Hal started the year with a 3% (qoq) increase in NAV compared to December 22 driven by the performance of the listed companies (+€0.2bn). The operating performance on the other hand was hardly stellar with a 3.3% decline in revenues from the unquoted companies excluding the impact of the Boskalis consolidation. While, as usual, no outlook has been given, the secretive Dutch HoldCo may well surprise us judging from its deep pockets (€3bn of net cash).
