HALF-YEARLY FINANCIAL REPORT OF AUGUST 25 2009

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(1)Begijnenvest 113 2000 Antwerp VAT BE 0404.616.494 RPR Antwerp. 1. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. HALF-YEARLY FINANCIAL REPORT OF AUGUST 25 2009.

(2) We have the honour to present to you the half-yearly financial report, in accordance with, article 13 of the Royal Decree of 14 November 2007.. I.. a half-yearly annual report concerning the major events which occurred during the first six months of the year. This half-yearly report includes a description of the main risks and uncertainties about the remaining months of the year as well as, if applicable, an overview of the major related parties transactions;. II.. the condensed consolidated financial statements relating the first six months of the year, issued in accordance with IAS 34.;. III.. information on the external audit;. IV.. a declaration on behalf of the company on the condensed financial statements and the halfyearly annual report.. I.. HALF-YEARLY REPORT. 1.. Key events. Half-yearly financial report of august 25 2009 Regulatory information. 2. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. This report contains:.

(3) Regulatory information. 3. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Half-yearly financial report of august 25 2009.








(11) 2.. Main risks and uncertainties We refer to the overview of the risks and uncertainties which are included in our annual report relating the accounting year ending December 31, 2008.. Overview of the major related party transactions During the first six months of the year 2009 no transactions with related parties took place having a material impact on the financial position or results of Ackermans & van Haaren.. Half-yearly financial report of august 25 2009 Regulatory information. 11. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 3..

(12) II.. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. (in thousand euro). 1. Consolidated income statement 2. Consolidated statement of comprehensive income 3. Consolidated balance sheet 4. Consolidated cash flow statement 5. Statement of changes in equity 6. Segment reporting a. Consolidated income statement per segment b. Consolidated balance sheet per segment c. Consolidated cash flow statement per segment 7. Explanatory notes to the financial statements 8. Events after balance sheet date Consolidated income statement 30-06-2009 Total Revenue Other operating income Operating expenses (-). 30-06-2008 Total. 191.241 6.776 -169.307. 191.239 14.931 -170.710. 28.710. 35.460. -21.649 20.794 10.407 -11.505 42.656 46 -89. 31.879 7.732 13.167 -11.655 58.347 422 -884. 69.369. 134.469. -3.704. -4.668. Profit(loss) after tax from continuing operations. 65.665. 129.800. Profit(loss) after tax from discontinued operations. 0. 0. 65.665. 129.800. 15.335 50.331. 29.246 100.554. Profit(loss) from operating activities Profit(loss) on assets/liabilities designated at fair value through profit and loss Profit(loss) on disposal of assets Finance income Finance costs (-) Share of profit(loss) from equity accounted investments Other non-operating income Other non-operating expenses (-) Profit(loss) before tax Income taxes. Profit(loss) of the period Minority interests Share of the group. Half-yearly financial report of august 25 2009 Regulatory information. 12. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 1..

(13) Consolidated statement of comprehensive income. Profit(loss) of the period Minority interests Share of the group Other comprehensive income Net change in revaluation reserve : financial assets available for sale Net change in revaluation reserve : hedging reserves Net change in revaluation reserve : translation differences Total comprehensive income Minority interests Share of the group. Half-yearly financial report of august 25 2009 Regulatory information. 30-06-2009. 30-06-2008. 65.665 15.335 50.331. 129.800 29.246 100.554. -11.310 -3.797 -6.363 -1.150. -68.078 -68.465 3.968 -3.581. 54.356 14.285 40.071. 61.722 28.285 33.437. 13. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 2..

(14) 3.. Consolidated balance sheet 30-06-2009 TOTAL 31-12-2008 TOTAL. I. NON-CURRENT ASSETS Intangible assets Goodwill Tangible assets Investment property Participations accounted for using the equity method Financial fixed assets Private equity participations Available for sale financial fixed assets Receivables and warranties Non-current hedging instruments Amounts receivable after one year Finance lease receivables Other receivables Deferred tax assets Banks - receivables from credit instit. and clients after one year. II. CURRENT ASSETS Inventories Amounts due from customers under construction contracts Investments Current hedging instruments Amounts receivable within one year Trade debtors Finance lease receivables Other receivables Current tax receivables Banks - receivables from credit instit. and clients within one year Cash and cash equivalents Deferred charges and accrued income III. ASSETS HELD FOR SALE TOTAL ASSETS. 3.373.230. 3.353.800. 2.285 140.475 87.544 552.326 741.166 385.133 312.527 23.422 49.185 6.824 88.929 87.864 1.065 11.880 1.356.667. 1.185 140.675 108.761 551.048 726.457 391.963 321.741 22.048 48.174 6.143 88.676 87.088 1.587 11.119 1.327.775. 1.957.103. 1.865.798. 21.550 4.962 604.203 2.150 148.415 68.265 35.640 44.510 2.954 889.990 249.926 32.953. 21.553 9.250 530.924 2.976 178.992 48.825 34.880 95.288 5.915 784.097 305.126 26.964. 0. 0. 5.330.332. 5.219.598. Equity - group share Issued capital Consolidated reserves Revaluation reserves Treasury shares (-) Minority interests. II. NON-CURRENT LIABILITIES Provisions Pension liabilities Deferred tax liabilities Financial debts Non-current hedging instruments Other amounts payable after one year Banks - debts to credit institutions, clients & securities III. CURRENT LIABILITIES Provisions Pension liabilities Financial debts Current hedging instruments Amounts due to customers under construction contracts Other amounts payable within one year Current tax payables Banks - debts to credit institutions, clients & securities Accrued charges and deferred income. 1.509.210 113.907 1.433.354 -21.823 -16.228 410.086. 1.517.147 113.907 1.428.942 -11.564 -14.138 408.962. 731.389. 622.180. 4.109 1.630 10.032 326.501 29.804 6.909 352.403. 5.315 1.614 11.021 303.472 20.735 7.210 272.814. 2.679.648. 2.671.309. 0 46 177.035 3.149 1.837 82.473 9.300 2.354.371 51.438. 0 87 203.126 2.162 5.673 93.643 9.853 2.313.763 43.002. 5.330.332. 5.219.598. IV. LIABILITIES HELD FOR SALE TOTAL EQUITY AND LIABILITIES. Half-yearly financial report of august 25 2009 Regulatory information. 14. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 30-06-2009 TOTAL 31-12-2008 TOTAL 1.919.295 1.926.109. I. TOTAL EQUITY.

(15) Consolidated cash flow statement 30-06-2009 TOTAL. I. CASH AND CASH EQUIVALENTS, OPENING BALANCE. 30-06-2008 TOTAL. 305.126. 225.546. Profit (loss) from operating activities Dividends from participations accounted for using the equity method Other non-operating income (expenses) Income taxes Profit(loss) from discontinued operations Non cash adjustments. 28.710. 35.460. 30.925 -43 -3.703 0 2.006. 17.665 6 -4.668 0 3.394. CASH FLOW. 57.894. 51.857. Decrease (increase) of working capital. 15.485. -10.473. CASH FLOW FROM OPERATING ACTIVITIES. 73.379. 41.384. -439.320 -2.788 -8.733 -9.258 -3.870 -414.671. -271.472 -13.458 -1.304 -105.285 -6.781 -144.645. Divestments Disposal of intangible and tangible assets Disposal of investment property Disposal of financial fixed assets Reimbursements of amounts receivable Disposal of investments. 391.332 975 40.000 6.946 3.010 340.402. 144.471 142 0 12.278 588 131.463. CASH FLOW FROM INVESTING ACTIVITIES. -47.987. -127.002. 12.464 -8.345 -2.420 -2.122 -21.138 -46.078 -12.990. 12.097 -9.957 90 -1.571 23.376 -46.124 -2.616. CASH FLOW FROM FINANCIAL ACTIVITIES. -80.630. -24.705. II NET VARIATION IN CASH AND CASH EQUIVALENTS. -55.238. -110.322. 7 31. 0 110. 249.926. 115.334. Investments Acquistion of intangible and tangible assets Acquisition of investment property Acquisition of financial fixed assets New amounts receivable Acquisition of investments. Financial operations Interest received Interest paid Other financial income (costs) (De)increase of treasury shares (De)increase of financial debts Distribution of profits Dividends paid to minority interests. Change of consolidation scope or method Translation differences on cash and cash equivalents III. CASH AND CASH EQUIVALENTS, ENDING BALANCE. Half-yearly financial report of august 25 2009 Regulatory information. 15. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 4..

(16) 5.. Statement of changes in equity Revaluation reserves. OPENING BALANCE, 1 JANUARY 2008. Issued capital & share premium 113.907. Profit Other comprehensive income Total comprehensive income. Consolidated Financial assets available for sale reserves 1.360.317 123.357. Hedging reserves. Translation differences. 3.661. -8.472. 3.253 3.253. -3.622 -3.622. Treasury Equity shares group share -12.710 1.580.060. Minority interests 417.369. TOTAL EQUITY 1.997.429. 100.554 -67.117 33.437 0 -46.124 -1.428 -135. 29.246 -961 28.285. -19.466. 129.800 -68.078 61.722 0 -48.776 -1.428 -19.601. 1.565.810. 423.536. 1.989.346. Treasury Equity shares group share -14.138 1.517.147. Minority interests 408.962. TOTAL EQUITY 1.926.109. 50.331 -10.260 40.071 0 -46.078 -2.090 159. 15.335 -1.050 14.285. -162. 65.666 -11.310 54.356 0 -59.077 -2.090 -3. 410.086. 1.919.295. 100.554 0. -66.748 -66.748. 100.554. Distribution dividend prior financial year Operations with treasury shares Other (.a. changes in consol. scope / shareholders%). 0. -46.124 -1.428 -135. ENDING BALANCE, 30 JUNE 2008. 113.907. 1.414.612. 56.609. 6.914. -12.094. -14.138. -2.652. Revaluation reserves. OPENING BALANCE, 1 JANUARY 2009. Issued capital & share premium 113.907. Profit Other comprehensive income Total comprehensive income. Consolidated Financial assets available for sale reserves 1.428.942 5.459. Translation differences. -9.040. -7.983. -5.026 -5.026. -1.120 -1.120. 50.331 0. -4.113 -4.113. 50.331. Distribution dividend prior financial year Operations with treasury shares Other (.a. changes in consol. scope / shareholders%). 0. -46.078 -2.090 159. ENDING BALANCE, 30 JUNE 2009. 6.. Hedging reserves. 113.907. 1.433.354. 1.346. -14.066. -9.103. -16.228. -12.999. 1.509.209. Segment reporting. Consolidated income statement per segment as of 30.06.2009. Profit(loss) from operating activities Profit(loss) on assets/liabilities designated at fair value through profit and loss Profit(loss) on disposal of assets Finance income Finance costs (-) Share of profit(loss) from equity accounted investments Other non-operating income Other non-operating expenses (-) Profit(loss) before tax Income taxes Profit(loss) after tax from continuing operations Profit(loss) after tax from discontinued operations Profit(loss) of the period Minority interests Share of the group. Segment 2 Real estate and related services. Segment 3 Segment 4 Financial services. Segment 5. Private Equity. Segment 6. Energy and materials. AvH & subholdings. Eliminations between 30-06-2009 Total 30-06-2008 Total segments. 82.037 75 -83.408. 28.875 0 -11.584. 79.428 165 -68.140. 4 5.928 -2.411. 0 0 0. 2.279 2.021 -5.730. -1.383 -1.413 1.966. 191.241 6.776 -169.307. 191.239 14.931 -170.710. -1.295. 17.292. 11.453. 3.521. 0. -1.431. -829. 28.710. 35.460. 0 825 505 -473 21.349 0 0. -13.203 15.224 1.687 -8.578 -1.730 46 0. -2.795 931 7.919 -2.485 15.525 0 0. -5.651 3.560 208 -58 -384 0 0. 0 0 0 0 7.880 0 0. 0 254 603 -1.255 15 0 -89. 0 0 -514 1.344. -21.649 20.794 10.407 -11.505 42.656 46 -89. 31.879 7.732 13.167 -11.655 58.347 422 -884. 20.910. 10.737. 30.548. 1.196. 7.880. -1.902. 0. 69.369. 134.469. 43. -387. -4.279. 0. 0. 919. 20.953. 10.350. 26.269. 1.196. 7.880. -983. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Revenue Other operating income Operating expenses (-). Segment 1 Contracting, dredging & concessions. -3.704. -4.668. 0. 65.665. 129.800. 0. 0. 0. 0. 0. 0. 20.953. 10.350. 26.269. 1.196. 7.880. -983. 0. 65.665. 129.800. 294 20.659. 8.980 1.369. 5.489 20.780. 411 785. 160 7.720. 0 -983. 0. 15.335 50.331. 29.246 100.554. Half-yearly financial report of august 25 2009 Regulatory information. 0. 16. 0.

(17) Segment reporting Segment 1 – Contracting, dredging & concessions: DEME (equity method 50%), Rent-A-Port (equity method 45%), Van Laere (global integration 100%), NMP (global integration 75%) Segment 2 – Real estate and related services: Extensa (global integration 100%), Leasinvest Real Estate (global integration 30%), Cobelguard (equity method 39,6%), Groupe Financière Duval (equity method 30%) and Anima Care (global integration 100%) Segment 3 – Financial services: Delen Investments (equity method 78,75%), Bank J.Van Breda & C° (global integration 78,75%), Finaxis (global integration 78,75%), Promofi (equity method 15%), BDM-ASCO-BtB (equity method 50%) Segment 4 – Private equity: Sofinim & subholdings (global integration 74%), private equity participations (fair value), Groupe Flo (equity method 23.6%), Trasys (equity method 41.4%) Segment 5 – Energy and materials : Sipef (equity method 20,4%), Henschel Engineering (equity method 50%),Telemond Holding (equity method 50%) and Sagar Cements (equity method 14.8%). Segment 6 – AvH and subholdings: global integration and GIB (equity method 50%). Consolidated income statement per segment as of 30.06.2008 Segment 2 Real estate and related services. Segment 3 Segment 4 Financial services. Segment 5. Private Equity. Segment 6. Energy and materials. AvH & subholdings. Eliminations between 30-06-2008 Total segments. 76.875 0 -73.674. 28.018 0 -15.877. 85.080 30 -74.719. 4 7.231 -2.427. 0 0 0. 2.375 9.774 -6.209. -1.113 -2.104 2.197. 191.239 14.931 -170.710. 3.201. 12.141. 10.391. 4.809. 0. 5.939. -1.021. 35.460. 0 109 1.262 -594 34.904 0 0. 14.028 -41 2.056 -7.908 -1.042 72 -884. 317 -318 7.582 -2.551 17.038 0 0. 17.561 7.306 297 -143 682 0 0. 0 0 0 0 6.809 0 0. -27 676 2.771 -2.279 -44 350 0. 0 0 -799 1.820. 31.879 7.732 13.167 -11.655 58.347 422 -884. 38.882. 18.421. 32.458. 30.512. 6.809. 7.386. 0. 134.469. -1.175. 984. -4.676. 0. 0. 199. Profit(loss) after tax from continuing operations. 37.707. 19.405. 27.782. 30.512. 6.809. 7.585. Profit(loss) after tax from discontinued operations. 0. 0. 0. 0. 0. 0. 37.707. 19.405. 27.782. 30.512. 6.809. 419 37.288. 14.576 4.829. 6.497 21.285. 7.754 22.758. 0 6.809. Profit(loss) from operating activities Profit(loss) on assets/liabilities designated at fair value through profit and loss Profit(loss) on disposal of assets Finance income Finance costs (-) Share of profit(loss) from equity accounted investments Other non-operating income Other non-operating expenses (-) Profit(loss) before tax Income taxes. Profit(loss) of the period Minority interests Share of the group. Half-yearly financial report of august 25 2009 Regulatory information. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Revenue Other operating income Operating expenses (-). Segment 1 Contracting, dredging & concessions. -4.668 0. 129.800. 7.585. 0. 129.800. 0 7.585. 0. 29.246 100.554. 0. 17.

(18) Consolidated balance sheet per segment as of 30.06.2009. Intangible assets Goodwill Tangible assets Investment property Participations accounted for using the equity method Financial fixed assets Private equity participations Available for sale financial fixed assets Receivables and warranties Non-current hedging instruments Amounts receivable after one year Finance lease receivables Other receivables Deferred tax assets Banks - receivables from credit instit. and clients after one year. II. CURRENT ASSETS Inventories Amounts due from customers under construction contracts Investments Current hedging instruments Amounts receivable within one year Trade debtors Finance lease receivables Other receivables Current tax receivables Banks - receivables from credit instit. and clients within one year Cash and cash equivalents Deferred charges and accrued income. Segment 2. Segment 3. Contracting, dredging & concessions. Real estate and related services. Financial services. Segment 4. Segment 5. Private Equity. Segment 6. Energy and materials. AvH & subholdings. 297.945. 671.184. 1.774.573. 378.682. 67.939. 204.982. 17 1.928 27.055 2.749 263.952 1.851. 476 145 16.850 549.576 87.635 753. 1.773 3.523 29.972 0 293.053 729. 0 0 53. 0 0 0. 19 134.878 13.615. 463 1.389 0 145. 701 28 6.704 76.982 76.982 0 5.170 1.356.667. 67.939 0 0 0 0 0. 3.103 50.730 0 21.660 29.070 0 225. 145 247. 598 155 120 11.577 10.882 695 4.051. 25.485 353.144 312.527 0 40.618 0. 0 0. 0 0. 225 2.412. 102.229. 120.163. 1.621.959. 76.263. 0. 106.084. 2.504 1.365 0 0 74.536 56.874. 0 0 0 0 0 0. 0 0 28.452 0 27.079 1.559. 16.191 482. 0 0. 25.519 1.839. 22.841 927. 45.665 654. 0 0 565.738 2.150 57.762 0 35.345 22.417 3 889.990 76.251 30.065. 0 0 1 0 16.191 0. 17.662 55. 19.046 3.597 10.012 0 40.614 10.546 295 29.773 576. 58.589 1.000. 0 0. 46.580 2.135. Eliminations between segments -22.075. 400.173. Segment 1. I. TOTAL EQUITY Equity - group share Issued capital Consolidated reserves Revaluation reserves Treasury shares (-) Minority interests. II. NON-CURRENT LIABILITIES Provisions Pension liabilities Deferred tax liabilities Financial debts Non-current hedging instruments Other amounts payable after one year Banks - debts to credit institutions, clients & securities III. CURRENT LIABILITIES Provisions Pension liabilities Financial debts Current hedging instruments Amounts due to customers under construction contracts Other amounts payable within one year Current tax payables Banks - debts to credit institutions, clients & securities Accrued charges and deferred income. 791.348. Segment 2. 3.396.531. Segment 3. 454.945. Segment 4. 67.939. Segment 5. 311.066. 31-12-2008 TOTAL. 3.373.230. 3.353.800. 2.285 140.475 87.544 552.326 741.166 385.133 312.527 23.422 49.185 6.824 88.929 87.864 1.065 11.880 1.356.667. 1.185 140.675 108.761 551.048 726.457 391.963 321.741 22.048 48.174 6.143 88.676 87.088 1.587 11.119 1.327.775. 1.957.103. 1.865.798. 21.550 4.962 604.203 2.150 148.415 68.265 35.640 44.510 2.954 889.990 249.926 32.953. 21.553 9.250 530.924 2.976 178.992 48.825 34.880 95.288 5.915 784.097 305.126 26.964. 0. 0. 5.330.332. 5.219.598. 30-06-2009 TOTAL 1.919.295. 31-12-2008 TOTAL 1.926.109. 1.509.210 113.907 1.433.354 -21.823 -16.228 410.086. 1.517.147 113.907 1.428.942 -11.564 -14.138 408.962. -22.075. 731.389. 622.180. -22.075. 4.109 1.630 10.032 326.501 29.804 6.909 352.403. 5.315 1.614 11.021 303.472 20.735 7.210 272.814. -69.595. 2.679.648. 2.671.309 0 87 203.126 2.162 5.673 93.643 9.853 2.313.763 43.002. 5.219.598. -22.075. -22.075. -69.595. -67.767 -714 -67.052. -1.828. III. ASSETS HELD FOR SALE TOTAL ASSETS. 30-06-2009 TOTAL. -91.670. Segment 6 Eliminations between segments. Contracting, dredging & concessions 320.495. Real estate and related services 351.044. Financial services 504.819. 313.858 0 318.573 -4.715. 162.817 0 162.463 354. 399.541 0 404.419 -4.878. 338.332 0 339.037 -704. 67.939 0 74.829 -6.891. 6.638. 188.227. 105.278. 109.932. 0. 226.723 113.907 134.033 -4.989 -16.228 12. 20.980. 265.060. 462.778. 250. 0. 4.396. 374 76 4.231 15.936 0 363. 1.362 0 4.397 253.126 4.856 1.318. 58 936 1.177 79.486 24.948 3.770 352.403. 125 0 0 0 0 125. 0 0 0 0 0 0. 2.190 618 227 28 0 1.333. 58.698. 175.244. 2.428.935. 6.431. 0. 79.935. 0 0 1.535 0 1.837 53.400 1.125. 0 0 139.907 0 0 17.561 4.093. 0 0 4.760 0 0 681 0. 0 0 0 0 0 0 0. 0 0 75.152 0 0 4.319 181. 802. 13.683. 0 46 22.233 3.149 0 7.420 3.901 2.354.371 37.815. 990. 0. 283. -2.136. 0 46 177.035 3.149 1.837 82.473 9.300 2.354.371 51.438. 400.173. 791.348. 3.396.531. 454.945. 67.939. 311.066. -91.670. 5.330.332. Private Energy and AvH & Equity materials subholdings 448.264 67.939 226.735. -66.552. -907. IV. LIABILITIES HELD FOR SALE TOTAL EQUITY AND LIABILITIES. Half-yearly financial report of august 25 2009 Regulatory information. 18. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. I. NON-CURRENT ASSETS. Segment 1.

(19) Consolidated balance sheet per segment as of 31.12.2008. I. NON-CURRENT ASSETS Intangible assets Goodwill Tangible assets Investment property Participations accounted for using the equity method Financial fixed assets Private equity participations Available for sale financial fixed assets Receivables and warranties Non-current hedging instruments Amounts receivable after one year Finance lease receivables Other receivables Deferred tax assets Banks - receivables from credit instit. and clients after one year. II. CURRENT ASSETS Inventories Amounts due from customers under construction contracts Investments Current hedging instruments Amounts receivable within one year Trade debtors Finance lease receivables Other receivables Current tax receivables Banks - receivables from credit instit. and clients within one year Cash and cash equivalents Deferred charges and accrued income. Segment 1. Segment 2. Segment 3. Contracting, dredging & concessions. Real estate and related services. Financial services. Segment 4. Segment 5. Private Equity. Segment 6. Energy and materials. AvH & subholdings. 293.930. 688.202. 1.740.443. 389.818. 61.233. 215.074. 19 1.928 28.246 2.749 258.399 1.958. 142 145 36.616 548.299 86.517 609. 995 3.523 29.944 0 290.942 747. 0 0 66. 0 0 0. 28 135.078 13.888. 463 1.495 0 382. 719 28 5.894 76.208 76.208 0 4.415 1.327.775. 61.233 0 0 0 0 0. 3.088 60.074 0 20.262 39.813 0 500. 382 248. 604 5 249 11.585 10.880 705 4.039. 26.277 363.475 321.741 0 41.733 0. 0 0. 0 0 0. 500 2.417. 120.127. 93.831. 1.494.248. 73.815. 0. 134.866. 2.788 5.731 0 0 79.303 37.990. 0 0 36.385 0 14.439 1.997. 50.212 429. 0 0 0 0 0 0 0 0 0. 12.442 3.218. 31.510 427. 20.745 904. 0 0 482.955 2.976 44.012 0 34.325 9.687 1.322 784.097 155.617 23.269. 0 0 2.774 0 50.212 0. 41.313 368. 18.766 3.519 8.811 0 40.508 10.009 555 29.945 578. 18.440 1.961. 0 0. 78.814 2.011. Eliminations between segments -34.900. -34.900. -34.900. -51.089. -49.481 -1.170 -48.311. -1.608. III. ASSETS HELD FOR SALE. 31-12-2008 TOTAL 3.353.800 1.185 140.675 108.761 551.048 726.457 391.963 321.741 22.048 48.174 6.143 88.676 87.088 1.587 11.119 1.327.775. 1.865.798 21.553 9.250 530.924 2.976 178.992 48.825 34.880 95.288 5.915 784.097 305.126 26.964 0. Segment 1. I. TOTAL EQUITY Equity - group share Issued capital Consolidated reserves Revaluation reserves Treasury shares (-) Minority interests. II. NON-CURRENT LIABILITIES Provisions Pension liabilities Deferred tax liabilities Financial debts Non-current hedging instruments Other amounts payable after one year Banks - debts to credit institutions, clients & securities III. CURRENT LIABILITIES Provisions Pension liabilities Financial debts Current hedging instruments Amounts due to customers under construction contracts Other amounts payable within one year Current tax payables Banks - debts to credit institutions, clients & securities Accrued charges and deferred income. 782.033. Segment 2. 3.234.691. Segment 3. 463.634. Segment 4. 61.233. Segment 5. 349.940. -85.989. 5.219.598. Segment 6. Contracting, dredging & concessions 340.498. Real estate and related services 339.715. Financial services 480.083. 327.892 0 331.991 -4.099. 154.945 0 154.908 37. 379.926 0 383.439 -3.513. 343.344 0 342.838 506. 61.233 0 66.274 -5.041. 12.607. 184.770. 100.157. 111.414. 0. 249.807 113.907 149.492 546 -14.138 15. 23.291. 242.646. 386.258. 301. 0. 4.584. 374 79 5.271 16.598 0 969. 2.577 0 4.181 231.757 2.847 1.284. 49 903 1.168 89.988 17.888 3.448 272.814. 125 0 0 0 0 176. 0 0 0 0 0 0. 2.190 632 400 28 0 1.333. 50.267. 199.672. 2.368.350. 8.574. 0. 95.535. 0 0 1.722 0 5.673 42.243 439. 0 0 145.043 0 0 37.954 3.847. 0 0 4.760 0 0 1.736 0. 0 0 0 0 0 0 0. 0 0 88.250 0 0 5.312 1.316. 190. 12.828. 0 87 10.662 2.162 0 7.875 4.250 2.313.763 29.552. 2.078. 0. 656. -2.302. 0 87 203.126 2.162 5.673 93.643 9.853 2.313.763 43.002. 414.056. 782.033. 3.234.691. 463.634. 61.233. 349.940. -85.989. 5.219.598. Private Energy and AvH & Equity materials subholdings 454.758 61.233 249.822. Eliminations between segments. 31-12-2008 TOTAL 1.926.109 1.517.147 113.907 1.428.942 -11.564 -14.138 408.962. -34.900. 622.180. -34.900. 5.315 1.614 11.021 303.472 20.735 7.210 272.814. -51.089. 2.671.309. -47.311. -1.476. IV. LIABILITIES HELD FOR SALE TOTAL EQUITY AND LIABILITIES. Half-yearly financial report of august 25 2009 Regulatory information. 19. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. 414.056. TOTAL ASSETS.

(20) Consolidated cash flow statement per segment as of 30.06.2009 Segment 1 Contracting, dredging & concessions. Segment 3 Financial services. 31.510. 20.745. 155.617. -1.295. 17.292. 185 0 43 0 625. 0 46 -386 0 -611. -443. Decrease (increase) of working capital CASH FLOW FROM OPERATING ACTIVITIES. Segment 4, 5 & 6 AvH, subhold., Private equity, Energy & materials. Eliminations between segments. 97.254. 0. 11.453. 2.090. -829. 12.000 0 -4.279 0 1.356. 18.740 -89 919 0 637. 16.340. 20.529. 22.297. 17.619. -24.236. -27.603. 17.176. -7.895. -753 -747 0 -6 0 0. Divestments Disposal of intangible and tangible assets Disposal of investment property Disposal of financial fixed assets Reimbursements of amounts receivable Disposal of investments CASH FLOW FROM INVESTING ACTIVITIES. Profit (loss) from operating activities Dividends from participations accounted for using the equity method Other non-operating income (expenses) Income taxes Profit(loss) from discontinued operations Non cash adjustments CASH FLOW. Investments Acquistion of intangible and tangible assets Acquisition of investment property Acquisition of financial fixed assets New amounts receivable Acquisition of investments. Financial operations Interest received Interest paid Other financial income (costs) (De)increase of treasury shares (De)increase of financial debts Distribution of profits Dividends paid to minority interests CASH FLOW FROM FINANCIAL ACTIVITIES II NET VARIATION IN CASH AND CASH EQUIVALENTS Transfer segment Change of consolidation scope or method Translation differences on cash and cash equivalents III. CASH AND CASH EQUIVALENTS, ENDING BALANCE. 30-06-2009 TOTAL 305.126. 30-06-2008 TOTAL 225.546. 28.710. 35.460. 30.925 -43 -3.703 0 2.006. 17.665 6 -4.668 0 3.394. -829. 57.894. 51.857. 29.554. 20.150. 15.485. -10.473. -7.073. 51.851. 19.321. 73.379. 41.384. -10.766 -21 -8.733 -2.013 0 0. -416.619 -1.948 0 0 0 -414.671. -11.181 -72 0 -7.239 -3.870 0. 0. -439.320 -2.788 -8.733 -9.258 -3.870 -414.671. -271.472 -13.458 -1.304 -105.285 -6.781 -144.645. 1.068 962 0 9 97 0. 40.010 0 40.000 0 10 0. 334.908 3 0 0 0 334.905. 15.347 10 0 6.937 2.903 5.497. 0. 391.332 975 40.000 6.946 3.010 340.402. 144.471 142 0 12.278 588 131.463. 314. 29.244. -81.711. 4.165. 0. -47.988. -127.002. 494 -405 -57 0 -849 0 -25.342. 999 -6.023 -1.959 0 9.406 0 -5.221. 10.834 -2.485 0 0 1.069 0 -1. 651 -776 -404 -2.122 -10.614 -46.078 17.574. -514 1.344 0. 12.464 -8.345 -2.420 -2.122 -21.138 -46.078 -12.990. 12.097 -9.957 90 -1.571 23.376 -46.124 -2.616. -20.150. -26.159. -2.798. 9.418. -41.769. -19.321. -80.630. -24.705. -8.669. 18.550. -79.367. 14.247. 0. -55.238. -110.322. 0. 6.332 7 31. 0 7 31. 0 0 110. 249.926. 115.334. 22.841. 45.665. -6.332 0 76.251. 105.169. 0. The new segment “Energy and materials” only contains participations accounted for using the equity method. Therefore, this segment is not reported seperately in the cash flow statement.. Half-yearly financial report of august 25 2009 Regulatory information. 20. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. I. CASH AND CASH EQUIVALENTS, OPENING BALANCE. Segment 2 Real estate and related services.

(21) Consolidated cash flow statement per segment as of 30.06.2008 Segment 1 Contracting, dredging & concessions I. CASH AND CASH EQUIVALENTS, OPENING BALANCE. Segment 2 Real estate and related services. Segment 3 Financial services. Segment 4, 5 & 6 AvH, subhold., Private equity, Energy & materials. Eliminations between segments. 30-06-2008 TOTAL. 37.186. 11.919. 10.654. 165.788. 0. 225.546. 3.201. 12.141. 10.391. 10.748. -1.021. 35.460. 449 0 -1.175. 0 7 984. 0 0 -4.676. 17.216 0 199. 1.211. 341. 2.760. -918. 3.686. 13.472. 8.475. 27.245. Decrease (increase) of working capital. -6.104. 3.662. -3.212. -4.820. CASH FLOW FROM OPERATING ACTIVITIES. -2.418. 17.135. 5.264. 22.425. -1.021. 41.384. -2.850 -2.850 0 0 0 0. -33.769 -7.302 -1.304 -25.129 -34 0. -147.171 -3.132 0 -8 0 -144.031. -87.682 -174 0 -80.148 -6.747 -614. 0. -271.472 -13.458 -1.304 -105.285 -6.781 -144.645. 0. 144.471 142 0 12.278 588 131.463. Profit (loss) from operating activities Dividends from participations accounted for using the equity method Other non-operating income (expenses) Income taxes Profit(loss) from discontinued operations Non cash adjustments CASH FLOW. Investments Acquistion of intangible and tangible assets Acquisition of investment property Acquisition of financial fixed assets New amounts receivable Acquisition of investments. 17.665 6 -4.668 0 3.394 -1.021. 51.857 -10.473. Divestments Disposal of intangible and tangible assets Disposal of investment property Disposal of financial fixed assets Reimbursements of amounts receivable Disposal of investments. 256 134. 387 6. 130.244 2. 13.584 0. 0 122 0. 16 366 0. 1 0 130.241. 12.262 100 1.222. CASH FLOW FROM INVESTING ACTIVITIES. -2.594. -33.382. -16.927. -74.098. 0. -127.002. 1.243 -522 -54 0 -739 0 -1.554. 532 -7.061 676 -90 20.241 0 -5.222. 8.206 -2.551 0 0 3.354 0 0. 2.916 -1.642 -533 -1.481 519 -46.124 4.160. -799 1.820 0. 12.097 -9.957 90 -1.571 23.376 -46.124 -2.616. Financial operations Interest received Interest paid Other financial income (costs) (De)increase of treasury shares (De)increase of financial debts Distribution of profits Dividends paid to minority interests CASH FLOW FROM FINANCIAL ACTIVITIES. -1.625. 9.076. 9.008. -42.185. 1.021. -24.705. II NET VARIATION IN CASH AND CASH EQUIVALENTS. -6.638. -7.171. -2.655. -93.858. 0. -110.322. III. CASH AND CASH EQUIVALENTS, ENDING BALANCE. 110 30.549. 4.857. Half-yearly financial report of august 25 2009 Regulatory information. 0 110. 0 7.998. 71.930. 0. 21. 115.334. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Change of consolidation scope or method Translation differences on cash and cash equivalents.

(22) 7.. Notes to the financial statements. 7.1. Basis for the presentation of the financial statements The consolidated financial statements of Ackermans & van Haaren are prepared in accordance with the International Financial Reporting Standards and IFRIC intepretations effective on June 30, 2009 as approved by the European Commission. The valuations rules have not changed compared to the end of 2008. IFRS 8 Operating segments This standard requires explanatory information about the operating segments of AvH and replaces the requirement to determine primary (business) and secondary (geographical) reporting segments cfr. IAS 14 Segment reporting. The application of this standard has no impact on the reporting method of AvH since the segments per business unit were already in accordance with the operating segments of the group. Revised IAS 1 Presentation of Financial statements In accordance with the revised IAS 1, AvH reports a consolidated statement of comprehensive income.. 7.2 Changes in consolidation scope Anima Care (AvH 100%), the new initiative of AvH in the health & care sector, has acquired in February its first senior care facility in Aalst. This results in the reporting of Anima Care in het segment “Real estate and related services” from 2009 onwards.. Participations accounted for using the equity method Contracting, dredging & concessions Real estate and related services Financial services Private equity Energy and materials AvH and subholdings. 30-06-2009. 30-06-2008. 263.952 87.635 293.053 25.485 67.939 3.103 741.166. 234.140 79.352 274.630 37.086 44.220 2.948 672.375. 7.3 Seaonality or cyclicality of interim operations AvH is active in diverse segments, each (more or less) cyclically sensitive : dredging, oil markets (DEME), construction (Van Laere), evolution on the stock exchange and interest rates (Bank Delen and Bank Van Breda), Real estate and interest rates evolution (Extensa & Leasinvest Real Estate). The income statement of the Private equity segment contains, besides the contribution of the participations (active in widely different businesses with different cyclicalities), capital gains on portfolio and dividends received from entities held in portfolio.. Half-yearly financial report of august 25 2009 Regulatory information. 22. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. The creation of an additional segment “Energy and materials” is in line with the AvH’s strategy to grow in emerging markets in renewable energy and raw materials. This segment contains the participations in Sipef, Henschel and Sagar Cements..

(23) 7.4 Earnings per share 30-06-2009. 30-06-2008. Net consolidated profit, group share (000 euro) Average number of shares Basic earnings per share (in euro). 50.331 33.137.604 1,52. 100.554 33.182.558 3,03. Net consolidated profit, group share (000 euro) Average number of shares Impact of stock options Adjusted average number of shares Diluted earnings per share (in euro). 50.331 33.137.604 59.285 33.196.889 1,52. 100.554 33.182.558 114.374 33.296.932 3,02. 7.5 Number of treasury shares The number of treasury shares, held in relation to the stock option plan, evolved as follows: 30-06-2009. 30-06-2008. Treasury shares - January 1. 314.346. 292.852. acquisition of treasury shares disposal of treasury shares. 45.954 -1.000. 22.994 -1.500. 359.300. 314.346. Treasury shares - June 30. 8.. Events after balance sheet date. Half-yearly financial report of august 25 2009 Regulatory information. 23. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. After balance sheet date, no major events took place which could significantly influence the activities or the financial position of the company..

(24) III.. AUDITOR’S REPORT. REPORT OF THE STATUTORY AUDITOR TO THE SHAREHOLDERS OF ACKERMANS & VAN HAAREN ON THE REVIEW OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2009 AND FOR THE SIX MONTHS THEN ENDED. Introduction We have reviewed the accompanying interim condensed consolidated balance sheet of Ackermans & van Haaren (the “Company”) as at June 30, 2009 and the related interim condensed consolidated statements of income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting (“IAS 34”) as adopted for use in the European Union. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of Review We conducted our review (“revue limitée/beperkt nazicht” as defined by the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”) in accordance with the recommendation of the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren” applicable to review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards of the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren” and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 as adopted for use in the European Union.. Ernst & Young Reviseurs d’Entreprises SCCRL Statutory auditor represented by. Patrick Rottiers Partner. Christel Weymeersch Partner. Half-yearly financial report of august 25 2009 Regulatory information. 24. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Antwerp, August 26, 2009.

(25) IV.. DECLARATION To our knowledge: (i). the condensed consolidated financial statements, drafted in accordance with the applicable standards for annual accounts, present a fair view of the assets, financial situation and the results of Ackermans & van Haaren and the companies included in the consolidation;. (ii). the interim report presents a fair overview of the information which should be included in the report.. August 25, 2009 On behalf of the company. Jan Suykens Member of the Executive Committee. Half-yearly financial report of august 25 2009 Regulatory information. Tom Bamelis Member of the Executive Committee. 25. WorldReginfo - 4a695ae4-5076-47c8-a5b0-82da47b80df9. Luc Bertrand Chairman of the Executive Committee.

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