Port of Rotterdam Authority reports 2013 profit
The result of the Port of Rotterdam Authority for 2013 was €227 million. This is €1 million less than the result for 2012. Large investments, especially in Maasvlakte 2, pushed the interest charges and depreciation up considerably. The revenue from port dues decreased. On the other hand, the revenue from the lease of sites increased, in particular due to the allocation of new sites and the integration of the sea port of Dordrecht. The Port Authority was able to keep costs under control. Chief Financial Officer Paul Smits: “After years of rising profits, the result for the Port Authority dropped slightly this year. This is not unexpected. Our debts have run up to €1.2 billion due to the large investments in past years. That also means that our interest charges have increased substantially. Combined with the slightly lagging throughput, this provides for a minor drop in profit. We need that profit, so that we can continue to invest in the port and ease our debt position at the same time.”
The two most important sources of income for the Port Authority are the lease of sites and the port dues which ships pay when they visit the port. The income from the lease of land rose by €29.8 million (+10.2%) to €321.5 million. This was especially caused by the allocation of new sites on Maasvlakte 2 and in Europoort, the purchase of a site in the Botlek and the integration of the port of Dordrecht. The port dues dropped by €4.7 million (-1.5%) to €302.6 million. The port dues thus dropped further than the throughput, due to the additional recovery rebate of 2% granted on port dues in 2013.
In total, operating income rose by 4.0% to €639.9 million, which is €24.6 million more than in 2012. The costs were under control. Personnel expenses rose by 1%, driven by pension costs. The result from participations was €9.4 million, €2.3 million or 33% more than in the previous year. This positive development is due especially to the successful participations in the port of Sohar (Oman).
Investments
In 2013 the Port Authority invested €262.9 million. This is less than the €625.7 million which was invested in 2012. The completion of the first stage of Maasvlakte 2 caused the lower level of investment. The investment in Maasvlakte 2 amounted to €108.9, with €153.9 million devoted to the rest of the port area. That is still substantial in comparison with the result of €227 million. It is characteristic of the investment machine which the Port Authority actually is.
Dividend
The Port of Rotterdam Authority proposes to distribute a total dividend for 2013 of €87.4 million to its shareholders, the Municipality of Rotterdam (70%) and the State (30%). In this proposal the Municipality receives €61.9 million and the State €25.5 million. The Port Authority distributed a dividend of €85.6 million for 2012.
Integrated Annual Report
The Port of Rotterdam Authority has integrated its financial Annual Report and the CSR report since 2009, because corporate social responsibility is embedded in the company. For the fourth consecutive year Ernst & Young Accountants LLP issued a combined auditor’s report for the Annual Report. The report was awarded A+ by Global Reporting Initiative, which stands for the highest level in transparent reporting.