Ackermans & van Haaren Posts Strong Results
Ackermans & van Haaren, a diversified group active in 5 key segments: Marine Engineering & Infrastructure (DEME,one of the largest dredging companies in the world), Private Banking, Real Estate, Leisure & Senior Care, Energy & Resources and Development Capital, ended the 2014 financial year with a consolidated net profit of 215.1 million euros, or a 30.6 million euro increase (+16.6%) on the previous year (184.5 million euros, excluding remeasurement).
This profit increase illustrates the strength of the results of the subsidiaries. The board of directors will propose to the next General Meeting to increase the dividend to 1.82 euros per share.
DEME recorded a strong result for 2014. A net profit of 169.0 million euros was realized on an (economic) turnover of 2,587 million euros, making a contribution of 103.0 million euros to AvH’s group result.
The major projects in Australia, Russia, Egypt and Qatar were successfully executed, while the many other projects on the different continents also contributed to the good result. In the first few weeks of 2015, DEME added new orders worth a total of 1.6 billion euros to its order book of 2.4 billion euros at year-end 2014.
By controlling capital expenditure (net 145.6 million euros) and a favorable development of the working capital, DEME was able to reduce its net financial debt to 213 million euros at year-end 2014. CFE realized a 10.5% turnover increase to 1,073.3 million euros in its construction activities (incl. multitechnics, rail & road).
Although there was an improvement in the net result, it still remained -14.5 million euros in the red owing to problems in Nigeria, Hungary and a few sites in Belgium. Although the real estate development and concession activities made a positive contribution, this was still insufficient to offset the losses in the contracting division.
After reduction of the amount for contingent liabilities provided for at the acquisition of control in 2013, CFE’s contribution (excluding DEME and Rent-A-Port) to AvH’s group result came to -3.4 million euros.