Ackermans & Van Haaren NV (ACKB) Earnings Call Transcript & Summary
February 28, 2025
Earnings Call Speaker Segments
Unknown Executive
executiveAckermans & Van Haaren had a strong 2024 as confirmed by the publication of the annual results. We discussed the highlights with John-Eric Bertrand and Piet Dejonghe, the company's co-CEOs.
John-Eric Fernand Pascal Bertrand
executiveAVH's consolidated net result increased by 15% compared to 2023 to EUR 460 million. This is the highest result ever achieved by AVH when making attraction of capital gains from divestments. Our equity increases to EUR 5.3 billion. These results reflect an unprecedented contribution of, on one hand, Delen Private Bank and Bank Van Breda and on the other hand, DEME. Their sustained growth trajectory is truly impressive.
Piet Dejonghe
executiveDelen Private Bank and Bank Van Breda reached 2 important milestones in 2024. At year-end, our clients entrusted us with a record EUR 77.7 billion. And the combined contribution of both banks to AVH consolidated results increased by 23% to EUR 258.5 million. These stellar results are the fruits of strong client relationships, which entailed year-after-year significant net inflows, cost-efficient operations and a synergetic collaboration between both banks. These strong foundations, combined with several external growth initiatives bode well for the future. And we are, therefore, very happy to have extended and renewed our successful partnership with the Delen family.
John-Eric Fernand Pascal Bertrand
executiveThe results of DEME's speak for themselves. DEME delivered another record performance with a solid increase of turnover and net result and a very robust free cash flow. Turnover grew by 25% and surpassed the EUR 4 billion mark. Thanks to strong free cash flow generation and despite continued investments in the fleet, DEME reduced its net financial debt by EUR 600 million to a positive net cash position at the end of 2024.
Piet Dejonghe
executiveWhile the strength of our diversified model is such that the strong performance at the majority of our participations more than offset the headwinds in others. In line with our positioning as long-term partner for our portfolio companies, we have made a number of follow-up and add-on investments, amongst others at Van Moer Logistics. We have also added new companies to our portfolio. We invested $150 million in V. Group, which is headquartered in London, but provides ship management and marine support services to ship owners and operators around the globe. And in Life Sciences, we took the lead in a EUR 60 million capital increase at Confo Therapeutics, a clinical stage Belgium based bio-pharmaceutical company.
John-Eric Fernand Pascal Bertrand
executiveWe wish to pay tribute to our management teams who continue to generate strong performances in their markets. Thanks to their focus on client service and innovation.
Piet Dejonghe
executiveWe are looking at our deal flow. There is no doubt that 2025 will bring further opportunities to deploy our net cash of EUR 362 million and few deferred growth of our net equity.
John-Eric Fernand Pascal Bertrand
executiveAlong with the companies in our portfolio, Ackermans & Van Haaren remains committed to the "part of the solution" and developing innovative long-term and sustainable initiatives addressing global challenges.
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