Antwerp Port Authority posts profit of EUR 130 million for FY2012
In 2012 Antwerp Port Authority made a profit of 139.0 million euros, the company said in its annual report. The port fees were raised generally by 2% compared with 2011, with a consequent positive impact on the income figures. Since the freight volume was lower, and since also there was a half year of income from the electricity distribution network operation in 2011 while in 2012 there was no longer any income from this activity, the income from services is lower. However, the total turnover has increased as a result of 15.7 million euros in tonnage obligations being charged to a number of concession holders. The other operating income has also risen.
The operating charges for their part fell sharply because new legislation in 2011 required a provision of 299 million euros to be set aside for pension obligations. That provision was further raised by 16.8 million euros in 2012; this has been booked under operating charges (provisions), while the initial provision was written down by 22.2 million euros. This write-down has been included under other extraordinary income.
The rise in concession income excluding tonnage obligations is 1.7%, almost equal to the overall rise in port fees of 2%. There is a limited additional effect due to small changes in the area of sites, together with the net effect of some concession sites being suspended as a result of investments and other such suspensions coming to an end. Since a number of concession holders failed to attain the cargo volumes laid down in their concession agreement, the Port Authority charged tonnage obligations to them amounting to 15.7 million euros. Of this amount, 2.1 million euros relates to financial year 2012 while 13.6 million euros relates to financial years 2009 to 2011 inclusive. An amount of 13.5 million euros was charged relating to the cargo volumes on the terminals in the Deurganck dock for the years 2009 to 2012 inclusive. The amount of these tonnage obilgations was based on a decision by the board of directors on 26 March 2013.
The total cargo volume handled by the port fell slightly from 187.2 to 184.1 million tonnes, a drop of 1.6%. The number of ships calling at the port for its part was down by 6.5%. On the other hand the total gross tonnage remained practically the same, down only by 0.1%. The combination of these parameters together with the raising of the level of port dues finally led to a slight increase in income, of 1.2%. The substantial reduction in cargo dues for general cargo introduced in 2010 was maintained in 2011 and 2012. Income from barge dues fell by 2.8% after rising sharply in 2011.
The Port Authority’s tugging department experienced further growth in income, by 4.6% This growth is due to the combination of an increase of 2% in tugging fees and a rise in the fuel surcharge on the one hand, and on the other a fall in the operational parameters, namely a 2.5% contraction in the number of tugging jobs carried out while the number of gross tonnes tugged remained practically the same, up by only 0.1%.
The income from dock-mounted and floating cranes fell in 2012 compared with 2011. The drop was fairly limited for the dock-mounted cranes but more pronounced for the floating cranes.
Operation of the electricity distribution network was transferred to IVEG with effect from 1 July 2011, so in 2012 there was no income at all from this activity, after it had already been halved in 2011.
The other operating income amounted to 53.3 million euros in 2012 compared with 49.4 million euros in 2011. This operating income consists to a large extent of operating subsidies from the Flemish Region (27.2 million euros in 2012 and 25.1 million in 2011). These subsidies represent a contribution towards the costs incurred by the Port Authority in carrying out tasks which under the terms of the Port Decree are the responsibility of the Flemish Region. The contribution towards dredging the maritime access navigation channel was reduced unilaterally in 2012, with the impact amounting to 4.7 million euros. The Port Authority considers that this reduction, announced as a unilateral decision, is unjustified. However, since it is based on an announcement, it has become uncertain in character, and so the amount of 4.7 million euros that has now become uncertain has been entered under “Accrued charges and deferred income” and no longer under “Other operating income”. In 2012 the other operating income also included the amounts passed on for withholding tax on income from real estate and water supplies, totalling 18.0 million euros (compared with 17.8 million in 2011).