In the first six months, operating results for the Port of Rotterdam Authority were € 17 million up, to € 110 million, on the same period of 2007. This is due to a sharp rise in revenues and a marked improvement in results from participating interests. In the first half of 2007, the latter were negative due to a one-off downward value adjustment.
The trend in operating results is in line with the Business Plan 2006-2010. This plan anticipates an increase in results and returns necessary to meet the Port Authority’s extensive financial commitments for the medium term, for example in connection with the construction of Maasvlakte 2.
In comparison with the first half of 2007, port dues and revenue from contracts yielded 8% (€ 19 million) more. This was mainly the result of increased transshipment and the limited effect of tariffs. Business costs remained at the same level.
The ratios interest cover (from 3.4 to 4.0), total debt / EBITDA (from 3.7 to 3.3) and the return on active capital (from 7.2% to 9.1%) improved strongly in comparison with the first half of 2007, mainly as a result of the considerably higher operating results. The return on active capital is expected to work out lower for 2008 as a whole, due to an increase in the invested capital in the second half of 2008. Solvency was down, in line with expectations (from 68% to 61%) due to a fall in equity capital (repayments of subordinated loans and an earn-out payment of 50 million). The standards imposed by external financiers were easily met.
For 2008, the Port Authority expects to achieve higher net results than for 2007.
The trend in operating results is in line with the Business Plan 2006-2010. This plan anticipates an increase in results and returns necessary to meet the Port Authority’s extensive financial commitments for the medium term, for example in connection with the construction of Maasvlakte 2.
In comparison with the first half of 2007, port dues and revenue from contracts yielded 8% (€ 19 million) more. This was mainly the result of increased transshipment and the limited effect of tariffs. Business costs remained at the same level.
The ratios interest cover (from 3.4 to 4.0), total debt / EBITDA (from 3.7 to 3.3) and the return on active capital (from 7.2% to 9.1%) improved strongly in comparison with the first half of 2007, mainly as a result of the considerably higher operating results. The return on active capital is expected to work out lower for 2008 as a whole, due to an increase in the invested capital in the second half of 2008. Solvency was down, in line with expectations (from 68% to 61%) due to a fall in equity capital (repayments of subordinated loans and an earn-out payment of 50 million). The standards imposed by external financiers were easily met.
For 2008, the Port Authority expects to achieve higher net results than for 2007.