DEME and the private banks performed extremely well. The strong performance at the vast majority of our portfolio companies more than offsets some punctual difficulties or cyclical headwinds in other segments.
Sustainability report 2024
As a diversified investment company, AvH applies a business model of sustainable growth, as illustrated in its baseline ‘Your partner for sustainable growth’.
Marine Engineering & Contracting
DEME’s 2024 turnover grew by 25%, exceeding the 4 billion euros threshold for the first time, driven by solid market demand, an expanded fleet capacity, high utilization rates and effective project execution. DEME outperformed on all financial KPI’s, ending the year with a net profit of 288.2 million euros. Its impressive cash flow generation enabled it to completely deleverage its balance sheet, ending the year 2024 with a net cash position of 91.1 million euros. Including Deep C Holding, CFE and Green Offshore, Marine Engineering and Contracting contributed 201.8 million euros to AvH’s group result, which is 57% higher than last year.
Private Banking
Delen Private Bank and Bank Van Breda realized a combined net profit of 327.7 million euros, which is an impressive growth (+24%) compared to their already strong performance of 2023. Both banks further extended their proven business models in a successful way, leading to a record inflow of new assets. In combination with favorable financial markets and supported by external growth of Delen in the Netherlands, total client assets grew to 77.727 million euros. With a contribution of 258.5 million euros (+24%), Private Banking delivers a steady growth to the results of AvH.
Real Estate
In 2024 Nextensa stepped up its strategic transformation. The combination of the acquisition of the iconic Proximus towers in Brussels (closing expected in Q1 2025) with the start of the last phase of development of Tour & Taxis, where Proximus will establish its new headquarters (signing also expected in Q1 2025) will mark a clear milestone in shaping Nextensa’s next growth phase. Its 2024 results have been impacted for an amount of 50.8 million euros by negative fair value adjustments on its real estate portfolio, including 28.5 million euros on the two Luxembourg-based shopping centres that have been sold on February 13, 2025. In addition, Nextensa divested less strategic properties for a total amount of 75 million euros in 2024. Real Estate contributed -6.4 million euros to AvH’s consolidated result (compared to +15.6 million euros in 2023).
Energy & Resources
Favorable palm oil prices compensated for the lower productions of SIPEF. The 2024 net profit (65.8 million dollars) was impacted by an impairment charge of 5 million dollars following the accelerated conversion of SIPEF’s last rubber activities in Indonesia to oil palm and of the 6.4 million dollars negative fair value evolution of the 55% still held (for sale) in PT Melania. Despite 86.8 million dollars of investments in 2024, SIPEF succeeded in further reducing its net financial debt to 18.1 million dollars. Including the contributions of Sagar Cements and Verdant Bioscience, Energy & Resources contributed 20.6 million euros to AvH’s consolidated result.
Growth Capital
The contributions of AvH Growth Capital’s consolidated participations increased by 13% to 27.1 million euros. Due to negative fair value evolutions in the Life Sciences and in the SouthEast Asia portfolio for a total net amount of 35.6 million euros, Growth Capital contributed negatively for 8.6 million euros.