Port of Rotterdam: Financial Result Unchanged (The Netherlands)

The Port of Rotterdam Authority’s financial result stayed virtually the same. Income from seaport dues primarily decreased as the result of a moderate rate policy and because of the decrease in throughput.

This was offset by an increase in land revenues primarily as a result of new sites leased to customers.

Result

The result for the first half of 2013 is € 118 million. Rent revenues increased by € 15 million (11%) in comparison to the first half of 2012 due to new sites leased out to customers and price revisions. On the other hand, seaport dues decreased (-2%) as a result of a moderate pricing policy and a drop in throughput volumes. Revenues on balance increased. Operating expenses, on a half-yearly basis, are slightly higher than in 2012. In particular, the increased level of depreciation and the higher interest charges, driven by the high level of investment in recent years, caused the result to be lower than it was in the first half of 2012.

Investments

Due to the construction of the Maasvlakte 2, the Port of Rotterdam Authority’s level of investment has been very high in recent years, particularly in 2010 – 2012. The level of investment will be considerably lower in 2013. Total investments are expected to drop from € 626 million in 2012 to approximately € 268 million in 2013. The Port of Rotterdam Authority’s goal is to continue to invest vigorously in the port area.

Maasvlakte 2, repayment and dividend

The construction of the Maasvlakte 2 has reached such a stage of completion that it is possible to conclude that its cost will be € 150 million cheaper that initially estimated: € 1.55 billion instead of € 1.7 billion. Partly as a result of this, the Port of Rotterdam Authority was able to agree with shareholders that the dividend will be increased by € 18.8 million starting this year and that € 290 million of the State contribution for the construction of the Maasvlakte 2 will be repaid this year.

[mappress]

Press Release, July 19, 2013