Result for 2009: € 144.2 million (- 4.4%)

March 19, 2010 - While throughput in the port of Rotterdam declined by 8.1% in 2009, the result of the Port of Rotterdam Authority fell by 4.4%, to € 144.2 million. Including a one-off item of income, the result rose by 10.9% to € 167.4 million. ‘The Port Authority invested some € 341 million in the port in 2009. In 2010 we will be increasing that to about € 500 million and in 2011 to almost € 700 million, because besides Maasvlakte 2 we are also investing about € 175 million each year in the existing port area. The Port Authority is taking a long-term view, and the outlook is positive. The result enables us to continue our investment programme despite the crisis, so that the mainport will make an important contribution to the economic recovery’, says Chief Financial Officer Thessa Menssen.

Harbour dues (€ 274.1 million) fell by 6.5% due to the fall in the volume of goods handled. Income from long-term leases (€ 232.4 million) rose by 8.5%, mainly because more land was let out. Other income fell slightly, so that the total operating income fell by a total of 0.6% to € 519.4 million. Operating expenses remained stable.

Income before interest, depreciation and amortisation (EBITDA) fell by 1.4% to € 297.1 million. Depreciation and amortisation (€ 100.8 million) increased by 8.2% as a result of the investments in the past year. There was an exceptional item of income of € 23.2 million from the sale of a participation in a joint venture with Zeeland Seaports.

A solid financial position is essential for the Port Authority because of its high investment ambitions. A healthy financial position means that the Port Authority can continue to borrow funds on attractive conditions. The ratios (interest coverage, Net Debt / EBITDA, capital adequacy) amply fulfil the standards agreed with the external financiers.

The Port Authority pays out € 61.1 million in 2009 as dividend to its shareholders: € 44.6 million to the Municipality of Rotterdam and € 16.5 million to the State of the Netherlands.

Looking ahead, the Port Authority expects an increase in throughput of more than 3% in 2010. This will not lead to a proportional rise in income from harbour dues, due to a one-off crisis discount of 7% on the tariffs in 2010. Investments will increase significantly, to € 500 million. The Port Authority will continue to keep a tight rein on costs so that the investment programme can continue as planned.

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