Annual accounts 2009 by Ingrid Stojnic

Annual Financial Report 2009

Table of contents Comments on the annual accounts income statement Operating income Operating charges Financial result Extraordinary result balance sheet Assets Liabilities cashflow statement other required information

3 3 4 6 7 7 8 8 9 9 10

Balance sheet

income statement

appropriation account

notes

Social report

accounting principles

general accounting principles specific accounting principles Tangible fixed assets Financial fixed assets Stocks Amounts receivable within one year and after one year Cash in hand and at bank Initial value Revaluation surpluses Reserves Investment grants Provision for contingencies and costs Accounts payable Accruals/Deferrals Obligations, rights of recourse and suspense accounts Port Decree Financial instruments Changes to the Accounting Principles

41 41 41 44 44 44 45 45 45 46 46 46 46 47 47 47 47 47

Statutory auditorâ&#x20AC;&#x2122;s report

REPORT OF THE INDEPENDENT AUDITORS

Colophon

Annual accounts

Comments on the annual accounts Income Statement The Port Authority’s Income Statement is summarised in the following table.

( in euros x 1000 )

financial year 2009

financial year 2008

financial year 2007

Operating income

297,122

322,968

302,281

Operating charges

(209,218)

(235,203)

(214,521)

Operating profit

87,904

87,765

87,760

Financial proceeds

16,683

19,544

19,788

Financial charges

(1,655)

(6,970)

(8,079)

102,932

100,339

99,469

Extraordinary income

2,576

12,204

Extraordinary charges

(40,975)

(540)

(351)

64,533

112,003

99,213

(18)

(67)

(32)

64,515

111,936

99,181

Profit on ordinary activities

Profit before taxes Taxes Profit for the financial year

Antwerp Port Authority made a profit of 64.5 million euros in 2009. The main components of this result, which is significantly lower than in 2008, are as follows: ∙ The turnover was down by 8.3% due to the lower level of activity in the port over the year as a whole; ∙ The operating costs remained stable overall compared with 2008; ∙ Whereas in previous years the provisions within the operating result led to a net cost, in 2009 there was a net write-back, mainly due to the decision to completely cancel the provision for major overhauls; ∙ The extraordinary costs come to 41 million euros, largely due to the impact of the protocol signed on 3 February 2009 with the City of Antwerp for transfer of the “Eilandje” area.

Annual Accounts

Operating income The breakdown of the different sources of income is as follows:

Floating cranes Dock cranes Electricity Tugging fees Barge dues

Miscellaneous

Concessions

44%

Shipping dues

31%

5% 13% 3%

The variation in the different income categories over the past three years was as follows:

Income from concessions is up by 3% thanks to a combination of increased fees in the first half of 2009 and further phasing in of areas for the Deurganck dock and putting them into operation.

Annual Financial Report 2009

As regards shipping dues, the lower level of activity led to 14% lower income, largely due to the reduction in berthing dues, followed immediately by a reduction in tonnage dues. Barge dues were similarly down by 6% because of the lower activity. The tugging department also experienced a fall in its level of activity. 15.6% fewer tugging jobs were carried out, and the number of slings invoiced was down significantly, by 17.9%. Since fuel costs were lower than in 2008, the fuel supplement charged was also lower, leading to a further drop in turnover. The turnover from sales of electricity remained more or less stable at 11.7 million euros, compared with 11.9 million in 2008. The tariffs charged in 2009 remained the same as in 2008, pending approval of the long-term tariff. After several years of growth, the dock cranes and floating cranes both felt the impact of the lower level of activity in the port, and so had to absorb a significant drop in turnover. But despite this decline significant progress was made with more intensive collaboration between the two types of crane, which are now expressed as a single commercial unit. The other operating income amounted to 48.6 million euros in 2009, compared with 51.7 million in 2008. This operating income consists to a large extent of operational subsidies from the Flemish Region (25.3 million euros in 2009 and 30.1 million in 2008). The subsidies are a contribution towards the costs that the Port Authority incurs in carrying out tasks that are actually incumbent upon the Flemish Region under the terms of the Port Decree. As in 2008, the other operating income in 2009 included the amounts passed on for withholding tax on income from real estate and water supplies, totalling 16.2 million euros (15.9 million in 2008).

Annual Accounts

Operating charges The following chart shows a comparison of the various sub-categories.

Purchases of services and miscellaneous goods are down by 4.5 million euros, mainly for the following reasons: ∙ lower expenditure on fuel for vessels and other floating equipment, due to the lower level of activity; ∙ lower costs for waste processing, mainly comprising soil clean-up costs; ∙ lower engineering study costs, because in 2008 there was a one-off cost for the Amoras project; ∙ lower advertising expenditure; ∙ lower temporary employment costs. The personnel costs amounted to 113.7 million euros, compared with 107.0 million euros in 2008. This means payroll costs rose by 6.2%. The main reasons for the increase are as follows: ∙ an increase of 2% in the number of personnel; ∙ the full impact of the index-linked wage rises in 2008 (2.6%); ∙ the further impact of the new division into wage classes (2.2%); ∙ an increase in the provision for holiday pay for employees with permanent status, because the level of employer’s social security contributions will be higher in 2010. Within the operating costs, the provisions have decreased on balance by 15.7 million euros. This difference is due mainly to the cancellation of the provision for major overhauls, amounting to 36 million euros, together with

Annual Financial Report 2009

the additional provision overall for environmental matters, amounting to 23 million euros. The main components of the other operating charges are the withholding tax on income from real estate and the tax on water supply points.

Financial result The financial result rose from 12.6 million to 15.0 million euros, due to the following factors: ∙ an increase in amortisation of investment grants, from 13.6 to 15.3 million euros. This increase is a consequence of the full amortisation of investment grants for certain assets in the Eilandje area whose net book value has been written off as extraordinary expenditure; ∙ a significant drop in debt costs, the positive effect of which was further enhanced by a partial write-back (1.5 million euros) of last year’s write-down on investments.

Extraordinary result The extraordinary result, namely a net cost of 38.4 million euros, is made up of the following components: ∙ On 3 February 2009 the Board of Directors approved an agreement with the City of Antwerp, the provisions of which include the following: - The “om niet” transfer to the City of Antwerp of the land and assets owned by the Port Authority in the Eilandje area, carried out per site, in principle on the expiry dates of the current concessions for each site. The resulting write-off amounts to 16.1 million euros; - In the course of the coming years the Port Authority will renovate the various quay walls of the docks in the Eilandje area, so as to bring them into good condition consistent with their present function. Provision of 13 million euros has been set aside for this; - Payment of 6 million euros to the City of Antwerp by the Port Authority; - In addition, there are possible financial implications as a result of these transfers, depending on the timing, for which a provision of 4.5 million euros has been set aside. The total impact therefore amounts to 39.6 million euros. ∙ Capital losses on the disposal of certain fixed assets, amounting to 1.1 million euros. This mainly concerns the sale of some old vehicles and the disused rails of a sea lock. ∙ Capital gains on the disposal of certain fixed assets, amounting to 2.4 million euros. This mainly concerns the sale of various buildings which under the terms of a concession agreement have been sold to the concession-holder.

Annual Accounts

Balance Sheet The Balance Sheet is summarised in the table below.

(in EUROs x 1,000)

31/12/2009

31/12/2008

Assets

I/III. Intangible/tangible assets

996,042

1,012,409

IV. Financial assets

1,214

589

V. Receivables > 1 year

7,682

3,333

VI. Stocks

2,471

2,474

33,101

51,307

VIII. Investments

133,386

112,158

IX. Liquid assets

38,702

7,342

VII. Receivables < 1 year

X. Deferred charges and accrued income Total

31/12/2009

31/12/2008

307,110

Liabilities

7,050

6,880

1,219,648

1,196,492

I. Capital III. Revaluation surplus IV. Reserves

12,458

13,686

364,566

311,741

VI. Investment grants

261,878

274,569

VII. Provisions

128,025

126,395

VIII. Amounts payable > 1 year

21,556

34,600

IX. Amounts payable < 1 year

94,162

93,722

X. Accrued charges and deferred income Total

29,893

34,669

1,219,648

1,196,492

Assets The amount of tangible and intangible assets has fallen by 16.4 million euros. This net amount is made up as follows:

Million euros

Investments

+ 45.4

Depreciation & amortisation

- 39.9

Retirals/write-downs

- 21.9

The investments are made up mainly of the following components: ∙ Docks and quay walls (20.7 million euros) ∙ Buildings (2.7 million euros) ∙ Tugs (10.6 million euros) The long-term trade accounts receivable are concession fees for which a schedule of payments over a longer period has been agreed. As last year, the other long-term accounts receivable are a partial contribution by the Port Authority for a pre-ground bank (land reserve). The trade accounts receivable have remained fairly stable, down by only 1.8 million euros. By contrast, the other accounts receivable have fallen sharply because a number of subsidies that still had to be repaid at the end of last year have now been settled, so that there are no arrears on the pre-payments received under the terms of the Port Decree. Thanks to the positive result overall and the positive cashflow for the financial year, the short-term investments have risen from 112.2 million to 133.4 million euros.

Annual Financial Report 2009

Liabilities The capital and reserves have risen because out of the total net result of 64.5 million euros, 51.7 million was appropriated to capital and reserves and 12.8 million was appropriated as profit to be paid out. The provisions have increased overall by only 1.3%. Underlying this, however, are large changes in the provision for major maintenance (-36 million euros) and in the provision for other contingencies and costs (+38 million euros). The latter increase is due to additional provisions for environment-related matters together with certain obligations on the part of the Port Authority under the terms of the Protocol signed with the City of Antwerp for transfer of the assets in the Eilandje area. The financial debts were repaid in 2009 according to the agreed due dates. There were also opportunities to pay off certain debts early at financially advantageous terms. The amounts payable within 1 year have remained stable, at 94.2 million euros at the end of 2009 compared with 93.7 million euros at the end of 2008. Like last year, the profit of 12.8 million euros to be paid out has been included under the heading â&#x20AC;&#x153;Other debts.â&#x20AC;?

Cashflow Statement The cashflow is summarised in the table below. As in the two previous years, the cashflow ultimately generated is positive.

2009

2008

2007

Short-term investments and liquid assets at start of year

119,500

95,733

78,395

Cashflow generated from operating activities

115,040

139,085

134,900

Cashflow devoted to investment activities

(36,499)

(65,930)

(52,341)

Cashflow devoted to financing activities

(25,952)

(49,388)

(65,221)

Short-term investments and liquid assets at year end

172,089

119,500

95,733

The cashflow from operating activities has decreased due to the lower level of activity in 2009. The cashflow devoted to investment activities is down; while the investment programme in 2009 included a number of large projects, these were not on the scale of previous years. The cashflow devoted to financing activities is similarly down because these were limited to the repayment of debts according to the due dates, and there was no additional accelerated amortisation.

Annual Accounts

Other required information Apart from the information mentioned in the annual accounts, there were no significant events after the closing date of the Balance Sheet. The points regarding R&D and the existence of branch offices are not applicable. No procedures were carried out under application of art. 523 of the Companies Act. No use is made of financial instruments of any significance in judging the assets, liabilities, financial position and result. As regards the risks and uncertainties facing the Port Authorities, these are mainly in the following areas: ∙ developments in legislation as a result of the Port Decree and its implementation; ∙ developments in legislation in the field of town and country planning and delimitation of the port area; ∙ developments in environmental legislation. The attraction of ports in general is determined by factors such as the accessibility of the port, the efficiency of activities within the port itself, and the quality of the hinterland connections. Antwerp, 30 March 2010 For the Board of Directors

Marc Van Peel Chairman of the Board of Directors

Annual Financial Report 2009

Eddy Bruyninckx CEO

Balance sheet (in euros) assets

codes

per i od

pre v i o u s period

fixed assets

20/28

997,255,463.03

1,012,997,668.16

Formation expenses (Note 1) 20 Intangible fixed assets (Note 2) 21 2,592,899.99 Tangible fixed assets (Note 3) 22/27 993,448,512.20 Land and buildings 22 845,349,264.59 Plant, machinery and equipment 23 64,063,035.58 Furniture and vehicles 24 23,090,192.37 Leasing and other similar rights 25 491,810.42 Other tangible fixed assets 26 59,905.62 Assets under construction and advance payments 27 60,394,303.62 Financial fixed assets (Note 4 & 5.1) 28 1,214,050.84 Affiliated enterprises (Note 4.1 & 14) 280/1 Participating interests 280 Amounts receivable 281 Other enterprises linked by participating interests (Note 4.2 & 14) 282/3 1,206,000.45 Participating interests 282 1,206,000.45 Amounts receivable 283 Other financial assets 284/8 8,050.39 Shares 284 8,050.39 Amounts receivable and cash guarantees 285/8

2,332,412.41 1,010,076,204.91 874,080,036.91 69,422,591.76 25,541,537.52 518,636.44 59,905.62 40,453,496.66 589,050.84

581,000.45 581,000.45 8,050.39 8,050.39

c u rrent assets

29/58

222,391,974.17

183,494,574.30

Amounts receivable after more than one year Trade debtors Other amounts receivable Stocks and contracts in progress Stocks Raw materials and consumables Work in progress Finished goods Goods purchased for resale Immovable property intended for sale Advance payments Contracts in progress Amounts receivable within one year Trade debtors Other amounts receivable Current investments (Note 6) Own shares Other investments and deposits Cash at bank and in hand Deferred charges and accrued income (Note 6)

29 7,681,537.41 290 3,898,204.08 291 3,783,333.33 3 2,471,328.21 30/36 2,471,328.21 30/31 2,471,328.21 32 33 34 35 36 37 40/41 33,100,685.90 40 20,253,127.06 41 12,847,558.84 50/53 133,386,328.13 50 51/53 133,386,328.13 54/58 38,702,367.49 490/1 7,049,727.03

3,333,333.33

total assets

20/58

Annual Financial Report 2009

1,219,647,437,20

3,333,333.33 2,473,542.61 2,473,542.61 2,473,542.61

51,306,884.15 22,433,245.95 28,873,638.20 112,158,205.44 112,158,205.44 7,342,206.58 6,880,402.19 1,196,492,242.46

E Q UITY AND LIA B ILITIES

codes

per i od

prev iou s period

EQUI T Y

10/15

946,011,685.16

907,105,610.21

Capital (Note 7) Issued capital Uncalled capital Share premium account Revaluation surpluses Reserves Legal reserve Reserves not available In respect of own shares held Other Untaxed reserves Available reserves Accumulated profits (losses) (+) (â&#x20AC;&#x201C;) Investment grants Advance to associates on the sharing out of the assets

10 307,109,691.74 100 307,109,691.74 101 11 12 12,458,398.50 13 364,565,468.51 130 30,710,969.17 131 20,522,555.90 1310 1311 20,522,555.90 132 133 313,331,943.44 14 15 261,878,126.41 19

307,109,691.74 307,109,691.74

provisions and deferred taxes

128,025,286.31

126,394,917.52

Provisions for liabilities and charges Pensions and similar obligations Taxation Major repairs and maintenance Other liabilities and charges (Note 8) Deferred taxes

160/5 128,025,286.31 160 161 162 163/5 128,025,286.31 168

126,394,917.52

amo u nts paya b le

17/49

145,610,465.73

162,991,714.73

Amounts payable after more than one year (Note 9) 17 21,555,832.20 Financial debts 170/4 21,555,832.20 Subordinated loans 170 Unsubordinated debentures 171 Leasing and other similar obligations 172 Credit institutions 173 21,555,832.20 Other loans 174 Trade debts 175 Suppliers 1750 Bills of exchange payable 1751 Advances received on contracts in progress 176 Other amounts payable 178/9 Amounts payable within one year 42/48 94,161,384.09 Current portion of amounts payable after more than one year falling due within one year (Note 9) 42 15,202,224.91 Financial debts 43 Credit institutions 430/8 Other loans 439 Trade debts 44 32,327,727.25 Suppliers 440/4 32,327,727.25 Bills of exchange payable 441 Advances received on contracts in progress 46 97,500.00 Taxes, remuneration and social security (Note 9) 45 25,090,142.38 Taxes 450/3 1,522,103.31 Remuneration and social security 454/9 23,568,039.07 Other amounts payable 47/48 21,443,789.55 Deferred charges and accrued income (Note 9) 492/3 29,893,249.44

34,600,441.58 34,600,441.58

total lia b ilities

Annual Accounts

10/49

1,219,647,437.20

13,686,643.45 311,740,516.25 30,710,969.17 19,412,277.03 19,412,277.03 261,617,270.05 274,568,758.77

36,056,421.60 90,338,495.92

76,497.81 34,523,943.77

93,722,430.17 15,309,284.22

34,828,083.51 34,828,083.51 272,500.00 27,796,057.93 3,992,660.94 23,803,396.99 15,516,504.51 34,668,842.98 1,196,492,242.46

income statement (in euros)

per i od

pre v i o u s period

Operating income 70/74 297,121,995.06 Turnover 70 246,961,658.81 Increase (decrease) in stocks of finished goods, work and contracts in progress (+)(–) 71 Own construction capitalised 72 1,532,356.84 Other operating income (Note 10) 74 48,627,979.41 Operating charges 60/64 209,217,620.95 Raw materials, consumables 60 2,980,662.91 Purchases 600/8 3,133,933.33 Decrease (increase) in stocks (+)(–) 609 -153,270.42 Services and other goods 61 49,107,656.33 Remuneration, social security costs and pensions (Note 10) (+)(–) 62 113,669,077.41 Depreciation and amounts written off formation expenses, intangible and tangible fixed assets 630 39,910,859.71 Amounts written off stocks, contracts in progress and trade debtors – Appropriations (write-backs) (+)(–) 631/4 251,423.36 Provisions for risks and charges – Appropriations (utilisation and write-backs) (Note 10) (+)(–) 635/7 -15,747,978.01 Other operating charges (Note 10) 640/8 19,045,919.24 Operation charges carried to assets as restructuring costs (–) 649 Operating profit (loss) (+)(–) 9901 87,904,374.11 Financial income 75 16,683,416.55 Income from financial fixed assets 750 640,057.19 Income from current assets 751 136,722.06 Other financial income (Note 11) 752/9 15,906,637.30 Financial charges 65 1,655,464.06 Debt charges 650 3,062,241.06 Amounts written down on current assets except stocks, contracts in progress and trade debtors (+)(–) 651 -1,454,209.99 Other financial charges 652/9 47,432.99 Gain (Loss) on ordinary activities before taxes (+)(–) 9902 102,932,326.60

322,967,689.93 269,267,578.29

codes

Annual Financial Report 2009

1,987,208.95 51,712,902.69 235,203,290.37 5,374,871.36 5,514,612.85 -139,741.49 51,235,758.50 107,010,576.13 39,902,723.32 -1,190,698.31 13,901,025.62 18,969,033.75

87,764,399.56 19,544,177.83 610,054.86 485,341.09 18,448,781.88 6,970,223.41 4,207,861.52 2,710,820.33 51,541.56 100,338,353.98

per i od

prev iou s period

Extraordinary income 76 2,575,837.15 Write-back of depreciation and amounts written off intangible and tangible fixed assets 760 Write-back of amounts written off financial fixed assets 761 Write-back of provisions for extraordinary liabilities and charges 762 Gain on disposal of fixed assets 763 2,414,137.15 Other extraordinary income 764/9 161,700.00 Extraordinary charges 66 40,975,207.65 Extraordinary depreciation of and extraordinary amounts written off formation expenses, intangible and tangible fixed assets 660 16,149,624.37 Amounts written off financial fixed assets 661 354,375.00 Provisions for extraordinary liabilities and charges – Appropriations (utilisation) (+)(–) 662 17,378,346.80 Loss on disposal of fixed assets 663 1,092,861.48 Other extraordinary charges 664/8 6,000,000.00 Extraordinary charges carried to assets as restructuring costs (–) 669 Profits (Loss) for the period before taxes (+)(–) 9903 64,532,956.10 Transfer from postponed taxes 780 Transfer to postponed taxes 680 Income taxes (Note 12) (+)(–) 67/77 18,282.71 Income taxes 670/3 18,282.71 Adjustment of income taxes and write-back of tax provisions 77 Profit (Loss) for the period (+)(–) 9904 64,514,673.39 Transfer from untaxed reserves 789 Transfer to untaxed reserves 689 Profit (Loss) for the period available for appropriation (+)(–) 9905 64,514,673.39

12,203,996.30

Annual Accounts

codes

11,830,293.59 373,702.71 539,630.41

146,013.02

393,617.39

112,002,719.87

66,594.89 66,594.89

111,936,124.98

appropriation account

per i od

pre v i o u s period

Profit (Loss) to be appropriated (+)(–) 9906 64,514,673.39 Gain (loss) to be appropriated (+)(–) (9905) 64,514,673.39 Profit (loss) to be carried forward (+)(–) 14P Transfers from capital and reserves 791/2 From capital and share premium account 791 From reserves 792 Transfers to capital and reserves 691/2 51,714,673.39 To capital and share premium account 691 To the legal reserve 6920 To other reserves 6921 51,714,673.39 Profit (Loss) to be carried forward (+)(–) (14) Owner’s contribution in respect of losses 794 Profit to be distributed 694/6 12,800,000.00 Dividends 694 Director’s or manager’s entitlements 695 Other beneficiaries 696 12,800,000.00

111,936,124.98 111,936,124.98

codes

Annual Financial Report 2009

99,136,124.98 6,695,061.77 92,441,063.21

12,800,000.00

notes 2. STATEMENT O F INTANGI B LE ASSETS 2.2 C o n c e s s i o n s, pat e n t s, l i c e n c e s, k n ow - h ow, b r a n d a n d s i m i l a r r i g h t s

per i od

prev iou s period

Acquisition value at the end of the period 8052P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8022 688,371.60 Sales and disposals 8032 Transfers from one heading to another (+)(â&#x20AC;&#x201C;) 8042 343,250.00 Acquisition value at the end of the period 8052 4,252,255.63 Depreciation and amounts written down at the end of the period 8122P xxxxxxxxxxxx Movements during the period Recorded 8072 771,134.02 Written back 8082 Acquisitions from third parties 8092 Cancelled owing to sales and disposals 8102 Transfers from one heading to another (+)(â&#x20AC;&#x201C;) 8112 Depreciation and amounts written down at the end of the period 8122 1,659,355.64

3,220,634.03

N et b oo k val u e at t h e end of t h e period

Annual Accounts

codes

211

2,592,899.99

888,221.62

3. STATEMENT O F TANGI B LE F I X ED ASSETS 3. 1 l a n d a n d b u i l d i n g s

per i od

pre v i o u s period

Acquisition value at the end of the period 8191P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8161 4,044,328.69 Sales and disposals 8171 6,149,254.05 Transfers from one heading to another (+)(–) 8181 15,540,487.56 Acquisition value at the end of the period 8191 1,244,301,134.93 Revaluation surpluses at the end of the period 8251P xxxxxxxxxxxx Movements during the period Recorded 8211 Acquisitions from third parties 8221 Cancelled 8231 179,109.84 Transfers from one heading to another (+)(–) 8241 Revaluation surpluses at the end of the period 8251 23,741,899.40 Depreciation and amounts written down at the end of the period 8321P xxxxxxxxxxxx Movements during the period Recorded 8271 43,418,388.13 Written back 8281 Acquisitions from third parties 8291 Cancelled owing to sales and disposals 8301 1,431,163.45 Transfers from one heading to another (+)(–) 8311 Depreciation and amounts written down at the end of the period 8321 422,693,769.74

1,230,865,572.73

N et b oo k val u e at t h e end of t h e period

codes

(22)

Annual Financial Report 2009

845,349,264.59

23,921,009.24

380,706,545.06

3. 2

p l a n t, m ac h i n e ry a n d e q u i p m e n t

per i od

prev iou s period

Acquisition value at the end of the period 8192P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8162 3,781,581.07 Sales and disposals 8172 4,566,971.15 Transfers from one heading to another (+)(–) 8182 9,076.43 Acquisition value at the end of the period 8192 210,600,799.20 Revaluation surpluses at the end of the period 8252P xxxxxxxxxxxx Movements during the period Recorded 8212 Acquisitions from third parties 8222 Cancelled 8232 369,622.10 Transfers from one heading to another (+)(–) 8242 Revaluation surpluses at the end of the period 8252 4,846,049.53 Depreciation and amounts written down at the end of the period 8322P xxxxxxxxxxxx Movements during the period Recorded 8272 8,403,227.63 Written back 8282 Acquisitions from third parties 8292 Cancelled owing to sales and disposals 8302 4,189,607.20 Transfers from one heading to another (+)(–) 8312 Depreciation and amounts written down at the end of the period 8322 151,383,813.15

211,377,112.85

N et b oo k val u e at t h e end of t h e period

Annual Accounts

codes

(23)

64,063,035.58

5,215,671.63

147,170,192.72

3. 3 f u r n it u r e a n d v e h i c l e s

per i od

pre v i o u s period

Acquisition value at the end of the period 8193P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8163 1,086,166.39 Sales and disposals 8173 1,830,056.94 Transfers from one heading to another (+)(–) 8183 Acquisition value at the end of the period 8193 71,936,871.87 Revaluation surpluses at the end of the period 8253P xxxxxxxxxxxx Movements during the period Recorded 8213 Acquisitions from third parties 8223 Cancelled 8233 98,813.06 Transfers from one heading to another (+)(–) 8243 Revaluation surpluses at the end of the period 8253 3,056,547.75 Depreciation and amounts written down at the end of the period 8323P xxxxxxxxxxxx Movements during the period Recorded 8273 3,437,494.13 Written back 8283 Acquisitions from third parties 8293 Cancelled owing to sales and disposals 8303 1,828,852.59 Transfers from one heading to another (+)(–) 8313 Depreciation and amounts written down at the end of the period 8323 51,903,227.25

72,680,762.42

N et b oo k val u e at t h e end of t h e period

codes

(24)

Annual Financial Report 2009

23,090,192.37

3,155,360.81

50,294,585.71

3.4

l e a s i n g a n d ot h e r s i m i l a r r i g h t s

per i od

prev iou s period

Acquisition value at the end of the period 8194P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8164 Sales and disposals 8174 Transfers from one heading to another (+)(–) 8184 Acquisition value at the end of the period 8194 813,382.95 Revaluation surpluses at the end of the period 8254P xxxxxxxxxxxx Movements during the period Recorded 8214 Acquisitions from third parties 8224 Cancelled 8234 Transfers from one heading to another (+)(–) 8244 Revaluation surpluses at the end of the period 8254 80,817.81 Depreciation and amounts written down at the end of the period 8324P xxxxxxxxxxxx Movements during the period Recorded 8274 26,826.02 Written back 8284 Acquisitions from third parties 8294 Cancelled owing to sales and disposals 8304 Transfers from one heading to another (+)(–) 8314 Depreciation and amounts written down at the end of the period 8324 402,390.34

813,382.95

N et b oo k val u e at t h e end of t h e period

codes

(25)

491,810.42

W H E R EO F Land and buildings 250 491,810.42 Plant, machinery and equipment 251 Furniture and vehicles 252

Annual Accounts

80,817.81

375,564.32

3. 5

ot h e r ta n g i b l e f i x e d a s s e t s

per i od

pre v i o u s period

Acquisition value at the end of the period 8195P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8165 3,414.15 Sales and disposals 8175 Transfers from one heading to another (+)(–) 8185 Acquisition value at the end of the period 8195 63,319.77 Revaluation surpluses at the end of the period 8255P xxxxxxxxxxxx Movements during the period Recorded 8215 Acquisitions from third parties 8225 Cancelled 8235 Transfers from one heading to another (+)(–) 8245 Revaluation surpluses at the end of the period 8255 Depreciation and amounts written down at the end of the period 8325P xxxxxxxxxxxx Movements during the period Recorded 8275 3,414.15 Written back 8285 Acquisitions from third parties 8295 Cancelled owing to sales and disposals 8305 Transfers from one heading to another (+)(–) 8315 Depreciation and amounts written down at the end of the period 8325 3,414.15

59,905.62

N et b oo k val u e at t h e end of t h e period

codes

(26)

Annual Financial Report 2009

59,905.62

3.6

a s s e t s u n d e r c o n s t r u c t i o n a n d ADVAN C ED PAYMENTS

per i od

prev iou s period

Acquisition value at the end of the period 8196P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8166 35,833,620.95 Sales and disposals 8176 Transfers from one heading to another (+)(–) 8186 -15,892,813.99 Acquisition value at the end of the period 8196 60,394,303.62 Revaluation surpluses at the end of the period 8256P xxxxxxxxxxxx Movements during the period Recorded 8216 Acquisitions from third parties 8226 Cancelled 8236 Transfers from one heading to another (+)(–) 8246 Revaluation surpluses at the end of the period 8256 Depreciation and amounts written down at the end of the period 8326P xxxxxxxxxxxx Movements during the period Recorded 8276 Written back 8286 Acquisitions from third parties 8296 Cancelled owing to sales and disposals 8306 Transfers from one heading to another (+)(–) 8316 Depreciation and amounts written down at the end of the period 8326

40,453,496.66

N et b oo k val u e at t h e end of t h e period

Annual Accounts

codes

(27)

60,394,303.62

4. STATEMENT O F F INAN C IAL F I X ED ASSETS 4 . 1 a ff i l i at e d e n t e r pr i s e s – pa r t i c i pat i n g i n t e r e s t s a n d s h a r e s

codes

per i od

pre v i o u s period

Acquisition value at the end of the period 8391P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8361 Sales and disposals 8371 Transfers from one heading to another (+)(–) 8381 Acquisition value at the end of the period 8391 528,276.04 Revaluation surpluses at the end of the period 8451P xxxxxxxxxxxx Movements during the period Recorded 8411 Acquisitions from third parties 8421 Cancelled 8431 Transfers from one heading to another (+)(–) 8441 Amounts written down at the end of the period 8521P xxxxxxxxxxxx Movements during the period Recorded 8471 354,375.00 Written back 8481 Acquisitions from third parties 8491 Cancelled owing to sales and disposals 8501 Transfers from one heading to another (+)(–) 8511 Amounts written down at the end of the period 8521 528,276.04 Uncalled amounts at the end of the period 8551P xxxxxxxxxxxx Movements during the period (+)(–) 8541 -354,375.00 Uncalled amounts at the end of the period 8551

528,276.04

net b oo k val u e at t h e end of t h e period

(280)

A F F I L I AT E D E N T E R P R I S E S – amo u nts receiva b le

net b oo k val u e at t h e end of t h e period

281P

xxxxxxxxxxxx

Movements during the period Additions 8581 Repayments 8591 Amounts written down 8601 Amounts written back 8611 Exchange differences (+)(–) 8621 Other (+)(–) 8631

net b oo k val u e at t h e end of t h e period

acc u m u lated amo u nts written off on amo u nts

receiva b le at t h e end of t h e period

(281) 8651

Annual Financial Report 2009

173,901.04

354,375.00

4 . 2 OTHER ENTERPRISES LINKED BY PARTI C IPATING INTERESTS – pa r t i c i pat i n g i n t e r e s t s a n d s h a r e s

codes

per i od

prev iou s period

Acquisition value at the end of the period 8392P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8362 1,540,000.00 Sales and disposals 8372 Transfers from one heading to another (+)(–) 8382 Acquisition value at the end of the period 8392 3,878,812.45 Revaluation surpluses at the end of the period 8452P xxxxxxxxxxxx Movements during the period Recorded 8412 Acquisitions from third parties 8422 Cancelled 8432 Transfers from one heading to another (+)(–) 8442 Revaluation surpluses at the end of the period 8452 Amounts written down at the end of the period 8522P xxxxxxxxxxxx Movements during the period Recorded 8472 Written back 8482 Acquisitions from third parties 8492 Cancelled owing to sales and disposals 8502 Transfers from one heading to another (+)(–) 8512 Amounts written down at the end of the period 8522 Uncalled amounts at the end of the period 8552P xxxxxxxxxxxx Movements during the period (+)(–) 8542 915,000.00 Uncalled amounts at the end of the period 8552 2,672,812.00

2,338,812.45

(282)

1,757,812.00

N et b oo k val u e at t h e end of t h e period

O T H E R E N T E R P R I S E S L I N K E D B Y PA R T I C I PAT I N G

I N T E R E S T S – amo u nts receiva b le

net b oo k val u e at t h e end of t h e period

283P

1,206,000.45

xxxxxxxxxxxx

Movements during the period Additions 8582 Repayments 8592 Amounts written down 8602 Amounts written back 8612 Exchange differences (+)(–) 8622 Other (+)(–) 8632

net b oo k val u e at t h e end of t h e period

acc u m u lated amo u nts written off on amo u nts

receiva b le at t h e end of t h e period

Annual Accounts

(283) 8652

4.3

ot h e r e n t e r pr i s e s – pa r t i c i pat i n g i n t e r e s t s a n d s h a r e s

codes

per i od

pre v i o u s period

Acquisition value at the end of the period 8393P xxxxxxxxxxxx Movements during the period Acquisitions, including produced fixed assets 8363 Sales and disposals 8373 Transfers from one heading to another (+)(–) 8383 Acquisition value at the end of the period 8393 13,609.55 Revaluation surpluses at the end of the period 8453P xxxxxxxxxxxx Movements during the period Recorded 8413 Acquisitions from third parties 8423 Cancelled 8433 Transfers from one heading to another (+)(–) 8443 Amounts written down at the end of the period 8523P xxxxxxxxxxxx Movements during the period Recorded 8473 Written back 8483 Acquisitions from third parties 8493 Cancelled owing to sales and disposals 8503 Transfers from one heading to another (+)(–) 8513 Amounts written down at the end of the period 8523

13,609.55

Uncalled amounts at the end of the period

8553P

Movements during the period

8543

(+)(–)

xxxxxxxxxxxx

Uncalled amounts at the end of the period 8553 5,559.16

N et b oo k val u e at t h e end of t h e period

ot h er enterprises – acco u nts receiva b le

(284)

N et b oo k val u e at t h e end of t h e period

285/8P

8,050.39 xxxxxxxxxxxx

Movements during the period Additions 8583 Repayments 8593 Amounts written down 8603 Amounts written back 8613 Exchange differences (+)(–) 8623 Other (+)(–) 8633

N et b oo k val u e at t h e end of t h e period

AC C U M U L AT E D A M O U N T S W R I T T E N O F F O N A M O U N T S

R EC E I VA B L E AT T H E E N D O F T H E P E R I O D

(285/8) 8653

Annual Financial Report 2009

5,559.16

5. IN F ORMATION RELATING TO THE SHARE IN THE CAPITAL 5. 1 SHARE IN THE CAPITAL AND OTHER RIGHTS IN OTHER C OMPANIES List of both enterprises in which the enterprise holds a participating interest (recorded in the heading 28 of assets), and other enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets) in the amount of at least 10% of the capital issued.

shares held by

information from the most recent period for which annual accounts are available

Name, full address of the registered directly subsidiaries primary mone - capital and net office and, for the enterprise governed number % % financial tary reserves res ult by Belgian law, COMPANY NUMBER statement unit (+) or ( –)

(in monetary units)

Maatschappij voor het Haven-, Grond- 31/12/2008 EUR 131,578,780 10,316,570 en Industrialisatiebeleid van het Linkerscheldeoevergebied CVBA Sluisgebouw 9120 Beveren-Waas België 0223.944.690 1,875 37.50 0.00 Antwerp Port Consultancy NV 31/12/2008 EUR -18,786 -67,282 Entrepotkaai 1 2000 Antwerpen België 0466.583.658 9 90.00 0.00 Wandelaar Invest NV EUR 0 0 Oude Graanmarkt 63 1000 Brussel 1 België 0811.706.589 1,525 25.00 0.00 Trilogiport ESV EUR 0 0 Quai de Maastricht 14 4000 Liège 1 België 0898.081.131 33.00 0.00

Annual Accounts

6. OTHER INVESTMENTS AND DEPOSIT s, DE F ERRED C HARGES AND AC C RUED IN C OME (ASSETS) INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS

codes

per i od

pre v i o u s period

Shares 51 133,386,328.13 Book value increased with the uncalled amount 8681 133,386,328.13 Uncalled amount 8682 Fixed income securities 52 Fixed income securities issued by credit institutions 8684 Fixed term deposits with credit institutions 53 Falling due less or up to one month 8686 between one month and one year 8687 over one year 8688 Other investments not yet shown separately 8689

73,608,205.44 73,608,205.44

38,550,000.00

DE F ERRED C HARGES AND AC C RUED IN C OME

period

Allocation of the heading 490/1 of assets if the amount is significant Wages January 2010 Other revenue to be received Dividend MGIL Other

2,463,736.13 758,803.05 640,057.19 3,187,130.66

Annual Financial Report 2009

7. STATEMENT O F CAPITAL a n d STRU C TURE O F SHAREHOLDINGS STATEMENT O F CAPITAL

codes

per i od

Share capital Issued capital at the end of the period 100P xxxxxxxxxxxx Issued capital at the end of the period (100) 307,109,691.74

codes

amo u nts

prev iou s period

307,109,691.74

n u mber of sh ares

Changes during the period Structure of the capital Different categories of shares No shares issued considering legal structure Registered 8702 xxxxxxxxxxxx Bearer 8703 xxxxxxxxxxxx codes

u ncalled cap i tal

Uncalled capital Uncalled capital (101) Capital called, but not paid 8712 xxxxxxxxxxxx Shareholders having yet to pay up in full

cap ital called, bu t not pa id

xxxxxxxxxxxx

8. PROVISIONS F OR OTHER LIA B ILITIES AND C HARGES ALLO CATION O F THE HEADING 1 6 3/5 O F LIA B ILITIES I F THE AMOUNT IS C ONSIDERA B LE

Pending litigations and risks Environment Social plans for personnel Other

Annual Accounts

period

7,856,269.13 96,134,136.97 1,514,714.21 22,520,166.00

9. STATEMENT O F AMOUNTS PAYA B LE , AC C RUED C HARGES AND DE F ERRED IN C OME B REAKDOWN by c u r r e n t p o r t i o n s o f a m o u n t s i n it i a l ly paya b l e a f t e r m o r e t h a n o n e y e a r

codes

period

Amounts payable after more than one year, not more than one year Financial debts 8801 15,202,224.91 Subordinated loans 8811 Unsubordinated debentures 8821 Leasing and other similar obligations 8831 76,497.81 Credit institutions 8841 15,125,727.10 Other loans 8851 Trade debts 8861 Suppliers 8871 Bills of exchange payable 8881 Advance payments received on contracts in progress 8891 Other amounts payable 8901

total amo u nts paya b le after more t h an one year ,

not more t h an one year (42) Amounts payable after more than one year, between one and five years Financial debts 8802 Subordinated loans 8812 Unsubordinated debentures 8822 Leasing and other similar obligations 8832 Credit institutions 8842 Other loans 8852 Trade debts 8862 Suppliers 8872 Bills of exchange payable 8882 Advance payments received on contracts in progress 8892 Other amounts payable 8902

15,202,224.91

13,555,832.20

total amo u nts paya b le after more t h an one year , b etween one and five years 8912 Amounts payable after more than one year, over five years Financial debts 8803 Subordinated loans 8813 Unsubordinated debentures 8823 Leasing and other similar obligations 8833 Credit institutions 8843 Other loans 8853 Trade debts 8863 Suppliers 8873 Bills of exchange payable 8883 Advance payments received on contracts in progress 8893 Other amounts payable 8903

13,555,832.20

8,000,000.00

total amo u nts paya b le after more t h an one year , over five years

8913

Annual Financial Report 2009

8,000,000.00

A m o u n t s paya b l e f o r ta x e s, r e m u n e r at i o n a n d s o c i a l s e c u r it y

codes

Taxes (heading 450/3 of liabilities) Expired taxes payable 9072 Non expired taxes payable 9073 Estimated taxes payable 450 Remuneration and social security (heading 454/9 of liabilities) Amounts due to the National Office of Social Security 9076 Other amounts payable relating to remuneration and social security 9077

period

1,522,103.31

23,568,039.07

acc r u e d c h a r g e s

period

Allocation of the heading 492/3 of liabilities if the amount is considerable Deferred income long-term contract Invoicing concessions 1st quarter 2010 Other

2,576,026.89 26,310,781.74 1,006,440.81

Annual Accounts

10.

o p e r at i n g r e s u lt s o p e r at i n g i n c o m e

codes

per i od

Net turnover Broken down by categories of activity Allocation into geographical markets Other operating income Total amount of subsidies and compensatory amounts obtained from public authorities 740 25,464,867.32

30,351,837.88

o p e r at i n g c o s t s

codes

per i od

Employees recorded in the personnel register Total number at the closing date 9086 1,671 Average number of employees calculated in full-time equivalents 9087 1,659.4 Number of actual worked hours 9088 2,310,651 Personnel costs Remuneration and direct social benefits 620 80,235,482.44 Employers’ social security contributions 621 26,872,917.03 Employers’ premiums for extra statutory insurances 622 1,400,912.65 Other personnel costs 623 5,150,776.28 Old-age and widows’ pensions 624 8,989.01 Provisions for pensions Additions (utilisation and write-back) (+)(–) 635 Amounts written off Stocks and contracts in progress Recorded 9110 155,484.82 Written back 9111 Trade debtors Recorded 9112 95,938.54 Written back 9113 Provisions for risks and charges Additions 9115 28,002,189.57 Uses and write-back 9116 43,750,167.58 Other operating charges Taxes related to operations 640 11,395,955.74 Other charges 641/8 7,649,963.50 Hired temporary staff and persons placed at the enterprise’s disposal Total number at the closing date 9096 Average number calculated as full-time equivalents 9097 11.2 Number of actual worked hours 9098 15,633 Charges to the enterprise 617 628,127.00

pre v i o u s period

Annual Financial Report 2009

pre v i o u s period

1,661 1,631.0 2,283,554 75,606,196.79 25,252,705.89 1,111,656.53 5,040,016.92

44,730.89

1,145,967.42 20,016,776.81 6,115,751.19 10,599,297.02 8,369,736.73

5.9 8,196 278,120.07

11. f i n a n c i a l a n d E X TRAORDINARY r e s u lt s f i n a n c i a l r e s u lt s

codes

per i od

Other financial income Amount of subsidies granted by public authorities, credited to income for the period Capital subsidies 9125 15,306,158.34 Interest subsidies 9126 Allocation of other financial income Surplus to current assets 586,968.14 Interest swap Amounts written down on loan issue expenses and repayment premiums 6501 Interest recorded as assets 6503 Value adjustments to current assets Appropriations 6510 Write-backs 6511 1,454,209.99 Other financial charges Amount of the discount borne by the enterprise, as a result of negotiating amounts receivable 653 Provisions of a financial nature Appropriations 6560 Uses and write-backs 6561

prev iou s period

13,569,189.74

4,856,570.34 12,573.85

2,710,820.33

E X TRAORDINARY RESULTS Allocation of other extraordinary income Liquidation balance pension fund Allocation of other extraordinary charges Cost associated with protocol between City of Antwerp and Antwerp Port Authority dated 3/2/2009

Annual Accounts

period

161,700.00

6,000,000.00

12. IN C OME TA X ES AND OTHER TA X ES i n c o m e ta x e s

codes

period

Income taxes on the result of the current period 9134 Income taxes paid and withholding taxes due or paid 9135 Excess of income tax prepayments and withholding taxes recorded under assets 9136 Estimated additional taxes 9137 Income taxes on previous periods 9138 Taxes and withholding taxes due or paid 9139 Estimated additional taxes estimated or provided for 9140 Insofar as income taxes for the current period are materially affected by differences between the profit before taxes, as stated in the annual accounts, and the estimated taxable profit The Antwerp Port Authority is not subject to corporate taxation but to legal entity taxation

18,282.71 18,282.71

TOTAL AMOUNT O F VALUE ADDED TA X AND TA X ES B ORNE BY THIRD PARTIES

codes

per i od

Total amount of value added tax charged To the enterprise (deductible) 9145 28,265,335.35 By the enterprise 9146 47,624,244.65 Amounts retained on behalf of third parties for Payroll withholding taxes 9147 24,000,712.82 Withholding taxes on investment income 9148

Annual Financial Report 2009

pre v i o u s period

27,024,938.09 42,215,747.63

22,921,116.23

13. RIGHTS AND C OMMITMENTS NOT RE F LE C TED IN THE B ALAN C E SHEET GOODS AND VALUES , NOT DIS C LOSED IN THE B ALAN C E SHEET, HELD BY THIRD PARTIES IN THEIR OWN NAME B UT AT RISK TO AND F OR THE B ENE F IT O F THE ENTERPRISE

codes

Substantial commitments to acquire fixed assets Committed purchases fixed assets

period

41,611,255.00

IN F ORMATION C ON C ERNING IMPORTANT LITIGATION AND OTHER C OMMITMENTS NOT MENTIONED A B OVE have been formulated against the Port Authortract by the Cast shipping company in connection The firm Seaport Terminals NV instituted a claim ity of Antwerp in connection with this claim that with the Flanders Container Terminal. The Board of in 2003 against the Port Authority for damages would justify including a provision for this in the Directors considers on the basis of a legal analysis to the sum of 86,762,734 euros. This concerns accounts. of the available data that insufficient arguments damages for alleged complicity in breach of con

I F THERE IS A SUPPLEMENTARY RETIREMENT OR SURVIVOR s’ PENSION PLAN IN FAVOUR O F THE PERSONNEL OR THE E X E C UTIVES O F THE ENTERPRISE , A B RIE F DES C RIPTION O F SU C H PLAN AND O F THE MEASURES TAKEN BY t h e ENTERPRISE TO C OVER THE RESULTING C HARGES The Port Authority has taken out a non-statutory pension insurance policy in favour of contractual members of personnel, of the fixed contribution type. These contributions are paid monthly, and are taken into account under the heading “Employer’s premiums for non-statutory insurance policies.”

NATURE AND B USINESS PURPOSE O F THE O F F B ALAN C E SHEET OPERATIONS To the extent that the risks or benefits arising from such operations are of any significance, and also to the extent that their disclosure is necessary to assess the financial position of the company; if necessary the financial consequences for the company of such transactions must also be mentioned: No off balance sheet operations of significance for assessing the financial position of the Port Authority.

Annual Accounts

14. RELATIONSHIPS WITH A F F ILIATED ENTERPRISES a n d ENTERPRISES LINKED BY PARTI C IPATING INTERESTS A F F ILIATED ENTERPRISES

codes

per i od

Financial fixed assets (280/1) Investments (280) Amounts receivable subordinated 9271 Other amounts receivable 9281 Amounts receivable 9291 22,161.69 After one year 9301 Within one year 9311 22,161.69 Current investments 9321 Shares 9331 Amounts receivable 9341 Amounts payable 9351 After one year 9361 Within one year 9371 Personal and real guarantees Provided or irrevocably promised by the enterprise, as security for debts or commitments of affiliated enterprises 9381 Provided or irrevocably promised by affiliated enterprises as security for debts or commitments of the enterprise 9391 Other substantial financial commitments 9401 Financial results Income from financial fixed assets 9421 Income from current assets 9431 Other financial income 9441 Debts charges 9461 Other financial costs 9471 Disposal of fixed assets Realized gains 9481 Realized losses 9491

Annual Financial Report 2009

pre v i o u s period

71,652.67 71,652.67

ENTERPRISES LINKED BY PARTI C IPATING INTERESTS

per i od

prev iou s period

Financial fixed assets (282/3) 1,206,000.45 Investments (282) 1,206,000.45 Amounts receivable subordinated 9272 Other amounts receivable 9282 Amounts receivable 9292 After one year 9302 Within one year 9312 Amounts payable 9352 298,183.96 After one year 9362 Within one year 9372 298,183.96

581,000.45 581,000.45

15.

codes

131,132.91 131,132.91

F INAN C IAL RELATIONSHIPS WITH AUDITORS OR PEOPLE THEY ARE LINKED TO

codes

period

Auditorsâ&#x20AC;&#x2122; fees 9505 Fees for exceptional services or special missions executed in the company by the auditor Other attestation missions 95061 Tax consultancy 95062 Other missions external to the audit 95063 Fees for exceptional services or special missions carried out within the company by people they are linked to Other attestation missions 95081 Tax consulting 95082 Other missions external to the audit 95083

27,000.00

Disclosures pursuant to art. 133, para. 6 of the Companies Act.

Annual Accounts

12,400.00

7,428.75

Social report Numbers of joint industrial committees which are competent for the enterprise:

statement of the persons employed Employees recorded in the staff register f u ll-t i me part-t i me During the period and the previous period codes ( per i od) ( per i od)

total ( T) or total i n f u ll-t i me e qu i valents ( f TE ) ( per i od)

total ( T ) or total i n fu ll-time e qu i valents ( fT E) ( pre v i o us period)

Average number of employees 100 1,653.9 8.7 1,659.4 ( F T E ) Number of hours actually worked 101 2,302,812 7,839 2,310,651 ( T ) Personnel costs 102 113,274,703.44 385,384.96 113,660,088.40 ( T ) Advantages in addition to wages 103 xxxxxxxxxx xxxxxxxxxxx (T)

1,631.0 (FTE)

At the closing date of the period

2,283,554 (T) 107,010,576.13 (T) (T)

f u ll-t i me part-t i me

total i n fu ll-time codes equ ivalents

Number of employees recorded in the personnel register 105 1,662 9 By nature of the employment contract Contract for an indefinite period 110 1,644 9 Contract for a definite period 111 15 Contract for carrying out specifically assigned work 112 Replacement contract 113 3 According to gender and level of education Male 120 1,393 4 primary education 1200 secondary education 1201 1,393 4 higher education (non-university) 1202 university education 1203 Female 121 269 5 primary education 1210 secondary education 1211 269 5 higher education (non-university) 1212 university education 1213 By professional category Management staff 130 8 Employees 134 884 7 Workers 132 770 2 Other 133

Annual Financial Report 2009

1,668.3

1,650.3 15.0

3.0

1,395.3 1,395.3

273.0 273.0

8.0 889.0 771.3

HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISEâ&#x20AC;&#x2122;S DISPOSAL temporary During the period personnel codes

personnel placed at th e disposal of t he enterprise

Average number of employees 150 11.2 Number of hours actually worked 151 15,633 Charges of the enterprise 152 628,127.00

TABLE OF PERSONNEL CHANGES DURING THE PERIOD ENTRIES f u ll-t i me part-t i me total in fu ll-time codes equ ivalents

Number of employees recorded on the personnel register during the financial year 205 100 By nature of the employment contract Contract for an indefinite period 210 79 Contract for a definite period 211 16 Contract for the execution of a specifically assigned work 212 Replacement contract 213 5

100.0

79.0 16.0 5.0

DEPARTURES f u ll-t i me part-t i me total in fu ll-time codes equ ivalents

Number of employees with a date of termination listed in the staff register for the contract during the period 305 90 By nature of the employment contract Contract for an indefinite period 310 79 Contract for a definite period 311 9 Contract for carrying out specifically assigned work 312 Replacement contract 313 2 According to the reason for termination of the employment contract Retirement 340 50 Early retirement 341 Dismissal 342 9 Other reason 343 31 Of which: the number of persons who continue to render services to the enterprise at least half-time on a self-employed basis 350

Annual Accounts

90.0

79.0 9.0 2.0

50.0 9.0 31.0

INFORMATION WITH REGARD TO TRAINING RECEIVED BY EMPLOYEES DURING THE PERIOD

codes

male

codes

Total number of official advanced professional training projects received by employees at company expense Number of participating employees 5801 347 5811 Number of training hours 5802 5,541 5812 Costs for the company 5803 314,951.00 5813 of which gross costs directly linked to the training 58031 201,470.00 58131 of which paid contributions and deposits in collective funds 58032 113,481.00 58132 of which received subsidies (to be deducted) 58033 58133 Total number of less official and unofficial advance professional training projects received by employees at company expense Number of participating employees 5821 246 5831 Number of training hours 5822 1,773 5832 Costs for the company 5823 33,923.00 5833 Total number of initial professional training projects at company expense Number of participating employees 5841 5851 Number of training hours 5842 5852 Costs for the company 5843 5853

Annual Financial Report 2009

female

111 1,809 102,468.00 65,254.00 37,214.00

53 396 7,098.00

Accounting principles Under the terms of art. 34 of its Articles of Association, Antwerp Port Authority is subject to the Act governing the accounting and annual accounts of companies. As such, Antwerp Port Authority is subject to the sections of the Companies Act that deal with the accounting and annual accounts of companies. Drawing up the annual accounts falls under the responsibility of the Board of Directors. Describing the accounting principles as accurately as possible forms an integral part of this.

general Accounting principles The annual accounts of Antwerp Port Authority are drawn up in accordance with the legislation governing annual accounts. Article 28 (Royal Decree of 30/01/2001) states as follows: “Each company sets the principles which, in compliance with the provisions of this section, yet taking into account its own characteristics, apply to the valuation of the inventory mentioned in art. 9, § 1 of the Act of 17 July 1975 concerning the accounting of companies, and in particular to the formation and application of depreciation, reductions in value and provisions for contingencies and costs, as well as for revaluations. These principles are laid down by the governing body of the company. They are summarised in the notes to the accounts.” In those matters where it is necessary to supplement the law and in cases where a choice is left to the company, the Board of Directors has laid down the following accounting principles.

Specific accounting principles Tangible fixed assets General principle By tangible fixed assets is meant long-lasting, tangible operating resources with a lifetime of more than one financial year and with an initial purchase value greater than or equal to 1,250.00 euros posted to the assets. The valuation is made at the acquisition or production cost, as laid down in arts. 36 and 37 of the Royal Decree.

Revaluations The non-subsidised part of the tangible fixed assets that can be depreciated was revalued up to and including 31/12/2002, in accordance with the circular letter sent to regional and local authorities. The revaluation surplus is posted to the “Revaluation surpluses” account of the liabilities, individualised (in accordance with the circular of 19 of July 1986) and transferred to a nonavailable reserve pro rata the depreciation rate of the underlying asset.

Annual Accounts

Depreciation Depreciation is calculated by the straight line method and applied pro rata for the year, on the basis of the revalued acquisition value of the investments, according to the following depreciation percentages:

Software Land and premises Land Service buildings and warehouses Warehouses Waterways Rights of use on major capital works Hydraulic engineering works Shelters, sheds, hangars etc. Roads Plant, machinery and equipment Hoisting apparatus Mobile cranes Vessels incl. Dredging rigs, Sounding vessels, Mooring pontoons, Inspection vessels Electrical installations incl. Public lighting, Cable network, Crane cable net, Traffic signalling Underwater cells Machines and general equipment incl. Tools and appliances Lifebuoy installations Tackle and chains Compressor units Excavator combines Heating and cooling installations Lifts Alarm installations Telecommunications incl. Telephone installations, Radio communication Cameras and tannoys at locks Port radar Technical hardware among others Apics including cable network Geographic information system (GIS) Data processing unit for hydrographic measuring Furnishings and rolling stock Furnishings Office machinery Hardware administration Rolling stock incl. Tug boats Drainage pumps Private cars Trucks

Annual Financial Report 2009

33.33%

0% 3% 5% 3% 3% 3% 5% 5%

5% 6.67% 5% 5%

16.67% 10%

10% 10% 10% 20%

20% 20%

10% 20% 20% 5% 20% 20% 20%

Forklifts Salting vehicles

20% 20%

Leasing The charges for use of tangible fixed assets held by the company under leasing or similar agreements are posted to this heading after deduction of the cumulated depreciations or reductions in value, as regards the part of the periods payable under the agreement for reconstitution of the capital value. The rate of depreciation is according to the percentages mentioned under ‘Depreciation’.

Other depreciations and reductions in value In the case of tangible fixed assets with a limited lifetime, an additional depreciation is applied if their book value is higher than their useful value as a result of technical obsolescence or changes in the economic or technical circumstances. In case of a lasting reduction in the value of tangible fixed assets, an extraordinary reduction in value is posted.

Contributions by third parties Contributions by third parties towards investments posted to assets (other than investment grants) are deducted from the acquisition value of the investment concerned and depreciated by the same depreciation method as the asset item concerned.

Land and sites Land and sites contributed on 1 January 1997 were revalued in their entirety on the basis of an estimate made in 1986; these have been further supplemented by purchases made between 1988 and the end of 1996. The individual values of the land and sites are obtained by calculating the fraction represented by the area of the land or site and applying it to this total value. Land and sites purchased or acquired after 1 January 1997 are booked at their acquisition value.

Usufruct The usufruct of among others the Europaterminal is valued on the basis of the contribution made by the municipally-owned company (the predecessor of the Port Authority) to the financing of the assets on which the usufruct is granted. The usufruct is depreciated on the basis of the economic lifetime of the underlying asset. The rate of depreciation is according to the percentages mentioned under ‘Depreciation’ above.

Assets under construction Large projects and those extending over a longer period are first posted to the assets under “Tangible fixed assets under construction.” The amount posted to the assets is the acquisition price (as invoiced by third-party suppliers). Interim interest is posted directly to the result. Assets under construction are transferred to their respective headings under tangible fixed assets on the date on which they are ready for use, as evidenced by the provisional handover or other available information. No depreciation is applied to assets under construction (except in exceptional cases, if there is a lasting reduction in value); these assets are not revalued, neither are the investment grants relating to them included in the result.

Annual Accounts

Projects by the Electrical Facilities Department In the case of assets with similar characteristics (lamp standards, cable networks, low-voltage cabinets etc.) a system of standard values is used. The value of these assets is reviewed annually by comparing them with market prices. The value comprises the average purchase price plus the direct labour costs. Larger projects such as construction of high voltage substations are valued on an individual basis, according to the rule laid down for “Tangible fixed assets under construction.”

Financial fixed assets Shares and profit-sharing certificates held by the company are posted to the assets at their acquisition value. The amounts receivable under this heading are included at their face value. The financial fixed assets are reviewed annually, and a write-down is applied if there is a lasting reduction in value or devaluation of all or part of them, or if there is uncertainty regarding their repayment.

Stocks Articles in stock are valued at the average weighted price. A reduction in value is applied to obsolete items or those with a slow rate of rotation. Under this system a write-down by a fixed percentage is applied on the basis of the latest movement. The following percentages are applied:

Number of years without movement

1 2 3 4

Percentage write-down

year years years years and older

25% 50% 75% 100%

By virtue of the strict application of reductions in value, this valuation approximates the methods permitted by Belgian accounting legislation.

Amounts receivable within one year and after one year Amounts receivable are entered at their face value. Claims with a contractual period of more than one year are entered under “Amounts receivable after one year.” The portion falling due within the year is transferred to “Amounts receivable within one year”. A write-down is applied to doubtful claims and those in arrears, except those for which there are sufficient real sureties. A write-down on claims in arrears is automatically applied, as follows:

Arrears > 6 months Arrears > 12 months Arrears > 18 months

Annual Financial Report 2009

20% 80% 100%

If it appears that the claim is uncollectable or dubious and the corresponding write-down would be greater than the amounts mentioned above, for example in case of bankruptcy, then an additional write-down is applied so as to take account of the expected possibilities of recovery and future costs, on a prudent basis.

Cash in hand and at bank Short-term investments and liquid assets are entered at face value. Any write-downs are determined on an individual basis. Capital gains on investment instruments are not posted to the result until the instruments have been cashed.

Initial value In accordance with art. 54 of the Articles of Association, an initial balance sheet was drawn up when the Antwerp Port Authority was formed. This initial balance sheet included the assets and liabilities of the most recent balance sheet of the municipally-owned company that was the predecessor of the Antwerp Port Authority, on the understanding that corrections were carried out on the basis of figures for the financial year that became known later and/or as a result of amendments governing legal succession and the provisions of agreements on this subject with the City of Antwerp. The initial value was the difference between these assets and liabilities (corrected as necessary), taking into account the rights and obligations of the Antwerp Port Authority. This amount is set at 307 million euros. The initial value is derived from the net asset situation of the municipallyowned company on 31 December 1996, after attribution of the investment grants and revaluation surpluses. It can be represented as follows: Asset value on 31 December 1996: 502 million euros Apportioned to: Revaluation surpluses Investment grants Net assets

15 million euros 180 million euros 307 million euros

For a detailed discussion of the initial value and the contribution amount, readers are referred to the report on valuation of the contribution on the occasion of the setting up of Antwerp Port Authority.

Revaluation surpluses In accordance with the circular sent to regional and local authorities, the non-subsidised depreciable tangible fixed assets were revalued up to and including 31/12/2002. The revaluation surpluses are placed in a separate liabilities account and held for as long as the assets to which they relate are not realised. However, surpluses can be:

Annual Accounts

∙ transferred to a reserve, up to the amount of the amortisation booked on the surplus; ∙ capitalised; ∙ in the case of a later reduction in value, written down by the amount of the part of the surplus not yet amortised.

Reserves Statutory reserve The statutory reserve is formed by annually appropriating 10% of the profit for the financial year until it amounts to 10% of the share capital. This obligation arises from art. 38 of the Articles of Association of Antwerp Port Authority.

Non-available reserve The revaluation surplus, which in accordance with the regulations on this subject is calculated annually, can be transferred annually to this account, up to the amount of the amortisations.

Investment grants Investment grants relating to depreciable fixed assets are included in the Balance Sheet after the contractual obligations arising from the firm promise by the higher authority have been met. They are shown as financial income in the Income Statement, at the same rate as the depreciation of the assets for which they were granted. Subsidies that were not granted for an investment in fixed assets are included in the Income Statement, spread over the duration of the activities to which they relate. During the financial year investment grants amounting to 3.1 million euros were received.

Provision for contingencies and costs Pending litigation On the basis of the list drawn up using information from the Port Authority’s lawyers and the legal department, provisions have been set aside to meet the potential obligations arising from pending litigation.

Environmental risks If large environmental risks for the Port Authority are identified, then a provision is set aside in proportion to a reasoned estimate of the potential damage or clean-up costs. OVAM is currently investigating the soil situation at Fort Filip. No provision has been set aside for this, as the liabilities have not yet been determined, nor are financial assessments of the risks available.

Accounts payable Amounts payable are entered at their face value. Claims with a contractual period of more than one year are entered under “Amounts payable after

Annual Financial Report 2009

one year.” The portion falling due within the year is transferred to “Amounts payable within one year.”

Accruals/Deferrals Deferred charges and accrued income (assets) and accrued charges and deferred income (liabilities) are used to correctly allocate costs and income to the financial year to which they relate.

Obligations, rights of recourse and suspense accounts Obligations, rights of recourse and suspense accounts are taken into account up to the amount arising as a result of guarantees given by the Antwerp Port Authority on behalf of third parties, or those given by third parties on behalf of the Antwerp Port Authority. In each case they mention the amount of the non-financed obligations resting upon the Antwerp Port Authority in respect of pensions for past service on the part of current or retired employees.

Port Decree The subsidies granted to the Antwerp Port Authority by the Flemish Region under the terms of the Port Decree are posted to the result as soon as there is sufficient certainty that they will actually be received, as judged from executive decrees and/or specific agreements.

Financial instruments Financial instruments are used only if there is a specific economic reason, and then only for hedging purposes. No speculative transactions are entered into. The financial effects of the financial instruments are connected to the underlying object to which they relate.

Changes to the Accounting Principles As compared to 2008 the following changes have been made to the accounting principles. All changes are designed to make the annual accounts more transparent and relevant from a business economical point of view. Where there is a financial impact on the result, this is mentioned below: ∙ Change from depreciation over a full year to pro rata depreciation in the first year in which the asset enters into use, for assets which entered into use on 01/01/2009 or later. The estimated financial impact is a reduction of 0.2 million euros in the depreciation charge. ∙ Change from valuation of stock items at the latest purchase price to valuation at the weighted average price. The financial impact is less than 10,000 euros. ∙ Provision for major repair or maintenance work or overhauls is no longer made. This has a one-off positive impact on the result of 36.1 million euros. ∙ If a third party contributes financially to an investment, this contribution is deducted from the acquisition cost and depreciated at the same rate as the

Annual Accounts

asset concerned. There is no impact on the result. â&#x2C6;&#x2122; Additional acquisition costs are no longer posted directly to the result, but instead are posted to the assets and depreciated in the same way as the principle asset concerned. There is no impact on the result.

Annual Financial Report 2009

Statutory auditor’s report for the year ended 31 December 2009 to the city council of Antwerp Your Worships, As required by law and the company’s Articles of Association, we are pleased to report to you on the audit assignment which you have entrusted to us. This report includes our opinion on the financial statements together with the required additional comments and information. Unqualified audit opinion on the financial statements. We have audited the financial statements of Antwerp Port Authorithy for the year ended 31 December 2009, prepared in accordance with the accounting principles applicable in Belgium, which show total assets of 1,219,647 (000) EUR and a profit for the year of 64,515 (000) EUR. The Board of Directors of the company is responsible for the preparation of the financial statements. This responsibility includes among other things : designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with legal requirements and auditing standards applicable in Belgium, as issued by the ‘Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren”. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. We have assessed the basis of the accounting policies used, the reasonableness of accounting estimates made by the company and the presentation of the financial statements, taken as a whole. Finally, the Board of Directors and responsible officers of the company have replied to all our requests for explanations and information. We believe that the audit evidence we have obtained provides a reasonable basis for out opinion. In our opinion, the financial statements as of 31 December 2009 give a true and fair view of the company’s assets, liabilities, financial position and results in accordance with the accounting principles applicable in Belgium.

Annual Accounts

Additional explanations and information The preparation and the assessment of the information that should be included in the directors’ report and the company’s compliance with the requirements of the Companies Code and its Articles of Association are the responsibility of the Board of Directors, as does compliance by the Port Authority with the Articles of Association, the relevant articles of the new municipal law and the Flemish Community decree of 2 March 1999 concerning seaport management and policy. Our responsibility is to include in our report the following additional comments and information which do not change the scope of our audit opinion on the financial statements: ∙ The directors’ report includes the information required by law and is in agreement with the financial statements. However, we are unable to express an opinion on the description of the principal risks and uncertainties confronting the company, or on the status, future evolution, or significant influence of certain factors on its future development. We can, nevertheless, confirm that the information given is not in obvious contradiction with any information obtained in the context of our appointment. ∙ We draw attention to the item “Important pending litigation and other important obligations” in the notes to the accounts “5.13 Rights and obligations not included in the balance sheet,” in which the Board of Directors states that an important claim is outstanding against the Port Authority. This represents large uncertainties, as the courts concerned have not yet come to any decisions. Depending on the outcome of this case, it could have a large impact on the results and assets of the company. ∙ Without prejudice to certain formal aspects of minor importance, the accounting records are maintained and the financial statements have been prepared in accordance with the applicable Belgian legal and regulatory requirements. ∙ We do not have to report any transactions carried out or decisions made in violation of the Articles of Association or the Companies Act, to which port authorities are subject under the terms of art. 5 §2 of the Flemish Community decree of 2 March 1999. The proposed appropriation of the results is in accordance with the law and the Articles of Association.

Antwerp, 31 March 2010 The Auditor DELOITTE Bedrijfsrevisoren BV o.v.v.e. CVBA Represented by Luc Van Coppenolle

Annual Financial Report 2009

REPORT OF THE INDEPENDENT AUDITORS FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2009 SUBMITTED TO THE CITY COUNCIL OF ANTWERP Your Worships, As required by law and the company’s Articles of Association, we are pleased to report to you on the audit assignment which you have entrusted to us. This report includes our opinion on the financial statements together with the required additional comments and information. Unqualified audit opinion on the financial statements We have audited the annual accounts of Antwerp Port Authority for the year ended 31 December 2009, prepared in accordance with Belgian GAAP (generally accepted accounting principles), with the balance sheet showing a total of 1,219,647 (000) EUR and the income statement showing a profit for the year of 64,515 (000) EUR. The Board of Directors of the company is responsible for the preparation of the financial statements. This responsibility includes among other things: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these financial statements, based on our audit. We have performed procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. We have assessed the basis of the accounting policies used, the reasonableness of accounting estimates made by the company and the presentation of the financial statements, taken as a whole. Finally, the Board of Directors and responsible officers of the company have replied to all our requests for explanations and information. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion. In our opinion, the financial statements as of 31 December 2009 give a true and fair view of the company’s assets, liabilities, financial position and results in accordance with the accounting principles applicable in Belgium. Additional explanations and information The preparation and the assessment of the information that should be included in the directors’ report and the company’s compliance with the requirements of the Companies Code and its Articles of Association are the responsibility of the Board of Directors, as does compliance by the Port Authority with the Articles of Association, the relevant articles of the new municipal law and the Flemish Community decree of 2 March 1999 concerning seaport management and policy.

Annual Accounts

Our responsibility is to include in our report the following additional comments and information which do not change the scope of our audit opinion on the financial statements: ∙ The directors’ report includes the information required by law and is in agreement with the financial statements. However, we are unable to express an opinion on the description of the principal risks and uncertainties confronting the company, or on the status, future evolution, or significant influence of certain factors on its future development. We can, nevertheless, confirm that the information given is not in obvious contradiction with any information obtained in the context of our appointment. ∙ We draw attention to the item “Important pending litigation and other important obligations” in the notes to the accounts “5.13 Rights and obligations not included in the balance sheet,” in which the Board of Directors states that an important claim is outstanding against the Port Authority. This represents large uncertainties, as the courts concerned have not yet come to any decisions. Depending on the outcome of this case, it could have a large impact on the results and assets of the company. ∙ Without prejudice to certain formal aspects of minor importance, the accounting records are maintained and the financial statements have been prepared in accordance with the applicable Belgian legal and regulatory requirements. ∙ We do not have to report any transactions carried out or decisions made in violation of the Articles of Association or the Companies Act, to which port authorities are subject under the terms of art. 5 §2 of the Flemish Community decree of 2 March 1999. The proposed appropriation of the results is in accordance with the law and the Articles of Association.

Antwerp, 31 March 2010 For the Independent Auditors

Ann Coolsaet Antwerp City Councillor

Annual Financial Report 2009

Guy Lauwers Antwerp City Councillor

COLOPHON

The Annual Report is available in Dutch and English. You can read it online or order a printed version from Antwerp Port Authority, Communication Department.

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