This trading update gives an overview of the main developments at
Ackermans & van Haaren and its main participations since the 2020
annual results that were published at the end of February.
• Significant growth of net profit expected for
2021
In its previous outlook for 2021, the board of directors confirmed that
this year, too, the company will continue to focus on the further development of a limited number of core participations, supplemented by a
number of smaller yet promising participations.
The vigorous recovery of the results, which began in the second half of
2020, is clearly continuing. The strong increase of the assets under management at Delen Private Bank and Bank J.Van Breda & Cº lays the
foundation for further growth of their results in 2021. The good activity
level in ‘Marine Engineering & Contracting’ (DEME, CFE) should also lead
to a higher profit contribution.
On the strength of the developments during the first quarter, and barring
unforeseen developments, the board of directors expects a substantial
increase of the group’s net profit in 2021.

• Cash position
At the end of March 2021, AvH had a net cash position of 73.5 million
euros, compared to 68.0 million euros at the end of 2020. This position
consisted of 49.5 million euros in short-term investments and 25.2
million euros in cash and short-term deposits. The rest is made up
of treasury shares, less short-term debts of which commercial paper
amounting to 41.5 million euros.
AvH owned 343,000 treasury shares as of March 31, 2021 (compared
to 343,750 shares at December 31, 2020) to hedge its stock option
plan obligations. To this number were added, on March 31, 2021,
2,241 treasury shares resulting from acquisitions and disposals within
the framework of the AvH stock liquidity agreement.
So far, AvH’s investment activity in 2021 was limited to certain minor
follow-up investments.

MARINE ENGINEERING & CONTRACTING
DEME
DEME (AvH 62.10%) realised a turnover in the first quarter of 2021
of 479.6 million euros, a decrease of 55.3 million euros (-10%) compared to Q1 2020. At DEME Offshore in particular, turnover was lower
as a result of some new projects that are still in the start-up phase,
a marked decrease in the so-called procurement turnover, and major
maintenance works on the vessels ‘Innovation’ and ‘Flintstone’. However, DEME realised a turnover increase in the dredging segment and
at DEME Infra.
DEME: Turnover
(€ million) 1Q21 1Q20
Dredging 249.1 242.1
Offshore 138.7 202.7
Infra 52.1 27.2
Other 39.7 62.9
Total 479.6 534.9
Maintenance dredging on the river Scheldt was carried out for the first
time on environmentally friendly LNG, a first in Flanders. DEME’s dual
fuel trailing suction hopper dredger ‘Scheldt River’, one of the very first
dredgers in the industry to run on different fuel types, was deployed for
those works. In Egypt, the Abu Qir project was off to a successful start:
several hoppers are already in operation, and cutters, including the
‘Spartacus’, will also be deployed shortly. In March, DEME completed
the contract for the deepening and widening of the Elbe in Germany.
Maintenance dredging continues. In Poland, the widening of the access
channel to the port of Swinoujscie is continuing as well.
At DEME Offshore, the main projects that will be carried out in 2021
are still in the start-up phase, more particularly those for the offshore
wind farms of Saint-Nazaire (France), Hornsea 2, Triton Knoll and Dogger Bank (United Kingdom).
On January 1, 2021, work also started on the Fehmarnbelt, the world’s
longest immersed tunnel that will link up Denmark and Germany.
Although the negative impact of the health crisis is steadily diminishing
in Europe, it remains a major factor in other parts of the world (such as
in India and in South America).

In the first quarter of 2021, DEME has already won several major contracts:
• Offshore: Hollandse Kust (noord and west Alpha): Transport & Installation of the jackets and topsides for two offshore substations and
erosion protection (< 50 million euros); Arcadis Ost 1 (Germany,
257 MW): EPCI of 28 XXL monopile foundations, the largest ever in
Europe, each weighing approximately 2,000 tonnes (150-300 million euros); Hinkley Point (UK, 150-300 million euros)
• Infra: Right Bank of the Oosterweel Link: link between the Scheldt
tunnel and the R1 ring road, subproject awarded to TM ROCO with
a.o. DEME and Van Laere (total contract value: 2,350 million euros)
DEME’s order backlog further increased in the first quarter of 2021 to
4,750 million euros, compared to 4,500 million euros at the end of
2020. Pending financial close, certain contracts are not yet included in
this order backlog: Right Bank of the Oosterweel Link, Arcadis Ost offshore wind farm, the projects for the offshore wind farms Hai Long and
Zhong Neng in Taiwan (total contract value more than 1 billion euros;
preferred bidder status) and Leucate (first EPCI contract for a floating
offshore wind farm in France) that was awarded in the second quarter
of 2021. A breakthrough was achieved in the United States with the
award of the very first offshore wind contract on the Vineyard Wind
project (800 MW), where DEME Offshore will take care of the offshore
transport and the offshore installation of the first large-scale offshore
wind farm in that country.
Investments in the fleet were fairly modest at 49.4 million euros in Q1
2021, although they are expected to reach around 350 million euros
over the full year.
The delivery of the ‘Spartacus’ (smart mega-cutter) and ‘Groenewind’
(service operation vessel for the maintenance of Belgian wind farms)
is scheduled for the second quarter of 2021. Repairs to the ‘Orion’
continue and should be completed in the first quarter of 2022.
Thanks to limited investments and a favourable development of the
working capital, DEME was able to further reduce its net financial debt
to 461.6 million euros, compared to 489.0 million euros at year-end
2020.
In April, DEME Offshore announced that it is setting up a joint venture
with Penta-Ocean for the construction of offshore wind farms in Japan
with a view to developing the offshore wind industry in Japan.
In April, Global Sea Mineral Resources (GSR) achieved a new milestone.
During a scientific and environmental test in the Clarion Clipperton
Zone (CCZ) of the Pacific Ocean, Patania II, GSR’s deep-sea robot,
harvested polymetallic nodules rich in nickel, cobalt, manganese and
copper at a depth of 4,500 m. Patania II successfully demonstrated that
it can ride and collect polymetallic nodules on the seabed. The data and samples collected during this ground-breaking deep-sea test will
allow a better understanding of the environmental impact and increase
knowledge of the deep sea for responsible environmental management and protection of marine ecosystems. The GSR expedition has
been monitored by independent scientists from 29 European institutions. GSR will only apply for an operating contract if it is scientifically
proven that, from an ecological and social perspective, nodules can be
a responsible source of the primary metals that are needed to make the
transition to a low carbon society.
DEME confirms its previous outlook of a higher turnover and net profit
in 2021, without however yet attaining the level of 2019.

CFE
(EXCL. DEME, RENT-A-PORT, GREEN OFFSHORE)
At CFE (AvH 62.1%), CFE Contracting realised a 6% turnover increase
to 235.1 million euros in the first quarter of 2021 (Q1 2020: 221.1
million euros). Activity in the Construction division decreased slightly,
whereas Multitechnics and Rail Infra (MOBIX) reported an increase.
The direct impact of the COVID-19 pandemic was relatively limited in
the first quarter, and appears to be diminishing as the vaccination campaign gathers momentum. The indirect impact of price increases for
most materials remains a concern, however.
The order book of CFE Contracting amounted to 1,461 million euros on
March 31, 2021 and remained roughly stable. MBG, BPC, CFE Poland
and VMA in particular were able to win new contracts.
CFE Contracting aims for an increase in turnover and net result in
2021, relative to 2020.
In Real Estate Development (BPI), sales of the residential projects that
are currently in the marketing stage continue to be highly satisfactory. Several residential and mixed-use projects are expected to start in
Brussels in the second half of the year, provided that building permissions are granted during the summer of 2021 as planned.
In the first quarter of 2021, BPI acquired two strategic land positions
in Warsaw. The first acquisition is a site for the development of 17,000
m² of residential premises, or more than 240 housing units. The second
site is situated in the Mokotow neighbourhood, in the centre of one of
the main business districts of Warsaw. On that site, BPI will develop a
micro-living concept with approximately 600 housing units. As a result
of those acquisitions, the net financial debt of the Real Estate Development division increased to 126 million euros (+19.8 million euros
compared to December 31, 2020).
BPI’s net result should remain on a high level in 2021, but lower than
the very high level of 2020.

PRIVATE BANKING
The excellent commercial results of both Delen Private Bank and Bank
J.Van Breda & C° led to an increase of the total assets under management to yet another record level of 57.1 billion euros as of March 31,
2021, compared to 54.1 billion euros at December 31, 2020 (+5%).
DELEN PRIVATE BANK
At Delen Private Bank (AvH 78.75%), the assets under management
at the consolidated level (Delen Private Bank, JM Finn) increased to a
record level of 47,982 million euros as of March 31, 2021 (year-end
2020: 45,116 million euros).
This evolution is due to a substantial positive net inflow of assets under
management at Delen Private Bank and Oyens & Van Eeghen. In the
United Kingdom, too, JM Finn reported a net inflow of new assets
during the first quarter.
The positive developments on the financial markets also contributed
to this increase. In Q1 2021, Delen Private Bank achieved returns on
its patrimonial funds between 1.12% (defensive) and 7.89% (full
equity), depending on the risk profile. The average return, weighted
according to the capital per risk profile, amounted to 3.86%. In the
United Kingdom, the positive market effect was further reinforced by
the appreciation of the GBP.

Assets under management
(€ million) 1Q21 2020
Delen Private Bank 47,982 45,116
Delen Private Bank 35,736 33,771
Oyens & Van Eeghen(1) 957 859
JM Finn 12,245 11,345
Bank J.Van Breda & Co
Off-balance sheet products 12,751 11,948
Client deposits 5,968 5,907
AuM at Delen(1) -9,633 -8,873
Delen and Van Breda
combined (100%) 57,068 54,098
(1) Already included in AuM Delen Private Bank

BANK J.VAN BREDA & C°
Bank J.Van Breda & C° (AvH 78.75%) again reported a solid performance thanks to a very strong increase of the off-balance sheet
products to 12.8 billion euros (year-end 2020: 11.9 billion euros). The
client deposits increased slightly to 6.0 billion euros (year-end 2020:
5.9 billion euros). As a result, the total assets invested by clients increased by 5% to 18.7 billion euros (year-end 2020: 17.9 billion euros). The total loan portfolio amounted to 5.5 billion euros (year-end
2020: 5.4 billion euros).

REAL ESTATE & SENIOR CARE
LEASINVEST
Leasinvest (AvH 30.01%) recorded a net profit of 7.7 million euros in
the first three months of 2021, compared to a net loss of 50.2 million
euros in the same period last year. This loss in 2020 was due to the
impact of COVID-19, but especially the remeasurement loss of 49.3
million euros on its participation (10.7%) in Retail Estates.
The rental income over the first three months of 2021 decreased slightly to 15.0 million euros, compared to 15.1 million euros over the first
three months of 2020. The overall occupancy rate and the rental yield
amounted to 92.05% (year-end 2020: 91.62%) and 5.65% (year-end
2020: 5.63%) respectively.
The fair value of the consolidated real estate portfolio, including project developments, remained stable at 1.1 billion euros relative to the
end of December 2020. At the end of February 2021, Leasinvest sold
the semi-industrial section of Brixton Business Park in Zaventem. This
divestment is entirely in line with Leasinvest’s strategy of disposing
of non-strategic properties and focusing on new sustainable projects.
At the end of March 2021, the shareholders’ equity (group share)
amounted to 499 million euros (year-end 2020: 487 million euros).
The debt ratio decreased to 54.56% (year-end 2020: 55.58%).
On May 12, Leasinvest announced its intention to become an integrated real estate group through an envisaged business combination with
Extensa Group and by giving up its BE-REIT status. Leasinvest would
then be converted into a listed mixed real estate player, which both
invests in and develops real estate with a view to selling or keeping
it in its own portfolio. Bringing together the real estate positions and
the complementary expertise of the teams of the two companies will
create synergies and form a solid basis for a strategy aimed at realising and managing innovative mixed-use urban developments and
thus building new urban districts or reviving existing urban districts.
With this focus, Leasinvest can combine recurring rental income with
attractive capital gains, which should create the capacity to generate a
recurring increasing dividend for the shareholders.
In the context of this proposed transaction, AvH would contribute
100% of the shares of Extensa and LREM to Leasinvest. Subject to
the completion of the due diligence and the obtaining of a tax ruling
regarding the exit from the BE-REIT status, Extensa and LREM will be
valued at 293 million euros as part of the capital increase through the
contribution in kind. The issue price of the new shares in Leasinvest
Real Estate will amount to 72 euros per share (after payment of the
coupon of 5.25 euros for the financial year 2020 proposed to the annual general meeting on May 17, 2021). On the basis of these data,
AvH would own 58.5% of the capital of Leasinvest following the proposed transaction.

EXTENSA
Extensa Group (AvH 100%) continued work on the construction
and sale of the residential estate ‘Park Lane’, which is part of Tour
& Taxis in Brussels. Of the first phase of 319 apartments, 230 units
have already been sold off-plan, and two of the six buildings in total
will be delivered in the second quarter of 2021. The operation of the
mixed-purpose area (catering businesses, theme stores, culture and
entertainment) in the Gare Maritime was delayed by the measures to
combat the COVID-19 pandemic. Conditions permitting, opening in
the third quarter of 2021 is still a possibility. The same restrictive measures did not allow trade fairs, events and conferences to be held, which
resulted in a loss of revenues.
In the Cloche d’Or district in Luxembourg City, all 151 apartments in
the residential complex Ilôt D-Sud have been sold entirely off-plan.
Additionally, more than 70% of the 194 apartments in the Ilôt D-Nord
complex have been sold off-plan. Four office buildings totalling approximately 24,000 m² are under construction. The project company
of a 4,259 m² office building that has been pre-let off-plan to IWG
Spaces will be handed over this year to international investors. The
new head office, sold to Banca Intesa Sanpaolo (10,830 m²), will also
be delivered in 2021. The other two office buildings, of which one is
already pre-let, will be delivered after 2021.
ANIMA
Although the vast majority of residents and staff at Anima (AvH 92.5%)
have now been vaccinated and therefore the immediate threat of the
COVID-19 pandemic to their health has greatly diminished, the impact
of the health crisis can still be felt in a lower occupancy rate across
Anima’s network.
As of March 31, 2021, Anima had 2,539 beds in operation (unchanged
relative to December 31, 2020), of which 2,150 nursing home beds,
130 convalescence beds and 259 service flats, spread over 23 care centres (9 in Flanders, 7 in Brussels, 7 in Wallonia).

ENERGY & RESOURCES
SIPEF
SIPEF (AvH 34.68%) realised an increase of its total production of
RSPO compliant, certified ‘segregated’ sustainable palm oil by 16.7%
to 91,632 tonnes over the first three months of 2021 (Q1 2020: 78,533
tonnes). At the Indonesian plantations, the combination of an increase
in palm fruit volumes and stronger extraction ratios (fluctuating from
21.4% to 23.8%) led to a 10.7% production increase. In Papua New
Guinea, SIPEF’s plantations recovered remarkably well from the impact
of the volcanic eruptions in the second half of 2019. Thanks to exceptionally good oil extraction rates (average ratio of 25.4%), total crude
palm oil production increased by 26.4%.
The first quarter in the palm oil market was characterised as a steady
high-priced environment with prices averaging above 1,000 USD/
tonne CIF Rotterdam. These sales prices are substantially skimmed in
Indonesia by a combined export levy and export tax. Until April 22
(date of SIPEF’s trading update), SIPEF sold 47% of the expected palm
oil volumes at an average price of 899 USD per tonne CIF Rotterdam
equivalent, premiums for sustainability and origin included, against
41% at an average of 718 USD per tonne in the same period last year.
Expansion in South Sumatra continued steadily. In the existing concessions, 159 additional hectares were compensated in the first quarter,
and 318 additional hectares were prepared for planting or planted, to
reach a total of 14,332 cultivated hectares. On the Dendymarker plantations acquired in 2017, 5,207 hectares have since been replanted,
while 968 hectares were prepared for replanting.
Barring exceptional weather effects, the SIPEF group should achieve
the predicted annual production increase of more than 10% in 2021.

The recurring annual results are expected to be significantly better than
those of financial year 2020, despite the high taxes on palm oil production in Indonesia.
At the beginning of March, SIPEF signed an agreement in principle
with Shamrock Group for the sale of 100% of the share capital of its
Indonesian subsidiary PT Melania. PT Melania (SIPEF 95%) owns half
of Indonesia’s rubber operations in Sumatra and the entire tea operations in Java. This potential sale is proceeding favourably and the due
diligence procedures have been completed. It will therefore be possible
to proceed very soon to the signing of the agreements. Initially, 40%
of the shares should be sold for a payment of 19 million USD. After this
first stage the Shamrock group will take over the management of the
rubber activities. The second tranche of 60% of the shares, of which
55% are held by SIPEF, will be transferred no later than 2024 for 17
million USD, less certain costs which have yet to be borne by SIPEF.

AvH & GROWTH CAPITAL
Mediahuis (AvH 13.5%) extended the trend of a strong second half
of 2020 in terms of turnover and operating results to the first quarter
of 2021. In January, Mediahuis sold its minority interest of 30% in
Keesing Media Group, a European player in the domain of puzzles
and braintainment. This transaction has already earned Mediahuis a
substantial capital gain in Q1 2021. In March 2021, Mediahuis made
a second investment in the education technology market through its
venture capital division Mediahuis Ventures. The investment in the
New York-Berlin start-up BUNCH is meant to support the international growth plans of a new AI leadership coach. Over this iPhone app,
young ‘millennial’ managers receive a daily two-minute personalised
coaching session.
Manuchar (AvH 30%) recorded a strong quarterly result, driven by
higher margins in the ‘Chemical Distribution’ division and by operational efficiencies in the ‘International Trade Services’ division. Both
EBITDA and net result grow significantly compared to last year.
Manuchar thus confirms the strength of its distribution platform in
emerging markets and its position as a reliable logistics partner for
its clients.
At EMG (AvH 22.5%), Shaun Gregory has been appointed Group
Chief Executive Officer as from May 17, 2021. He has more than 30
years’ experience in the media, telecommunications and broadcasting
industry in Europe and globally. Under his leadership, EMG will continue to develop its ambitious transformation strategy. Shaun Gregory
succeeds co-CEOs Patrick van den Berg and François-Charles Bideaux.

• Non-consolidated participations
In March 2021, Biotalys (AvH 13.3%) submitted the registration
dossier for the active ingredient of its first protein-based bio-bactericide, Evoca™, for approval in Europe. The product had already been
submitted in December for approval to the Environmental Protection
Agency (EPA) in the United States.
In March, Indigo Diabetes (AvH 9.1%) started up the first clinical
trial of its multi-biomarker sensor for people with diabetes. The trial
is being carried out in collaboration with Antwerp University Hospital.
The sensor has been inserted in the first three participants in the trial.

ACKERMANS & VAN HAAREN
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tijd 11.15
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