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    HAL   BMG455841020

HAL TRUST

(HAL)
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Hal Trust : Update first quarter

05/19/2021 | 04:35am EDT

Press release

HAL

FIRST QUARTER UPDATE

Net asset value

The net asset value on March 31, 2021, based on the market value of the ownership interests in quoted companies and the liquid portfolio and on the book value of the unquoted companies, amounted to € 13,334 million (€ 156.30 per share), representing an increase of

  • 543 million (€ 6.37 per share) compared to December 31, 2020. The net asset value is prior to the proposed payment of the dividend over 2020 (€ 4.70 per share) of which 50% to be paid in cash and 50% in shares.
    During the period from March 31, 2021, through May 14, 2021, the stock market value of the ownership interests in quoted companies and the liquid portfolio was positively impacted by changes in stock market prices for approximately € 125 million (€ 1.47 per share).
    The information in this press release has not been audited nor reviewed by the external auditor.

Optical retail

Revenues for the first quarter amounted to € 899 million (2020: € 926 million) representing a decrease of € 27 million (3.0%). Excluding the effect of acquisitions and at constant currency exchange rates, revenues decreased by 1.0%.

The same store sales, based on constant exchange rates, decreased by 1.5% during the first quarter (2020: a decrease of 8.2%) compared with the same period last year and 10.8% compared with the first quarter of 2019. This decrease is due to the impact of COVID-19 related government restrictions. Due to the announced sale on July 31, 2019 of the

HAL HOLDING N.V.

1

Commercial registry Curaçao 46339

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

TEL: (377) 92 16 75 79 FAX: (377)

93 25 54 34

ownership interest in GrandVision, this subsidiary has been classified as held for sale under IFRS 5. Accordingly, amortization, impairment and depreciation of non-current assets ceased effective that date. The operating income (earnings before interest, exceptional and non-recurring items, taxes and amortization of intangible assets but including amortization of software) for the first quarter reported by GrandVision, which excludes this effect of IFRS 5, amounted to € 79 million (2020: € 41 million).

On July 31, 2019, it was announced that the closing of the acquisition by EssilorLuxottica of HAL's 76.72% interest in GrandVision was expected to occur prior to July 31, 2021. Together with GrandVision and EssilorLuxottica, we are working on fulfilling all relevant requirements under the transaction documentation, including obtaining the requisite regulatory approvals. The transaction has been unconditionally cleared Brazil, Colombia, Mexico, Russia and the United States and conditionally cleared in the European Union and Chile. It is still under review in Turkey.

On July 30, 2020, HAL initiated arbitration proceedings against EssilorLuxottica in order to ensure that EssilorLuxottica complies with its obligations in respect of this transaction. These proceedings are currently ongoing and are confidential and non-public.

On September 4, 2020, EssilorLuxottica reported that it had decided to file an appeal against the judgment of the District Court of Rotterdam, dated August 24, 2020, dismissing its demands for disclosure of information from GrandVision. On April 6, 2021 the Amsterdam Court of Appeal dismissed all claims made by EssilorLuxottica.

On March 31, 2021, the stock market value of HAL's 76.72% ownership interest in GrandVision amounted to € 5.1 billion compared with € 5.0 billion at the end of 2020.

Quoted minority interests

On March 31, the stock market value of HAL's interests in quoted minority interests (Koninklijke Vopak, Koninklijke Boskalis Westminster, Safilo Group and SBM Offshore) amounted to € 5.0 billion compared with € 4.7 billion at the end of 2020.

HAL HOLDING N.V.

2

Commercial registry Curaçao 46339

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

TEL: (377) 92 16 75 79 FAX: (377)

93 25 54 34

Unquoted companies

Revenues from the unquoted companies for the first quarter amounted to € 1,115 million (2020: € 774 million) representing an increase of € 341 million (44.1%). This increase is primarily due to the acquisition of Van Wijnen in August 2020. Excluding the effect of acquisitions and divestitures and at constant exchange rates, revenues from the unquoted companies increased by 2.3%.

Prospects

Due to the fact that a significant part of the Company's net income is determined by the results of the quoted associates and potential capital gains and losses, we do not express an expectation as to the net income for 2021.

HAL Holding N.V.

May 19, 2021

This press release was issued May 19, 2021, at 10h30 and contains inside information relating to HAL Trust within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Financial calendar

Ex-dividend date

May 21, 2021

Dividend record date

May 24, 2021

Determination and publication dividend conversion ratio

June 11, 2021 (after close of trading)

Delivery of shares and payment of cash dividend

June 18, 2021

Publication of 2021 half year results

August 26, 2021

Interim statement

November 24, 2021

Publication of preliminary net asset value

January 27, 2022

Publication of 2021 annual results

March 30, 2022

Shareholders' meeting HAL Trust and interim statement

May 18, 2022

HAL HOLDING N.V.

3

Commercial registry Curaçao 46339

5, AVENUE DES CITRONNIERS, MC 98000 MONACO

TEL: (377) 92 16 75 79 FAX: (377)

93 25 54 34

Disclaimer

HAL Trust NV published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 08:35:00 UTC.


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Financials
Sales 2021 6 385 M 7 454 M 7 454 M
Net income 2021 557 M 650 M 650 M
Net cash 2021 3 314 M 3 869 M 3 869 M
P/E ratio 2021 23,3x
Yield 2021 3,80%
Capitalization 13 072 M 15 296 M 15 261 M
EV / Sales 2021 1,53x
EV / Sales 2022 1,40x
Nbr of Employees 23 673
Free-Float 74,6%
Chart HAL TRUST
Duration : Period :
Hal Trust Technical Analysis Chart | HAL | BMG455841020 | MarketScreener
Technical analysis trends HAL TRUST
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 150,80 €
Average target price 163,12 €
Spread / Average Target 8,17%
EPS Revisions
Managers and Directors
Melchert Frans Groot Chairman-Executive Board
Arie A. van ĺt Hof Chief Financial Officer
Martijn van der Vorm Chairman-Supervisory Board
Mattheus Petrus Mari de Raad Member-Supervisory Board
Lodewijk Hijmans van den Bergh Vice Chairman-Supervisory Board
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