19 VFB · Fallpipe&landfalls Environmental Marine works Civil works 54% 20% 12% 3% 11% 2015 43% 11%...
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VFB 19 APRIL 2017
Transcript of 19 VFB · Fallpipe&landfalls Environmental Marine works Civil works 54% 20% 12% 3% 11% 2015 43% 11%...
VFB19APRIL 2017
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ACKERMANS & VAN HAAREN: INTRODUCTION (1/2)
First cooperation between Nicolaas van Haaren & Hendrik Willem Ackermans
Incorporation of Ackermans & van Haaren NV
Still controlled and inspired by founding families & by family values
1876 1924 1984 2007
IPO Inclusion in Bel20 index
Company values› Discretion› Independence› Common sense
Family controlled public company
Corporate governance› Board of directors (10 members): majority of family representatives› Management (7 members): meritocracy
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NEVER CHANGE (BUT UPDATE) A WINNING STRATEGY: OBJECTIVES
› Development of strategic participations
› Continuation of operational improvement processes throughout the portfolio and more specifically at CFE and Van Laere
› Rotation of development capital portfolio and real estate developments
› Development of the group (including new investments) in line with the main socio‐economic trends› Demography: population growth, ageing, shift towards east and south› Technology: digital transformation, growth of knowledge, share and services economy
› Environment: impact of climate change› Social: individualism and diversity
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NEW BASELINE TO REFLECT OUR STRENGTHS AND VALUES
Partners› AvH started as a partnership› Successful track record of partnerships in most participations › Partnerships with families, co‐shareholders, management teams are basis for future growth
› Active ownership model
Sustainable› Sustainable growth, with respect for people and environment› Transparent reporting and communication› Focus on recurrent results and steadily growing dividend on long term
Growth› A group of entrepreneurs who want to develop companies via international expansion and innovation
› Focus on operational excellence and the capacity for recurrent profitable growth in the long term
Partners for sustainable growth
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AvH AT A GLANCE (31/12/2016)
A diversified group active in 4 segments
€ 2.04Gross dividendTotal payout: € 68.3 mio
€ 4,425MIO
Market capitalizationShare price: € 132.10(31/12/2016)
Personnel
€ 68MIO
Net cash
€ 2,783MIO
Equity (group share)Equity per share: € 83.08
€ 224MIO
Net result
21,165
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EVOLUTION OF AvH EQUITY AND SHARE PRICE SINCE IPO
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CAGR(1984‐2016)
equity per share: 13.0%equity per share incl. dividend:13.8%
CAGR(1984‐2016)
share price: 13.9%share priceincl. dividend:14.4%
(in €)
(in €)
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EVOLUTION OF AvH SHARE PRICE (Index rebased to 20/6/1984)
AvH
55 317 1,066 590 2,244
Market capitalization (€ mio, end of year)
4,425
Belgian all share index
Evolution (1984‐2016)AvH share: x 64Stock index: x 9
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CONSOLIDATED GROUP RESULT
(in € mio) 2015 2014
Marine Engineering & Contracting 105.2 109.2 104.5
Private Banking 98.5 104.0 91.4
Real Estate & Senior Care 46.2 35.6 14.7
Energy & Resources 9.2 7.4 18.0
Contribution from core segments 259.1 256.2 228.6
Growth Capital 2.7 8.9 ‐2.1
AvH & subholdings ‐10.8 ‐9.8 ‐9.9
Net capital gains/losses and impairments ‐26.8 5.2 ‐2.9
Result before exceptional results 224.2 260.5 213.6
Exceptional results ‐ 23.5(1) ‐
Consolidated group result 224.2 284.1 213.6
2016
(1) Remeasurement Tour & Taxis
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OTHER KEY FIGURES
(in € mio) 2015 2014
Shareholders’ equity (group share) 2,783.1 2,607.3 2.372,1
Net cash AvH and subholdings 68.3 76.3 21.3
(in € mio) 2015 2014
Number of shares (#) 33,496,904 33,496,904 33,496,904
Net result per share 6.77 8.58 6.45
Gross dividend 2.04 1.96 1.82
Net equity 83.08 77.84 70.81
Stock price: highest (31/12/2016) 132.10 144.40 103.40
lowest (8/7/2016) 100.50 100.80 78.71
close (31/12/2016) 132.10 135.30 102.10
2016
2016
Consolidated balance sheet AvH group
Key figures per share
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PRO FORMA GROUP FIGURES BY SEGMENT (1)
7,960
2,961
948 105
1,152
477
1,037 992,705
331354 46
6,012106
187 93,337 1,026
257
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Marine Engineering & Contracting Private Banking Real Estate & Senior Care
Energy & Resources AvH & Growth Capital
21,165 4,901 2,783 224
Group personnel
(1) Based on consolidated results; pro forma: all (exclusive) control interests fully consolidated, the other interests proportionally
Consolidated turnover (in € mio)
Equity (group share)(in € mio)
Contribution to AvH result(in € mio)
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AVH GROUP STRUCTURE (31/12/2016)
MARINEENGINEERING
&CONTRACTING
DEME ‐ Jurong Island Westward Extension ‐ Singapore
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MARINE ENGINEERING & CONTRACTING
DEME One of the largest and most diversified dredging and marine engineering companies in the world
CFE Contracting and Real Estate Development in Belgium, Luxembourg and Poland
VAN LAERE General contractor of large residential, office and civil construction projects in Belgium; focus on PPS projects and parkings
RENT‐A‐PORT Port related developments and logistics
GREEN OFFSHORE Partner in Belgian offshore wind farms – developments Rentel (12.5%, 309 MW), Seastar and Mermaid
60.4%
60.4%
100%
72.2%
80.2%
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MARINE ENGINEERING & CONTRACTING:CONTRIBUTION TO AvH CONSOLIDATED NET RESULT
(in € mio) 2015 (1) 2014 (1)
DEME 93.9 121.6 103.0
CFE 7.2 ‐13.4 ‐3.4
Van Laere ‐2.5 2.1 0.9
Rent‐A‐Port 6.9 1.0 4.3
Green Offshore ‐0.3 ‐2.0 ‐0.2
Total 105.2 109.2 104.5
2016
(1) NMP, previously reported in this segment ‘Marine Engineering & Contracting’ is now part of the ‘Energy & Resources’ segment
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DEME (AvH 60.40%)One of the largest and most diversified dredging and marine engineering companies in the world
Fehmarnbelt*
DohaNew Port –
Qatar
Innovation –Nordsee One –
Germany
Artevelde –Thornton Bank
* Artist impression
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DEME: LONG TERM TRACK RECORD OF SHAREHOLDING AND ENTREPRENEURIAL GROWTH
AvH 45% AvH 39.5% AvH 48.5% AvH 50% AvH 60.4%
Consolidation Partnership Control
Equity
Turnover
0
500.000
1.000.000
1.500.000
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2.500.000
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ScaldisTideway
DBM(BuildingMaterials)
Power@Sea
DEC
GeoSea
CTOWDEME BlueEnergy
Oceanflore
HGOacquisition(Innovation)
CreationDredging
International(AvH +
CFE dredging)
Creation DEMEHolding
(AcquisitionDecloedt)
in € 000
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DEME: SOLUTIONS FOR GLOBAL CHALLENGES
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GLOBALIZATION TREND: RISING SEA LEVEL
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GLOBALIZATION TREND: GLOBAL TRADE
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GLOBALIZATION TREND: RISE OF MEGACITIES
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DEME: DIVERSIFICATION OF ACTIVITIES
GeoSea
Scaldis
DEC ‐ Ecoterres
OWA C‐Power
DBM
C‐TOW GSR
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DEME: BREAKDOWN OF ECONOMIC TURNOVERPer region, activity and type of customer
43%
11%
30%
4%12%
201560%
7%
12%
8%
13%
2016
Europe
Middle East, India
Africa
America
Asia & Oceania
48%
11%9%
9%
23%
201534%
12%7%10%
34%
3%
2016
Capital dredgingMaintenance dredgingFallpipe & landfallsEnvironmentalMarine worksCivil works
54%
20%
12%
3%11%
201543%
11%
29%
2%
15%
2016
Government
Oil and gas
Renewables
Mining
Other
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DEME: ORDER BACKLOG Order backlog 2016 of € 3,800 mio (vs € 3,185 mio end of 2015), well diversified across different regions and activities
NEW› Hornsea Project One (UK): Design & Build cable installation contract by Tideway for largest offshore wind‐farm in the world (DONG Energy). Start of project in 2017 and end expected mid 2019.
› Rentel (Belgium): Offshore windfarm (309 MW). Construction started, fully operational end 2018.
› Port Louis (Mauritius): First contract in Mauritius. Port extension. Value of € 41 mio.
0
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Benelux Europe Asia Pacific Middle East + India Other
NOT YET INCLUDED IN 2016Projects awarded or preferred bidder, but not yet included in order backlog as of 31.12.2016› Hohe See: largest offshore windfarm in Germany with 71 turbines (497 MW).
› Fehmarnbelt Fixed Link: longest immersed road and rail tunnel (18 km) connecting Denmark with Germany. Contract value of approx. € 700 mio.
Projects added in 2017› Rijnlandroute (Netherlands): road infrastructure incl. bored tunnel (DEME € 128 mio).
› India and Maledives: dredging and land reclamation. Total value of € 100 mio.
› Hohe See: Financial close reached in Feb 2017. Contract will be included in backlog.
19%
1%20%
34%
26%
2016
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DEME: CURRENT INVESTMENT PROGRAMInvestment program with 6 vessels under constructionTotal investment value of € 500 mio; vessels operational in 2017‐2018
GulliverSelf‐propelled crane ship (4,000 T)
ApolloSelf‐propelled jack‐up vessel (800 T)
MinervaHopper dredger (3,000 m³)
Scheldt RiverHopper dredger (8,000 m³)
Bonny River ‐ Trailing suction hopper dredger (15,000 m³)
Living StoneMultipurpose fall‐pipe vessel
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DEME: NEW INVESTMENT PROGRAMAdditional order (February 2017) of 2 vesselsTotal investment value of € 500 mio
Spartacus
Most powerful state‐of‐the‐art cutter suction dredger in the world (44,180 KW)
Dredging works in the hardest andmost compact rock and soil types also inoffshore conditions
Orion
Offshore crane vessel (44,180 kW) with dynamic positioning and a lifting capacity of 3,000 tonnes at more than 50 metres
Construction work out at sea, such as offshore wind farms, services for customers in the offshore oil and gas industry, and dismantling of old offshore structures
PRIVATEBANKING
Delen Private Bank ‐ Antwerp
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PRIVATE BANKING
DELEN INVESTMENTS Discretionary asset management and patrimonial advice for private clients
BANK J.VAN BREDA & CO Specialized advisory bank for entrepreneurs and liberal professions
ASCO‐BDM Insurance group focused on marine and property insurance
78.75%
78.75%
50%
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PRIVATE BANKING:CONTRIBUTION TO AvH CONSOLIDATED NET RESULT
(in € mio) 2015 2014
Finaxis ‐1.0 ‐0.8 ‐0.6
Delen Investments 69.2 72.8 63.6
Bank J.Van Breda & Co 29.7 31.9 28.0
ASCO‐BDM 0.6 0.2 0.4
Total 98.5 104.0 91.4
2016
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PRIVATE BANKING: FOCUS ON PEOPLE AND OPERATIONAL PERFORMANCE
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Conso equity Finaxis (right axis)
CAGR (1998‐2016)AuM: 13.1%Equity: 10.3%
Delen De Ferm
Bank J.Van Breda
& Co
Finaxis
Havaux Capfi JM Finn& Co
ABK
Oyens &Van Eeghen
AvHshareholding
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AvH 75%
AvH 78.75%
in € mio
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FINANCIAL TREND: EVOLUTION OF THE ASSETS UNDER MANAGEMENT ON THE BELGIAN PRIVATE BANKING
Source: De Tijd, McKinsey & Co
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DEMOGRAPHICS TREND: REQUIRED PENSION CAPITAL
315.000 293.000 273.000
663.000572.000
498.000
1.047.000
837.000
683.000
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Expected monthly income of 2,500 euros
Pension capital
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EVOLUTION OF THE BELGIAN SAVINGS ACCOUNTS
Source: Standaard, NBB
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DELEN INVESTMENTS: ASSETS UNDER MANAGEMENT
8719 7049 8901 1081615416
1807520939
2344726654 28,222
9,548
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Discretionary mandates Under custody and advisory
2016
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Capfi
JMFinn & Co
Oyens & Van EeghenAuM Delen Investments
CAGR 2007‐2016: 13.5%in € mio
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DELEN PRIVATE BANK: ANNUALIZED NET RETURNS
31‐12‐2016 1 year 3 yearsAnnualized
5 yearsAnnualized
10 yearsAnnualized
15 yearsAnnualized
Universal Invest Low C Acc 3.19% 4.01% 4.22% 2.84% 3.76%
Peer Group Low 1.87% 2.95% 3.98% 2.36% 2.72%
Universal Invest Medium C Acc 4.79% 5.75% 6.45% 3.86%
Peer Group Medium 2.61% 4.14% 5.87% 2.35%
Universal Invest High C Acc 7.06% 7.00% 9.35% 3.85% 5.30%
Peer Group High 3.29% 5.60% 7.54% 1.79% 2.72%
Universal Invest Global Flexible C Acc 5.66% 5.32% 8.63% 4.17% 5.72%
Peer Group Flexible 1.96% 3.20% 4.33% 1.42% 3.20%
Source: Morningstar
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Entrusted funds Client deposits Private loans
BANK J.VAN BREDA & CO: CLIENT ASSETS
2016
12,449(€ mio) 8,203
(€ mio)
4,223(€ mio)
4,246(€ mio)
Total deposits & fundsCAGR 2007‐2016: 11.4%
REAL ESTATE& SENIOR CARE
Leasinvest Real Estate – Frun Park Asten ‐ Austria
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REAL ESTATE & SENIOR CARE
LEASINVEST REAL ESTATE Regulated real estate company BE‐REIT for retail, offices and logistics in Luxembourg, Belgium, Switzerland and Austria
EXTENSA Real estate and land development in Belgium and Luxembourg
ANIMA CARE Senior care in Belgium: 1,347 retirement home beds, 77 convalescent home beds and 197 service flats in operation, spread over 14 retirement homes
HPA ‐ RESIDALYA‐ PATRIMOINE & SANTÉ
Senior care in France2,439 beds spread over 32 retirement homesReal estate of Residalya
30.0%
100%
92.5%
70.9%
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REAL ESTATE & SENIOR CARE:CONTRIBUTION TO AvH CONSOLIDATED NET RESULT
(in € mio) 2015 2014
Leasinvest Real Estate 10.1 9.9 10.3
Extensa 30.4 31.0 3.4
Anima Care 3.6 1.1 0.5
HPA 2.1 1.6 ‐
Holding Groupe Duval ‐ ‐8.0 0.5
Total 46.2 35.6 14.7
2016
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FROM REAL ESTATE LEASING OVER REAL ESTATE DEVELOPMENT TO REAL ESTATE SERVICES
Diversification into‘Real estate services’
AvH 60%(equipment &real estateleasing)
AcquisitionExtensa
(real estatedevelopment)
Creationof LRE
(investment trust)Acquisition Brixton
(real estatemanagement)
Anima Care(100%)
Senior carefacilities&services
Extensa equity
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Exchange stake Groupe Duval into HPA/Residalya
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DEMOGRAPHICS TREND: EVOLUTION OF POPULATION PYRAMID IN EUROPE (2001‐2015)
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LEASINVEST REAL ESTATE (AvH 30%)Public regulated real estate company for retail, offices and logistics in Luxembourg, Belgium, Switzerland and Austria
Frun Park Asten –Austria
Treesquare ‐Brussels*
Royal20 –Luxembourg
* Artist impression
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LEASINVEST REAL ESTATE: EVOLUTION PORTFOLIO
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EXTENSA: TOUR & TAXIS: DEVELOPMENT PLAN
* Artist impression
Gloria Residence*
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EXTENSA: CLOCHE D’OR
Cloche d’Or – Luxembourg*
Cloche d’Or – Luxembourg*
* Artist impression
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ANIMA CARE: EVOLUTION OF CAPACITY
2012 2013 2014 2015 2016 Planned(until 2020)
Nursing home beds 547 804 965 1,127 1,347 1,832
Service flats 60 60 120 183 197 355
Convalescent home beds 37 77 137
Total 607 864 1,085 1,347 1,621 2,324
Au Privilège – Haut‐IttreZonnesteen ‐ Zemst
14 RESIDENCES1,621 BEDS
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HPA: EVOLUTION OF CAPACITY
2012 2013 2014 2015 2016 Planned(until 2020)
Beds 1,783 2,072 2,184 2,275 2,439 2,616
Le CairraradeRésidence d’Automne
32 RESIDENCES (1)2,439 BEDS
(1) 31/12/2016. Residences Pyla sur Mer and Villa Thalia added early 2017
ENERGY& RESOURCES
Sipef – Cibuni tea estate – Java Indonesia
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ENERGY & RESOURCES
SIPEF Plantation group focusing on of palm oil, rubber and tea in Indonesia and Papua New Guinea
NMP Operator of pipelines for chemicals
SAGAR CEMENTS Production of cement. In partnership with the Reddy family (Hyderabad)
ORIENTAL QUARRIES & MINES
Stone quarries producing building aggregates. In partnership with the Bakshi family (Delhi)
27.83% (1)
75%
19.9%
50%
(1) Increased to 28.72% early January 2017
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ENERGY & RESOURCES:CONTRIBUTION TO AvH CONSOLIDATED NET RESULT
(in € mio) 2015 (1) 2014 (1)
Sipef 10.0 4.6 9.9
NMP 1.9 1.6 1.7
Sagar Cements 0.4 1.2 6.0
Oriental Quarries & Mines ‐3.1 0.0 0.3
Total 9.2 7.4 18.0
2016
(1) Telemond, previously reported under ‘Energy & Resources’, is now reported under the ‘AvH & Growth’ segment
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SIPEF (AvH 27.83%)A Belgian plantation group focusing on sustainable tropical agriculture (60,637 ha oil palm and 6,325 ha rubber), in Indonesia and Papua New Guinea
Mature palm trees
Freshly harvestedpalm fruits
Tea pluckers
Rubbernursery
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CPO PRICES
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PRESSURE ON AGRICULTURAL PRODUCTIVITY AND FOOD SCARCITY
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PALM OIL IN THE WORLD: COMPARISON TO OTHER OILS
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VEGETABLE OILS: WORLD PRODUCTION
Source: Oilworld.de
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SIPEF: EXPANSION› Agreement to acquire from PT Austindo Nusantara Jaya TBK (10.87%) and M.P. Evans Group Plc (36.84%) their stake in PT Agro Muko. Sipef gains exclusive control (95%) over PT Agro Muko. Deal finalized mid February. Total investment of USD 144.1 mio. (PT Agro Muko = 19,570 ha oil palm + 1,721 ha rubber)
› Agreement signed on potential acquisition of 95% of shares of PT Dendy Marker in South Sumatra (USD mio 53.1): 6,565 ha planted/cleared land with expansion potential up to 9,000 ha. RSPO compliant
› Transactions to be financed by combination of a capital increase with preferential subscription rights for the current shareholders (max. USD 97.2 mio) and long‐term bank financing.
Planted hectares (31/12/2016)
Palm Rubber
Indonesia 47,016 6,325
PNG 13,621 ‐
Total 60,637 6,325
(1) Excl. Dendy Marker
(1) (1) (1)
AVH & GROWTHCAPITAL
Agidens
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AVH & GROWTH CAPITAL
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AVH & GROWTH CAPITAL:CONTRIBUTION TO AvH CONSOLIDATED NET RESULT
(in € mio) 2015 2014
Growth Capital 2.7 8.9 ‐2.1
AvH & subholdings ‐10.7 ‐9.8 ‐9.9
Net capital gains/ losses and impairments ‐26.8 5.2 ‐2.9
AvH & Growth Capital ‐34.8 4.3 ‐14.9
2016
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For further questions or additional information, please consult our website: www.avh.be
Contact:
JAN SUYKENSCEO ‐ Chairman of the Executive Committee
TOM BAMELISCFO ‐Member of the Executive Committee
T +32 3 231 87 79E [email protected]
