0.9 2.0

Net cash flow 2.1 1.9 4.3Shareholder's equity 26.9 26.4 27.5Net financial position 13 3 9 7 13 5Net financial position 13.3 9.7 13.5

Highlights 1H14• Slightly higher results in line with expectations

58

Groupe Financière Duval(AvH 41.14%)(AvH 41.14%)

French group focused on real estate projects, services and residencesConsolidated key figures(in € mio) 1H14 1H13 2013Turnover 193.7 218.5 501.1EBIT 25 5 21 0 13 4


EBIT -25.5 -21.0 13.4Net result -13.8 -11.1 4.7

Sh h ld ' it 91 8 91 1 107 1

Hi hli ht 1H14

Shareholder's equity 91.8 91.1 107.1Net financial position -143.5 -146.5 -96.1 Residalya – La Carrairade (Le Rove)

Highlights 1H14• Turnover and results of first 6 months traditionally impacted by seasonality of tourism

activities (Odalys)• Sale of Park’A activity to Interparking Limited impact on consolidated result• Sale of Park A activity to Interparking. Limited impact on consolidated result.• Exploitation activities: Tourism – holiday parks (Odalys) (115,000 beds, 329 sites); NGF (33

golf sites); Senior Care (Residalya) (1,957 beds, 26 sites)• Positive impact from new senior care residences of Residalya.

59

Anima Care(AvH 100%)(AvH 100%)

Anima Care focuses on high quality senior care residences in Belgium ( l it ti d l t t )(exploitation and real estate)

(in € mio) 1H14 1H13 2013 Azur Soins et Santé

Consolidated key figures( )Turnover 17.9 11.3 27.4EBITDA 2.3 1.2 3.4Net result 0.2 0.6 0.6Net result 0.2 0.6 0.6

Shareholder's equity 34.7 28.6 32.4Net financial position -49 5 -18 9 -40 8Net financial position -49.5 -18.9 -40.8

Highlights 1H14• Increase of turnover driven by portfolio expansion

Zonnesteen (Zemst)

y p p• Net result impacted by startup losses from opening of new build residences: Zemst (93

beds, 23 service flats; opening April 2014), Haut-Ittre (127 beds, 36 service flats; opening 2H14) and Kasterlee (142 beds, 63 service flats; opening 2015)T t l tf li f th 1 300 b d d i fl t ( f hi h 922 b d d 78

60

• Total portfolio of more than 1,300 beds and service flats (of which 922 beds and 78 service flats in operation)

Sagar Cements(AvH 18.55%)

Cement plant, located near Hyderabad (Andra Pradesh, India), with capacity of 2 5 million tonnes cement per year

(AvH 18.55%)

of 2.5 million tonnes cement per year

(in € mio) 1H14 1H13 2013€ 1 INR 83 33 € 1 INR 72 46 € 1 INR 77 52


€ 1 = INR 83.33 € 1 = INR 72.46 € 1 = INR 77.52

Turnover 33.8 35.8 61.7EBITDA -0.2 2.0 3.7Net result 2 4 1 2 2 4Net result -2.4 -1.2 -2.4

Shareholder's equity 28.4 33.8 29.7Net financial position -29.4 -27.8 -25.0Net financial position 29.4 27.8 25.0

Share high/low (in INR) 323.6/134.1 297.4/190.0 291.4/162.0Market cap (INR mio) 5,331 3,373 2,960

Highlights 1H14

• Continued strong competition leading to lower prices and decrease of turnover and net result

61

esult

• Sale of participation of 47% in joint venture Vicat Sagar Cement in 3Q14 for a total value of approx € 53 mio (AvH share: € 6 mio). Investment multiplied by 5 since 2008

Oriental Quarries & Mines(AvH 50%)(AvH 50%)

Aggregates quarries, India (in partnership with Oriental Structural Engineers )

(in € mio) 1H14 1H13 2013€ 1 = INR 83 33 € 1 = INR 72 46 € 1 = INR 77 52


€ 1 = INR 83.33 € 1 = INR 72.46 € 1 = INR 77.52

Turnover 3.9 1.9 4.9EBITDA 0.4 -0.1 0.2Net result 0 4 -0 3 0 1Net result 0.4 -0.3 0.1

Shareholder's equity 6.6 6.3 6.0Net financial position 1.5 1.5 1.5 Bangalore quarryp

Highlights 1H14

• Opening of new site in Bilaua resulted in doubling of sales volumes and increase of

Bangalore quarry

• Opening of new site in Bilaua resulted in doubling of sales volumes and increase of profitability

• Quarries in Moth, Gwalior and Bangalore with total crushing capacity of 1.5 million tons

62

Max Green(AvH 18.9%)(AvH 18.9%)

Renewable energy based on biomass / wood pellets (joint venture with Electrabel)

Highlights 1H14

(joint venture with Electrabel)

• Conversion of Rodenhuize 4 plant (Ghent) into 100% biomass fired unit

• 180 -200 Mwel capacity

• Decreasing market prices for electricity and green certificates and changing legal framework resulted in shutdown of production in April 2014

Rodenhuize (Ghent)

63

Telemond Group (AvH 50%)(AvH 50%)

Development and manufacturing of welded structures with a particular emphasis on telescopic cranes for mobile crane vehicles as well as loading emphasis on telescopic cranes for mobile crane vehicles as well as loading platforms and kippers for light trucks

Consolidated key figures(in € mio) 1H14 1H13 2013

Turnover 38.6 43.8 78.7Net result 1 7 3 0 6 6


Net result 1.7 3.0 6.6

Net financial position -12.3 -12.5 -10.9

Highlights 1H14

• Decrease of turnover and net result due to lower order book

• Investment in development of new site in Poland

64

Development Capital: highlights

Highlights 1H14

• Clear, but still early, improvement of results

• Capital gain of € 4.9 mio (AvH) on sale of NMC at the end of June. IRR of 14.8% over 12 Cl i t d l O t b 2014years. Closing expected early October 2014

• Distriplus: Sale of Club (shops for books and stationary) to Standaard Boekhandel. Distriplus will concentrate on the world of beautyp y

• Euro Media Group: Restructuring of shareholding structure of EMG with PAI entering on July 29 as new lead investor. Sofinim maintains its 22.5% stake in EMG. This transaction has no cash impact for Sofinimhas no cash impact for Sofinim.

• Corelio: Results influenced by extraordinary elements (a.o. provisions for social plan for Mediahuis and Corelio Printing, the capital gain on sale of Editions de l’Avenir, g, p g ,impairments within De Vijver Media). De Vijver Media strenghtened by partnership with Telenet (purchase of shares Sanoma, capital increase)

Hertel: Improved result under new management team but still negative due to • Hertel: Improved result under new management team, but still negative due to restructuring costs and non-recurrent elements in its offshore division

65

Groupe Flo(GIB 47.13%)(GIB 47.13%)

Leading player in casual dining in France, with a portfolio of complementary brands of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and

(in € mio) 1H14 1H13 2013

of theme restaurants (Hippopotamus, Tablapizza and Taverne de Maître Kanter) and famous brasseries

Consolidated key figures(in € mio) 1H14 1H13 2013Turnover 157.5 175.1 346.8EBITDA 12.4 18.6 35.3Net result 1 8 5 0 8 0Net result 1.8 5.0 8.0

Net financial position -61.0 -68.4 -57.7

Highlights 1H14• Decrease of turnover in a difficult market environment, negatively impacted by the VAT

increase and increasing price sensitivity from the customers• Measures taken to adapt the operating model to lower volumes could only partially offset

the impact of the lower turnover

66

Outlook 2014

‘The board of directors remains positiveb t th ’ tl k f th t about the group’s outlook for the current

financial year, and expects an increase in net profit over last year’s result, adjusted

for the 109.4 million euros remeasurementincome following the acquisition of control

over DEME/CFE.’

67

For further questions or additional information, please consult our website: www.avh.be

Contact:Luc BertrandCh i f th E ti C ittChairman of the Executive Committee

Jan SuykensMember of the Executive Committee

Tom BamelisMember of the Executive Committee

T +32 3 231 87 79E [email protected]

68

Annexes

69

Multidisciplinary and experienced team

Born with AvH sinceBorn with AvH sinceLuc Bertrand 1951 1986 (Bankers Trust)

Jan Suykens 1960 1990 (Generale Bank)

Piet Dejonghe 1966 1995 (Allen & Overy - LCV, Boston Consulting Group)Piet Dejonghe 1966 1995 (Allen & Overy LCV, Boston Consulting Group)

Piet Bevernage 1968 1995 (Allen & Overy - LCV)

Tom Bamelis 1966 1999 (Touche Ross, GBL)

Koen Janssen 1970 2001 (Recticel, ING)( , )

André-Xavier Cooreman 1964 1997 (Shell, Generale Bank, McKinsey, Bank Degroof)

Marc De Pauw 1953 1994 (NIM)

Hilde Delabie 1968 1998 (Deloitte)

Matthias De Raeymaeker 1975 2005 (Arthur D. Little)

Sofie Beernaert 1975 2005 (Eubelius)

John-Eric Bertrand 1977 2008 (Deloitte, Roland Berger)

Katia Waegemans 1969 2008 (McKinsey, Agfa-Gevaert)

Ben De Voecht 1979 2010 (ExxonMobil)

70

Historical overview

1880 Foundation by H.W. Ackermans & Nicolaas van Haaren

1964 Foundation of Forasol SA

1974 Merger of dredging activities with SGD (CFE-SGB)g g g ( )

1984 I.P.O.

1988 1st diversification into brewery sector (Alken Maes)1988 1st diversification into brewery sector (Alken-Maes)

1991 Acquisition of Creyf’s Interim (renamed Solvus)

1992 Acquisition of Belcofi – Delen (start of Private banking)

1994 Acquisition of privatised Société Nationale d’Investissement(start of private equity via Sofinim and of real estate via Leasinvest)(start of private equity via Sofinim and of real estate via Leasinvest)

1996 Sale of Forasol – Foramer to Pride Petroleum

1998 Creation of joint holding company (Finaxis) of Bank Delenwith Bank J. Van Breda & C° (AvH 60% / beneficial 30%)

71

Historical overview (2)

1999 IPO of Leasinvest Real Estate

2000 Increase of stake in DEME from 39.5% to 48.5%

2002 Acquisition 50% stake in GIB (Quick), together with CNP

2004 Increase of stake in Finaxis from 30% to 75 %Increase of stake in DEME from 48.5% to 50%

2005 Sale of Solvus to USG

2006 Strong investment (Flo, Trasys, Turbo’s Hoet Group, Cobelguard) as well as divestment (Quick, SCF) activity(Q , ) y

2007 Bank Delen: acquisition of CAPFI (€ 2,747 mio)DEME: 2nd phase of fleet investment programPrivate equity: strong investment activity (Spano, Iris, Manuchar, Distriplus: q y g y (Sp , , , p€ 154 mio)

2008 Investment in Rombouts (20%) and Sagar CementsSale of Arcomet, Oleon Holding and Oleon BiodieselSale of Arcomet, Oleon Holding and Oleon Biodiesel

72

Historical overview (3)

2009 Sale of IDIM to R.D.C.B. and S.R.I.B. and sale of I.R.I.S. to CanonInvestments in Oriental Quarries & Mines, Alcofina and Max Green

2010 Creation of Rent-A-Port EnergyCo-control Holding Groupe Duvalg pRSPO certification of SipefSale of Engelhardt Druck

2011 Listing of AvH options on NYSE Liffe2011 Listing of AvH options on NYSE LiffeAcquisition ABK by Bank J.Van Breda & Co

Acquisition JM Finn & Co by Delen Investments

2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)2012 Sale by Sofinim of stakes in Alural (60%) and AR Metallizing (63%)

2013 Sale by Sofinim of stake in Spano Invest (73%) Acquisition of CFE (60%) and exclusive control of DEME

2014 Sale by Sofinim of stake in NMC (27%)

73

Evolution of the AvH share(index rebased to 20/6/1984)( )

AvHBelgian all share indexshare index

1984-2013AvH share: x42Stock index: x8

(until 19/8/14)

74

Market capitalization (€ mio, end of year):55 317 2,2445901,066 2,853

Return AvH vs market

75Source: KBC Securities

Evolution of the consolidated group result(in € mio)

293 9106 8 293.9+106.8

167.3+6.8

-12.5-7.7

+12.2+13.0+8.0

76

Net cash position AvH group

(in € 000)AvH &

subholdingsDevelopment

capitalTotal

(30/6/2014)

Investment portfolio* 24 162 2 378 26 540Investment portfolio 24,162 2,378 26,540Term deposits 32,438 26,802 59,240Intercompany deposits -115,865 115,865 0Cash 3,649 1,591 5,240Cash 3,649 1,591 5,240Long term debt -87,990 -87,990Short term debt - commercial paper -38,849 -38,849Own shares (#350,278) 20,800 20,800( , ) , ,Net cash GIB (50%) and Other 428(equity consolidation)

-161,655 146,636 -14,591, , ,

* Primarily Delen Private Bank funds

77

AvH gained exclusive control over DEME, through the acquisition of CFE (1/2)through the acquisition of CFE (1/2)

Sep 19, 2013: AvH and Vinci reach an agreement

Dec 24, 2013: AvH acquires a 60.39% stake in CFE•AvH contributes to CFE its 50% stake in DEME (€ 550 mio) in exchange for 12,222,222 new CFE shares

•AvH acquires 3,066,440 CFE shares of Vinci’s stake (€ 45 per share or € 138 mio in total)

AvH evolves to exclusive control of DEMEI t i t t t i 2013 li it d t d t t•Impact on income statement in 2013 limited to mandatory remeasurementof 50% stake in DEME (IFRS). Capital gain of € 109.4 mio recorded.

•Higher % in DEME and Rent-A-Port will be applied as from 2014.

Feb 7, 2014: AvH launches mandatory public offer on CFE (€ 45 per share)

78

AvH gained exclusive control over DEME, through the acquisition of CFE (2/2)through the acquisition of CFE (2/2)

Public

Structure on May 16, 2014

12.1%60.4%

Public

27.5%

100%

79

Delen Investments: income statement

Conso (in € 000) 1H14 1H13 2013Conso (in € 000) 1H14 1H13 2013

Net interest income 1,834 768 2,994Gross fee income 133,173 122,608 245,800Other income 1 964 4 475 6 417Other income 1,964 4,475 6,417Gross revenues 136,971 127,851 255,211

Fees paid -13,081 -10,279 -21,892

Operational expenses -59,531 -55,117 -112,725Amortisations & provisions -6,361 -5,424 -11,243Other expenses -568 -1,133 -2,328Loan loss provision -14 -13 -27Loan loss provision 14 13 27Expenses -66,474 -61,688 -126,324

Profit before tax 57,416 55,884 106,996

Income taxes -16,373 -15,356 -28,804

Profit of the period Minority interests -1,418 -1,103 -2,159

80

Share of the group 39,624 39,425 76,033

Delen Investments: balance sheet

(in € 000) 1H14 2013 2012

Cash & loans and advances to banks 661,695 658,767 698,990Financial assets - Financial assets available for sale 746,258 537,717 494,015, , , - Financial assets held for trading 30,834 33,633 33,073 - Loans and receivables 131,000 125,987 102,316Tangibles assets 55,776 55,070 52,157G d ill d th i t ibl t * 247 202 248 607 249 258Goodwill and other intangible assets* 247,202 248,607 249,258Other assets 26,149 25,240 24,588Total assets 1,898,914 1,685,021 1,654,397

Financial liabilities- Deposits from credit institutions 4,282 2,403 1,603- Deposits from clients 1,246,241 1,080,732 1,120,207 Oth 25 389 30 267 28 146- Other 25,389 30,267 28,146

Provisions, tax and other liabilities 145,168 107,247 89,653Equity (including minority interests)* 477,833 464,372 414,788Total liabilities 1,898,914 1,685,021 1,654,397, , , , , ,

81

* JM Finn at 100% taking into account put/call rights on minority stake of 26.51% as from 2011

Delen Private Bank: Annualised returns (after all costs) since inception(after all costs) since inception

31/12/2013 1 year 3 years 5 years 10 yearsSince

Fixed Income* -2,04% 0,94% 1,73% 2,12% 1,69%

G % % % % %

31/12/2013 1 year 3 years 5 years 10 years inception

Peer Group 1,04% 4,36% 4,92% 3,74% 5,12%

Low 2,17% 2,70% 5,96% 3,85% 5,80%

Peer Group 3,97% 3,57% 5,66% 3,25% 3,97%

Medium 4,91% 4,07% 8,82% 5,35% 4,69%

Peer Group 7,68% 4,41% 8,15% 3,86% 2,63%

High 9,81% 5,61% 12,43% 6,13% 6,72%

Peer Group 12,40% 5,94% 10,90% 4,58% 3,52%

Flexible 12,12% 6,83% 10,79% 6,87% 8,73%

* Returns tot 31/12/2013 van Universal Invest Low, Medium, High, Flexible en een selectie van fondsen uit de betreffende Morningstar categorie..

Peer Group 3,76% 2,03% 6,29% 3,45% 6,14%

82Source: Morningstar

JM Finn & Co

• End of June 2011, Delen Investments announced agreement to acquire a major stake in JM Fi & C D l 73 5% ith t t t i i 26 5% ( l i S 11)JM Finn & Co: Delen 73.5% with current management retaining 26.5% (closing Sep 11)

• 100% transaction value: £ 85 mio (net equity as per sep 2011: £ 19 mio)

UK private client wealth management firmp g• Established in 1945 as partnership, incorporated in 2006• 305 headcount of which 190 Front Office, 45 Central Services and 70 Back Office• 90 investment managers, making each independent investment decisions for their clients

• Head office in London, offices in Leeds, Bristol, Ipswich, Bury St Edmunds and Cardiff

AuM per type 18%

59%23%

Discretionary (63% per Sep 13)Portfolio advisoryNon portfolio advisory and execution only

83

AuM: £ 5.5 billion (30.09.11) £ 7.8 billion (31.12.13)

Bank J.Van Breda & C°: income statement

(in € 000) 1H14 1H13 2013

Net interest income 40,279 38,413 76,767Net fee income 17,801 15,514 31,601Net fee income 17,801 15,514 31,601Other income 2,170 6,694 9,348Gross revenues 60,251 60,621 117,716Operational expenses -33,231 -32,107 -64,756Amortisations & provisions -2,982 -2,165 -4,544Loan loss provision -387 -1,087 -1,488Impairment AFS 0 -13 -13

36 600 3 3 3 0 80Expenses -36,600 -35,373 -70,801Share of profit (loss) from equity accounted investments 78 315 220Profit before tax 23,728 25,563 47,135Profit before tax 23,728 25,563 47,135Income taxes -6,664 -7,234 -14,760Profit of the period Minority interests -44 -462 -828

84

Share of the group 17,020 17,867 31,546

Bank J.Van Breda & C°: balance sheet

(in € 000) 1H14 2013 2012

Cash & loans and advances to banks 147,532 243,164 91,104Cash & loans and advances to banks 147,532 243,164 91,104Financial assets - Financial assets available for sale 662,294 640,743 517,209 - Financial assets held for trading and fvo 903 1,243 5,462 L d i bl (i l di fi l ) 3 535 568 3 455 495 3 306 419 - Loans and receivables (including finance leases) 3,535,568 3,455,495 3,306,419 - Derivatives used for hedging 6,798 931 3,747Tangible assets 36,420 33,156 31,764Goodwill and other intangible assets 12,253 12,359 10,629Goodw ll a d ot e ta g ble assets , 53 ,359 0,6 9Other assets 22,318 23,204 26,431Total assets 4,424,085 4,410,294 3,992,765

Fi i l li bilitiFinancial liabilities- Deposits from credit institutions 11,782 106,320 68,647- Deposits from clients 3,716,696 3,598,537 3,327,944- Debt certificates (incl. bonds/ CP) 110,147 128,019 18,200( ) , , ,- Subordinated liabilities 82,802 84,473 87,305- Other 10,706 5,815 19,086Provisions, tax and other liabilities 36,658 38,856 27,341Mi it i t t 116 367 16 975Minority interests 116 367 16,975Equity (group share) 455,178 447,907 427,267Total liabilities 4,424,085 4,410,294 3,992,765

85

Solvency of banks

Bank J.Van Breda & C° Bank J.Van Breda & C

Evolution financial strength banks Source: IMFbanks Source: IMF

86

86

ABK

• 1997-2010: Consistent track record of profitable internal growth o Stable number of branches: 40o Stable number of branches: 40o Increase of number of relationship managers: from 49 (1998) to 135 (2010)

• 2010: Acquisition of ABK (Antwerps Beroepskrediet)

Antwerp based niche bank catering towards small enterprises • Cooperative bank• 56 employees, 16 agencies

L t fi l ( di g D b 2010)• Last fiscal year (ending December 2010):• Loans of € 239.7 mio (€ 231 mio as of 30.06.11)• Deposits of € 293.2 mio (€ 308 mio as of 30.06.11)• Net equity of € 229.4 mioq y

• Net equity (after provisions and IFRS) as of May 31, 2011: € 195 mio

• Acquisition cost for 91.76%: € 57 mioParticipation in ABK increased to 99 9% in Dec 2013• Participation in ABK increased to 99.9% in Dec 2013

o LT strategic rationale: Development of new client segment close to Bank J.Van Breda core clientele and competencesST financial implications:

87

o ST financial implications: o Conso equity boosted from € 258 mio to € 413 mioo Core tier 1 equity ratio strengthened from 11.3% to 14.6%

Sipef: Expansion

Planted area (in hectares) – beneficial interest

120.000

80 000

100.000

60.000

80.000South Sum expansion

PNG expansion

PNG

Bengkulu expansion

40.000

Bengkulu

North Sum expansion

North Sum

20.000

02005 2008 2012 2020

88Source: Sipef company presentation

Sipef: Palm oil

89

Development Capital: key figures portfolio 2013p(see slides 91-93 for highlights)

in € mio Turnover EBITDA Net Result Net Equity Net Fin. Position

Sofinim (74%) 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012

Atenor 110.133 45.943 24.016 8.935 12.028 9.489 104.786 98.605 -174.932 -131.849

Axe Investments 0.587 0.733 0.123 0.249 0.278 0.870 15.613 16.088 5.157 5.185

Amsteldijk Beheer -0.124 0.049 -0.489 0.031 1.230 1.719 0.267 -18.599

Corelio 300.054 349.453 21.339 19.443 -26.660 -3.864 53.421 73.933 -74.750 -71.602

Distriplus 247 230 246 785 13 728 14 856 -0 039 2 661 62 665 62 704 -61 267 -61 307Distriplus 247.230 246.785 13.728 14.856 0.039 2.661 62.665 62.704 61.267 61.307

Egemin International 105.040 107.521 6.753 5.957 2.363 1.754 21.914 20.323 12.586 2.228

Euro Media Group 301.344 333.020 68.226 76.126 9.425 21.557 189.000 179.828 -81.011 -89.521

Hertel Holding 767.418 907.246 3.259 24.455 -34.356 -32.939 128.655 161.513 -35.994 -102.639

Manuchar 1,010.521 921.433 41.967 27.039 4.558 3.560 56.410 50.942 -257.521 -231.139

NMC 197.645 195.712 27.145 24.561 11.852 10.175 99.994 93.277 -15.873 -15.274

Turbo's Hoet Groep 405.553 471.255 17.870 19.487 5.638 7.755 88.109 87.717 -95.955 -79.863

GIB (50%)( )

Groupe Flo 346.843 365.837 35.347 41.778 7.966 12.522 165.824 159.101 -57.702 -74.711

Trasys 73.185 69.283 4.913 5.102 2.781 1.908 21.959 18.985 -8.562 -12.077

90


Highlights 2013• Divergent results in development capital segment: capital gain of € 34

i (A H) l f S L ib i f h mio (AvH) on sale of Spano-group. Lower contribution from other companies due to restructuring costs and impairments.

• Atenor: Result impacted by the sale of apartments in UP-site (Brussels), Atenor: Result impacted by the sale of apartments in UP site (Brussels), the start of the Trébel project and the construction of Port du Bon Dieu (Namur)

C li d C t d th i Fl i h d di it l • Corelio and Concentra merged their Flemish newspapers and digital activities in Mediahuis (Corelio 62%, Concentra 38%). Agreement signed with Tecteo for sale of French speaking newspaper activities in Sep, regulatory approval still pending. Due to exceptional amortizations of regulatory approval still pending. Due to exceptional amortizations of intangibles by De Vijver Media (Corelio 33%) and other restructuring charges, Corelio realized a net loss.

Di t i l St bl t d it diffi lt i i t • Distriplus: Stable turnover despite a difficult economic environment thanks to commercial strategy of the 3 chains. Due to exceptional costs, Distriplus booked a breakeven result.

• Egemin Automation: Delays in new projects and longer decision cycles due to economic climate. Margin improvement thanks to better selection of orders and strict control of implementation.

91


Highlights 2013• Euro Media Group: Acquisition of the technical resources from Alfacam • Euro Media Group: Acquisition of the technical resources from Alfacam,

specialised in the recording and broadcasting of images internationally. Decrease of net result due to restructuring costs in French activity, exceptional impairment on rentals and capital gain on the sale of real estate. As a consequence, Sofinim recorded an impairment.

• Groupe Flo: Decrease of turnover (-4.6% like-for-like) and net result in a persistently difficult market Focus on strengthening Hippopotamus (9 persistently difficult market. Focus on strengthening Hippopotamus (9 new restaurants in 2013). Continued decrease of debt.

• Hertel: Turnover decrease of 15% due to divestitures in 2012, closing of activities and critical selection of projects. Disappointing result due to restructuring costs, goodwill impairment and other non-recurring elements. Solid financial basis thanks to refinancing early 2013, when shareholders Sofinim and NPM Capital injected € 75 mio cash and shareholders Sofinim and NPM Capital injected € 75 mio cash, and working capital management. Net debt decreased to € 36 mio

• Manuchar: Strong recovery with increase of turnover and net result. On b l d b f h lits way to become a top 3 player in distribution of chemicals in emerging

markets. Trading in steel and non-ferro also performed well. Acquisition of one of its main suppliers in hardwood.

92


Highlights 2013g g• NMC: Stable turnover but significant growth (+18%) in net result, due to

internal improvement program focused on productivity. Sales prices adjusted to the increasing cost of raw materials.

• Trasys: Increase of turnover (+6%) and net result (+47%) in a very competitive IT market.

• Turbo’s Hoet Groep: Decline of market of new trucks leading to decrease of sales of Turbotrucks, mainly in Russia and Belarus. Increasing revenues at Turboparts and stable, but profitable, leasing and renting activities New workshop and warehoude opened in and renting activities. New workshop and warehoude opened in Moscow, garage in Namur renovated and Torhout site closed.

93

AvH: long term track record of growth and value creation: Sofinimvalue creation: Sofinim

NAV

600

Adjusted net asset value(in € mio)

300

400

500

100

200

300

02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

NAVNAV• Conservative benchmark (acquisition cost + group’s share

of results)No transaction value nor P/E based revaluations• No transaction value, nor P/E based revaluations

94

Notes

95

Investor Relations

Ackermans & van Haaren - 1H14 results: Investor presentation