Antwerp Raport 2013

Annual Report 2013

Port Authority

2Port of Antwerp Year Report 2013 2

Guide for the reader and contents

This Annual Report is divided into four parts. In Part 1 we present our Business Plan. In 2013 the Port Authority put a great deal of time and effort into drawing up its Busi-ness Plan for the period 2014 2018. This plan outlines the strategic options for the next five years together with the role to be played by Antwerp Port Authority. The port stake-holders were closely involved in the process, with the result that the Business Plan that has now been presented is based on a shared vision within the port community.

In Part 2 we present a review of the main events in 2013, not in the form of an exhaus-tive list but in the form of a continuous narrative of the most important developments, together with an explanation of how the Port Authority accomplished its mission in 2013 with and on behalf of the port of Antwerp and the port community.

We conclude in Part 3 and 4 with a number of tables that situate the Port of Antwerp in the Hamburg - Le Havre range and the rest of the world and with a financial summary.

1Antwerp Port Authority 5Business Plan 2014 2018New challenges 6

2Review of 2013 7Within the port 8Supply Chain 8IT and APCS 9Security 9Port assets and facilities 10Commercial policy 11Environmental policy 12The European hinterland from Antwerp 13Intermodal Solutions 13Rail 13Barge 14Pipelines 14Road 15Trade Facilitation 15People and Society 16Raising awareness to reduce commuter traffic accidents 16Reorientation and reorganisation 16Social support 17Flanders Port Area 18


3Freight figures 19

4Comments on the annual accounts 23Income statement 24Operating income 25Concessions

Shipping dues and barge dues

Tugging dues

Dock-mounted and floating cranesOther operating income

Operating charges 27Financial result 28Extraordinary result 28Balance sheet 29Assets 29Liabilities 30Cashflow Statement 31Other required information 31


Foreword by the chairman and the CEO

2013 was an excellent year for the Port of Antwerp. The freight volume rose by 3.7% to 190.9 million tonnes. The container volume contracted slightly, while liquid bulk produced excellent figures. This development shows that the substantial strategic invest-ments made by private companies in the past few years are more than paying off, as part of an internal port reconversion policy. These efforts and investments are helping to boost the industrial, maritime and logistics activities of the Port of Antwerp.

Last year saw a sharp increase in the number of calls by ULCC vessels (Ultra-Large Con-tainer Carriers) of TEU 10,000 or more, in particular units of 13,000 TEU and over. With the problem-free call by the Mary Maersk (18,000 TEU) the Port of Antwerp once more confirmed that it can be reached quickly and easily by the largest container ships in the world. The importance of the deepening of the Scheldt and ease of access to the port can-not be emphasised strongly enough.

When we look back at 2013 a number of trends emerge: continuing rationalisation and increases in scale, freight rates coming under pressure, recovery in some sectors but an insufficiently stable trading climate overall, developments in the energy markets ... all fac-tors that will pose a number of challenges in 2014.

The continuing rationalisation and increases in scale in the container trade are not with-out consequences for port companies and the port community as a whole. They demand greater flexibility and modified procedures, and perhaps also changes to the ports long-term prospects. For example, major infrastructure projects which can have lead times of as much as 10 years. In the meantime the restrictive framework of procedures and permits does not always keep up with the rapid developments in the world economy. In addition to campaigning for streamlined procedures, the port community therefore faces the chal-lenge of thinking out of the box and reacting more quickly to global developments.

In the meantime, confidence in the economy has not yet been fully restored, and the expectations for 2014 are not unambiguous. The recovery is still fragile, and we can prob-ably expect only moderate economic growth in the next few years.

A third, equally serious challenge is posed by high energy costs, certainly as far as Europe is concerned. Energy-intensive industries such as the chemical sector are losing ground to their Chinese and above all American competitors. Easily available, affordable energy, security of supply, innovation, energy saving and efficiency on the energy market are therefore the main challenges facing the industrial complexes, especially those that form part of the port complex.

Marc Van Peel Eddy Bruyninckx Chairman, Port alderman CEO

Antwerp Port Authority Business Plan 2014 2018

1

Port Authority

6Port of Antwerp Year Report 2013

I n 2014 the Port of Antwerp is well established as a leading player, both nationally and inter-nationally. It is the mainport for Flanders and Belgium, the second gateway to Europe, the largest European chemical hub and the most important port logistics hub in the Hamburg Le Havre range. The freight figures for 2013 are convincing. To consolidate this leading economic platform, we must seize chances and opportunities with vision and determination, and deal in like manner with threats and challenges.

To achieve this, in 2013 Antwerp Port Authority drew up its 2014-2018 Business Plan, building further on foundations laid by the Total Plan for a Competitive Port and the provisions of the Regional Land Use Plan for development of the Antwerp port area.

As part of this business plan the Port Authority has reconfirmed its mission, namely:To assure the largest possible, sustainable added value of the port area entrusted to us. To this end Antwerp Port Authority pursues active roles both inside and outside the port area.The core concept remains to assure added value, both economic and social. This demands collabo-ration between all stakeholders in the economic platform. The Port Authority therefore consulted these players and shared information with them at stakeholders meetings, resulting in a clear vision for the Port of Antwerp platform and the role to be played in it by Antwerp Port Authority:

The trinity of maritime transhipment, industry and logistics must develop further into a highly ef-ficient platform on which the most sustainable and efficient European supply chains converge;

This platform must be world-class in terms of its scale and in terms of the range offered;

The Port Authoritys role will continue to shift from being a passive landlord to an active facilitator and stimulator. This role shift began several years ago and will intensify in future. This means that Antwerp Port Authority will build bridges with its customers and all other stakeholders.

New challenges

This in-depth exercise ultimately let to a number of strategic priorities being defined for the Port Au-thority over the five coming years. These priorities can be divided into two groups:

Antwerp Port Authority will pursue targeted com-mercial and operational initiatives enabling port companies to be successful in the market and so to generate added value.There are four area of effort here: Optimising the supply chain operation, both on the seaward and on the landward side, by means of IT and trade facilitation among other things; Creating synergies within the platform; Making efficient use of space and pursuing a flex-ible concession policy; Becoming top-of-mind around the world.

In parallel the Port Authority will pursue initiatives to make the platform as a whole stronger, involving the wide field of stakeholders to generate support, both today and in the future. For this purpose the Port Authority will stimulate the creation of social value by: Implementing the action plan based on the Re-gional Land Use Plan; Making the platform more sustainable and creat-ing support for port activities; Tackling social issues such as mobility, dock labour, talent and energy.

The new Port House under construction: building for the future.

2Review of 2013

Port Authority


D evelopments in the port world are a reflection of economic, financial and social developments, both national and international. Ports are the first places where negative effects are felt, but when the economy starts to recover they are the first to feel the effects in the form of rising freight volumes. Reacting quickly to world developments, thinking ahead and developing a long-term vision are essential for any port authority.

The most significant development in the shipping world in 2013 was the introduction of the P3 network, with the three largest container shipping companies Maersk Line, MSC and CMA CGM form-ing a long-term alliance on the eastern and west-ern trading routes. As part of this centralisation operation Antwerp was chosen as an important port of call on a number of routes. On the trans-Atlantic route Antwerp maintains its status quo. On the Far East trade route the port gains a fourth call, out of the eight that remain. For one of the services Antwerp is the first port of call.

These strategic choices underline the nautical accessibility of Antwerp and the advantages offered by the port. The accessibility and other advantages were demonstrated yet again in 2013 with 198 calls by units of 10,000 TEU and up, including the Mary Maersk.

MSC, the N 2 in the world, an important player in the P3 network and the largest container customer for the port of Antwerp, decided at the end of last year to further expand its activities in Antwerp. Because this Swiss-based shipping company does not have any more room to expand in the Delwaide dock, which in any case cannot handle the ever-larger ships that are being introduced, the company submitted an official request to move its activities to the Deurganck dock. In order to preserve the principle of equal treatment the Port Authority approached the port's other customers, in order to find out whether there were any proposals for simi-lar projects that might clash with the move by MSC. However, none was found and so MSC was given the go-ahead.

Supply ChainA fast, smooth supply chain demands efficiency, vision and investment. It also demands smooth operation of the nautical chain: all the links in the chain must work smoothly together, with all the procedures being constantly monitored. The Ship-ping Traffic Management service is responsible for smooth, safe, cost-efficient and customer-oriented planning, monitoring and control of the flow of shipping traffic to and from the port and inside it, while at the same time taking maximum care of the environment. With shipping traffic becoming denser and the ships themselves becoming ever larger, it is extremely important for all internal and external partners in the chain (on the river and out at sea) to collaborate closely. The Central Report-ing Point offers a direct line for customers to make complaints and offer remarks. The fact that even the very largest ships are able to call smoothly at the port shows that good operational collaboration pays off.

As a Port Authority we seek to position the port as a partner in the global supply chain. As part of this ef-fort Antwerp Port Authority last year organised the first Belgian Shippers Summit. This very successful seminar focused on the possibilities and advantages

Within the portVessels of 18,000 TEU such as the Mary Maersk are able to call at Antwerp without problem.

Smooth, secure, cost-efficient and customer-oriented planning.


of the port of Antwerp: reliability, efficiency, high-quality sustainable service and a strong can do mentality. Some factors lie in the hands of the Port Authority, but other areas (e.g. transport) are not fully within its control and so it cannot offer a full solution. What we can do as a Port Authority is to act as an intermediary, bringing the various players together so as to arrive at a joint solution. The departments responsible for intermodalism and hinterland transport, investment policy, trade facilitation and Antwerp Port Community System (APCS) are work-ing on these subjects. In the past few years Antwerp Port Authority has concentrated more on markets to the East, first and foremost our direct neighbour Germany.

IT and APCSIT systems and applications are important to support the operation of the chain. Antwerp Port Authority constantly invests in expanding these systems, not only for its own internal use but also for the port as a whole and even beyond. APICS2, the latest version of the port information system, was released last year, so that the APICS desk now meets the requirement of chain operation even better. All changes entered by the partners in the course of a sea voyage are immediately visible in the APICS desk.

As part of International Safety Management (ISM) by the IMO (International Maritime Organization) a safety quality system has been introduced for all the Port Authoritys own vessels. The aim is to raise the level of safety while protecting the environment.In a further development, electronic release of con-tainers by means of an e-desk found general accept-ance last year. The system now has 2,500 users from 975 companies (up 60% compared with 2012) in 12 countries, corresponding to 200,000 MRNs (Move-ment Reference Numbers) per month, an increase of 50%. Inspired by this success the system has been extended to export and transit of ro/ro goods.

SecuritySecurity is a constant concern. In addition to secu-rity at sea there are various forms of security within the port itself. Various practical initiatives were tak-en to combat crime, with the emphasis on preven-tion. Antwerp Port Authority developed a Serious Game in which port users are able to learn in an innovative way how they themselves can contribute to raising the level of security in the port. The game can be downloaded from www.portofantwerp.com and is also available as an app.

In the same spirit steps were taken to set up a Port of Antwerp Local Information Network, in which port users undertake to share information about suspicious matters. The information is reported to the police authorities, which then pass it on to net-work members as appropriate. The system currently has 450 members within the port.

International ports such as Antwerp are increasing-ly also confronted with cybercrime and computer hacking. The Port of Antwerp has set up a special cyber security taskforce to deal with this problem.

All changes can be made in real time through the APICS desk. Thomas Vanhaute

Port of Antwerp Local Information Network.


Port assets and facilitiesAntwerp Port Authority manages some 3,750 hectares of port sites and quays. It works actively to create an ideal port environment and is in daily contact with private entrepreneurs. The Port Au-thority facilitates opportunities in the form of utili-ties, pipelines, inland terminals and rail and barge products. It is currently building a large onshore wind farm, and is studying the possibility of build-ing an innovative biomass power station. The Port Authority seeks to actively manage and invest so as to create opportunities.

One of the main construction projects is the Deur-ganck dock lock, the biggest in the world. This lock is of crucial importance to secure the accessibility of the port area on the left bank for seagoing ships. As such the lock forms part of the strategic plan for development of the port and is one of the key projects with which Flanders seeks to expand its logistics role. The project is on schedule, and work has now begun on construction of the ancillary buildings. The lock is due to enter operation in the spring of 2016.

The Regional Land Use Plan, which among other things defines the boundaries of the port on the right and left banks of the Scheldt, received finally approval in spring 2013. The Port Authority was very pleased with this decision as it opens up possi-bilities for a number of major investment projects. These include among others the further develop-ment of the Schijns and Waasland logistics parks, the construction of a holding dock for barges, construction of part of the wind farm on the left bank and investments by companies such as Total, Vopak, AET, ITC Rubis etc. However, a number of objections against this decision by the Flemish government were lodged with the Council of State. The latter decided in autumn 2013 to temporarily suspend part of the Regional Land Use Plan (namely a number of planning areas in the municipalities of Beveren and Sint-Gillis-Waas). Antwerp Port Authority has taken cognisance of this provisional judgement, and assumes that the Flemish govern-ment will come to appropriate decisions in the near future.

Keeping the ports basic infrastructure up to date is an ongoing process. Work in 2013 included main-tenance and/or renovation of bridges and locks (the Nordkasteel bridges), quay facilities (such as the First Mooring Dock and Canal Dock B2), mainte-nance and resurfacing of roadways for which the Port Authority is responsible, ground management (e.g. in the North Sea terminal), construction of the new Port House, etc.

The new lock being built for the Deurganck dock: work is going ahead on schedule for this major structure of strategic importance.


Commercial policyThe Port of Antwerp prides itself on having a customised application for every product. This ap-proach is the result of collaboration, expertise, sharing of know-how and above all a customer-oriented, getting things done mentality. The ap-proach, which has been confirmed by numerous customer surveys, formed the basis for the new in-ternational branding campaign that was launched in October 2013 and is now the main theme of the port's marketing communication. The ports can do mentality is encapsulated in the slogan Every-thing is possible at the port of Antwerp.

The campaign is based on 30 or so case studies that illustrate the range of services offered by the port, in a promotional campaign that will run until the end of 2014. In the meantime the Port of Antwerp has raised its profile on the social media.

In a further initiative the Port of Antwerp Connec-tivity Platform was set up to give customers an easy way of learning about the maritime and intermodal solutions offered by the port. This user-friendly platform presents details of the transport services offered, including lists of departures and arrivals by seagoing ships. An interactive map enables users to look up container terminals in the port on the basis of various criteria, with full information on services and contact details. The platform also includes an

online search engine for intermodal connections between the port of Antwerp and the European hinterland. One unique feature is the transparent overview of inland terminals and the operators that can reach them most easily. Useful informa-tion shown for each terminal includes timetables, services, contact details etc. This clear view of the intermodal facilities offered by the port leads to greater efficiency. So far 185 container terminals in 15 European countries have joined the platform, making it a very useful tool. The ambition is to fur-ther expand the platform in the next few [email protected]

Antwerp Port Authority participates in trade exhibitions around the world, as well as organising numerous trade missions to strategic countries. In a few key countries it also has its own perma-nent representatives. In September last year Marc Delbeke was appointed as contact person for French companies, organisations and logistics partners who send their goods through Antwerp.www.portofantwerp.com/en/international-port

This international collaboration has further led to numerous Memoranda of Understanding being signed with other ports or countries including Mon-treal, Nagoya, Rosmoport, Panama, Singapore and India. On the occasion of the royal trade mission to India, the India Nation digital platform was inau-gurated by Princess Astrid of Belgium to promote contacts between India and Antwerp.

The Port of Antwerp additionally has wide-ranging collaboration arrangements through the agency of Port of Antwerp International (PAI). This sister com-pany provides consultancy and collaboration for port development planning in strategic countries. APEC Antwerp/Flanders Port Training Centre for its part has played a fundamental role in transfer-ring port management know-how to other parts of the world ever since 1978. In 2013 it welcomed 781 trainees from 61 different countries.

Princess Astrid of Belgium officially launches India Nation during the trade mission.

APEC ceremony: sharing know-how and expertise with trainees from all over the world.


Environmental policyThe second Sustainability Report of the Port of Antwerp was published in October 2013 by Ant-werp Port Authority in collaboration with VOKA (Chamber of Commerce), Alfaport and the Left Bank Development Corporation. With this report, which is published every two years, the port community including public and private partners seeks to take stock of the port's sus-tainability policy, propose action where necessary and list new points for attention.

The second report, which can be found at www.sustainableportofantwerp.com/en, focuses on Planet, People and Prosperity. The latter term, Prosperity, replaces the Profit of the previous report, as it is felt that this corresponds better to the objectives of the port; social as well as economic gains are an essential part of what we are trying to achieve.In a further initiative a special Sustainability guide has been developed for companies. This digi-tal platform brings together all the information that can be useful for individual companies in drawing up their own sustainability report.

As part of making the maritime side of the port more sustainable, the Port Authority entered into a strategic alliance with the Exmar shipping com-pany to develop an LNG bunker ship and to carry out the necessary engineering studies in the port. The aim of this collaboration is to promote the use of LNG (Liquefied Natural Gas) as a ships fuel, seen as necessary to meet the stricter emission regula-tions that will come into force in 2015. However, it remains a challenge for ports to store LNG and make it available in a safe manner.The International Association of Ports and Har-bours (IAPH) has therefore set up a new workgroup as part of the World Ports Climate Initiative (WPCI) to study problems associated with the use of LNG as a ships fuel. At the request of IAPH Antwerp has assumed the role of Lead Port and is heading the workgroup. Barge transport too is included in the plans for LNG bunkering. Antwerp Port Authority along with Rotterdam and a number of ports on the Rhine and Danube has received a subsidy to set up an LNG bunkering station for barges. This project, the Rhine-Main-Danube LNG Master Plan, is due to be completed by the end of 2015.

Other aspects of sustainability require more strin-gent controls and special measures. For instance, inspections of consignments of second-hand cars were stepped up in 2013, as these are often used as a way of sneaking out waste and other forbid-den materials. After six months the volume of secondary cargo shipped along with second-hand vehicles was reduced by 17%. The Port Authority is determined to stamp out the practice of using second-hand cars as containers for waste, some-times illegal waste.

LNG for barges: the ships fuel of the future.


T he ports central location near the large centres of production and consumption in Europe makes it strategically impor-tant. Shippers who opt for Antwerp are able to bring their goods very close to the end customer. But while quick connections are very important, reliability and efficiency play an equally large role in the range of logistics services. Antwerp is served by an extensive road and rail network, is centrally located in the European network of inland waterways, and is connected to the main pipelines of northern Europe. Large investments are being made in various projects aimed at mak-ing hinterland transport and transport within the port itself even more efficient.

Intermodal Solutions With Port of Antwerp Intermodal Solutions, Antwerp Port Authority seeks to offer practical solu-tions to further improve connections with the hin-terland. This desk is the first point of contact and coordination for developing all sorts of initiatives, ranging from accessing new target regions for the port to improving the modal split (i.e. the relative volumes of freight carried by different modes, with the aim of shifting freight from road transport to more sustainable modes such as barge and rail).In addition the Intermodal Solutions unit can make financial and technical resources available to facilitate interesting intermodal projects that fit into the strategy of the port community, so as to develop tailor-made solutions. At the moment, for instance, the unit is working to develop improved rail connections with Duisburg (Germany) and Vienna (Austria). Further, the terminals on the left bank will soon have better access to other maritime container terminals. In the meantime the unit is looking at ways of giving better intermodal access to terminals in South-East Netherlands. Finally, Intermodal Solutions helped to set up the Port of Antwerp Connectivity platform that was intro-duced last October.

RailVarious future-oriented decisions for rail transport were taken in 2013. The federal subsidies for combined transport came to an end in June, and as a result so did the Narcon distribution system for maritime containers via the Antwerp Main Hub. Antwerp Port Authority in collaboration with the rail operators involved IFB, TCAthus, Delcatrans and Duisport therefore designed an alternative distribution system. The rail operators were encour-aged to bring their container trains right up to the deepsea quay, with the remaining containers for other quays then being further distributed by the ports internal barge shuttle system. The direct trains offer significant time and cost advantages, and rail container transport to and from the port is now organised in a sustainable way. As regards the challenges of continuity and qual-ity of service facing distributed rail transport (i.e. transport of individual wagonloads between dif-ferent companies inside and outside the port) the Port Authority board of directors decided to set up a new company, Railport Antwerpen NV. Formed in partnership with essenscia (Belgian federation of chemical industries and life sciences), VOKA (Antwerp-Waasland Chamber of Commerce)- Al-faport (representing private companies in the port), the new company will coordinate all the initia-tives and studies. Initially it will examine various options ranging from a purely coordinating role to acting as a fully developed rail company.

The European hinterland from Antwerp

Many terminals have intermodal connections with the hinterland.


BargeAntwerp and barge transport are strongly linked. This mode of transport has an important role to play in the further development of the port as it offers many advantages especially in terms of sustainability, being congestion-free, safe and environment-friendly.

A Barge Transport Master Plan was drawn up several years ago in consultation with all the par-ties involved and has been regularly updated since then. As regards barge facilities the onshore power supply for barges lying at berth in the port was upgraded in 2013, and the new Lillo Park service centre was opened. In the meantime the holding points for barges are an area of concern that is be-ing worked on with all the parties involved. Outside the boundaries of the port, the Port Author-ity is campaigning for the waterway operators to improve their infrastructure, e.g. by raising the height of the bridges on the Albert canal.

Good service demands innovation solutions and support. One project that was completed last year is the BTS3, the new Barge Traffic System which provides a central control and reporting point for container barges. In combination with port-wide co-ordination and scheduling of barge movements this system is able to reduce transit times for container barges by up to 25%. In collaboration with the mari-time container terminals the Port Authority carried out a second series of trials of joint scheduling operations. The results were positive, and further developments are being rolled out.Accompanying measures such as reducing emis-sions, developing a new system of paying for onshore power and the possibility of granting a re-duction in port fees for LNG-powered barges are all being looked at or are actually being implemented in close consultation with the various stakeholders.

PipelinesThe pipeline network in the Port of Antwerp and its connections to the large national and international networks are of crucial importance for the ports chemical cluster, one of the largest in the world. This form of transport has the further advantage of being safe and environment-friendly. The im-portance of these pipelines reaches far beyond the port itself. Antwerp and Rotterdam are jointly ex-amining the possibilities of upgrading the pipeline connections between the two ports. One route has already been mapped out, while a second to reserve a pipeline strip between Antwerp and Geelen in the southern Netherlands is in course of preparation.

Antwerp and the barge industry: strategic part-ners.

Pipelines: safe, environment-friendly and collaborative.


RoadThe problem of road transport goes beyond the port of Antwerp. Indeed a traffic census by the Port Authority shows that only 4.6% of traffic on the Ant-werp ringroad is port-related. Nonetheless, truck transport is an essential part of the supply chain in order to ensure smooth connections with the hinterland.

Antwerp Port Authority considers additional infrastructure to be a must in order to improve access to the port. The Oosterweel connection is an important factor in this. However, the Port Author-ity urges a phased approach in which construction of the A102 (Merksem-Wommelgem) and the Kallo-Haasdonk connection (E17-Liefkenshoek tunnel) can create added value in the shorter term and have a mitigating effect while the Oosterweel link is under construction.

The toll on traffic passing through the Liefkenshoek tunnel leads to the tunnel being under-used and creates an uneven playing field between the left and right banks of the river. Antwerp Port Author-ity therefore argues that the government should take advantage of the introduction of road pricing for trucks to abolish the toll on the Liefkenshoek tunnel. Further, it is of fundamental importance for the income from road pricing to be reinvested in infrastructure for the region where that income is generated. The Port Authority is also convinced that better access to the tunnel will lead to less congestion on the R1.

Trade FacilitationAntwerp Port Authority takes a consistent approach to trade facilitation, based on an integrated vision that reaches from foreland to hinterland. Consulta-tion mechanisms have been set up with the regula-tory authorities, trade associations, special interest organisations and private companies covering all sectors of the economy.

Last year Antwerp Port Authority in collabora-tion with VOKA (Antwerp-Waasland Chamber of Commerce), ASV (Antwerp Shipping Association) and VEA (Association for Forwarding, Logistics and Freight Interests in Antwerp) set up a dialogue with the federal government and the Customs depart-ment. This led to a Customs policy plan being drawn up to review Customs legislation and map out a path for developing new procedures. The system of 24/7 Customs operations was ex-tended, and surcharges for services outside normal office hours have now been almost completely abolished. In the meantime arrangements have been made for implementing the new Customs legislation which has already been approved by the Cabinet. There has also been collaboration on proactive implementation of the new possibilities afforded by European legislation. Examples include the permit for an Extended gate that enables goods to continue on to their final destination without being held up. The most challenging project, however, is the in-troduction of coordinated border control. The two main elements of this are the Single window and the One-stop-shop. With the Single window, dec-larations will in future be submitted only once, in electronic form, which will permit administrative simplification across the board. The One-stop-shop for its part involves close collaboration between all the inspecting bodies, so that all the border inspec-tions can be carried out in a single operation.

Freight transport remains an important component of the supply chain.

Close collaboration between inspection bodies.


People and Society

Raising awareness to reduce commuter traffic accidents Extensive efforts were made over the past year to make travel between home and work safer, a con-cern which is shared by all companies in the port.The main emphasis was on bicycle traffic, as a sur-vey of more than 100 companies in the port (27,000 employees) showed that in terms of the number of accidents per kilometre travelled, two-wheelers (bicycle, moped and motorcycle) are the most dangerous form of transport. A declaration of intent was signed by some of the leading players in the port, including Antwerp Port Authority together with heavyweights such as VOKA (Antwerp-Waasland Chamber of Com-merce), Alfaport (association of private compa-nies), VIBNA (association of industrial companies in North Antwerp), BASF Antwerp, VSV (Flemish traffic study institute), BIVV (Belgian institute for road safety), the Province of Antwerp and the City of Antwerp.

The initiatives that began in 2013 will be continued in 2014. Among other things a special cycling map for transport between home and work is being produced with special attention being paid to lock and bridge complexes, and companies will be given the opportunity to set up traffic safety courses. Antwerp Port Authority has assumed responsibility for general coordination of the Action Programme for Safe Travel between Home and Work in the Antwerp area.

Reorientation and reorganisationThe management committee decided in 2013 to reorganise the Port Authoritys Crane and Dredg-ing departments. After a cost/benefit analysis it was decided to retire the floating cranes Portunus and Titan by 1 April 2014. This reorganisation was carried out without forced redundancies, with the employees being transferred to other departments within the Port Authority.

The reorganisation of the Dredging department is the direct result of agreements made between the Flemish Region and the Port Authority. In future, maintenance and new channel dredging in the sea access will be carried out by or on behalf of the Flemish Region. The activities of the Dredging de-partment will be reviewed against the background of keeping the port competitive. Here too there will be no forced redundancies, with employees being able to transfer internally.

Safe travel between home and work: a major concern for all port companies.

Titan and Portunus: reorganisation had become necessary.


Social supportThe port is an important player in the social fabric of the city and the region. Not only does it generate a huge amount of added value (18.9 billion euros, ac-cording to the National Bank of Belgium in 2013), it only provides employment directly for 60,000 people in the port and another 85,000 indirectly. The port is also a partner in social activities. The Port Authority is acutely aware of its social responsibilities, and understands that it can only grow and flourish if it has general support among society.

The Antwerp port community as a whole was therefore particularly pleased when Antwerp Port Authority won the 2013 ESPO Award for Societal Integration of Ports, presented by the European Seaports Organisation representing port authorities in the EU countries and Norway.Antwerp Port Authority meets its social respon-sibilities in a number of ways. For instance, each year a large sponsoring budget is made available to support cultural, social and sporting projects in the wider region.

The MAS Port Pavilion that was opened a few years ago acts as a visitor centre for the port. Last year free bus tours of the port were organised once more, starting at the Pavilion. They enjoyed even greater success: not only were there more buses (115, or 45 more than in 2012) but also additional attention was paid to families with children, with a number of buses being reserved for them on Wednesdays and Saturdays.

In 2013 Antwerp celebrated the 150th anniversary of the Freedom of the Scheldt, to mark the aboli-tion of the toll on river traffic formerly imposed by the Netherlands. There was a whole year of festivi-ties emphasising the importance of ease of access to the port and freedom of navigation on the Scheldt, with exhibitions, seminars, guided walks and a magnificent final spectacle.

The 2013 Flemish Ports Day was once again fully de-voted to the new lock being built for the Deurganck lock on the left bank of the Scheldt. Visitors were given explanations about the construction project and its importance for the port, and were able to take a guided walk around what will be largest lock in the world once it is completed. There was massive interest, with no fewer than 15,000 people visiting the construction site.

One new initiative was the introduction of a Port Newsletter (three editions in 2013, with four planned in 2014). This is published as a quarterly supplement to the Gazet van Antwerpen daily newspaper and is also available in the MAS Port Pavilion. It was additionally distributed at the various festivities and events during the past year. The newsletter provides information about the port in a fresh, entertaining way.

Social commitment is not limited to local residents; particular attention is also paid to seafarers calling at the port. Together with the City of Antwerp and a number of other partners the Port Authority invested in a new seafarers hostel. The Antwerp Harbour Hotel offers comfortable, low-cost accom-modation. True to tradition the Port Authority of-fers free bus transport to and from the city centre, and there are also sports facilities available.

150 years of freedom of navigation on the Scheldt: the theme of the anniversary year.


Flanders Port Area The Port of Antwerp is an enthusiastic participant in the Flanders Port Area project. New impetus was given to this project with the signature of a collaboration agreement by Hilde Crevits (Flemish minister of Transport & Public Works), the four Flemish seaports and the Flemish Ports Associati-on. The various partners involved will collaborate on 30 or so action points to raise the international competitiveness of the Flemish ports. As a partner of Flanders Port Area, Antwerp Port Authority has included a number of these action points in its strategic priorities. Flanders Port Area will build on the strengths and particular characteristics of each port, and the actions will maintain the correct perspective and relief: the project must not compromise Antwerps position as mainport or largest port, but on the contrary it must make maximum use of the international branding that Antwerp has already built up over the years.

3Freight figures

Port Authority


CONTAINER FREIGHT (TONNES): MARKET SHARE IN THE RANGE Antwerp Rotterdam Hamburg Bremen Zeebrugge Le Havre

CONTAINER FREIGHT (TEU): MARKET SHARE IN THE RANGE Antwerp Rotterdam Hamburg Bremen Zeebrugge Le Havre

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SHIPPING FREIGHT VOLUME Unloading Loading Total(million tonnes)

CONTAINER HANDLING VOLUME Unloading Loading Total(million TEU)


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RANKING ACCORDING TO TOTAL MARITIME FREIGHT VOLUME(tonnes)

4Comments on the annual accounts

Port Authority


FINANCIAL YEAR 2013 FINANCIAL YEAR 2012 FINANCIAL YEAR 2011

Operating income 335,641 331,102 314,177

Operating charges (300,088) (243,058) (517,760)

Operating result 35,553 88,045 (203,583)

Financial income 19,107 24,042 15,942

Financial charges (2,054) (1,258) (1,747)

Result on ordinary activities 52,605 110,829 (189,388)

Extraordinary income 3,657 28,985 19,187

Extraordinary charges (1,219) (408) 154

Result before taxes 55,043 139,406 (170,047)

Taxes (346) (436) (208)

Result for the financial year 54,696 138,969 (170,256)

(in euro x 1000)

In 2013 the Port Authority made a profit of 54.7 million euros. The main ele-ments of this result are as follows:

The port fees were raised generally by 1.8% in 2013 compared with 2012, which together with the higher volume of freight had a positive effect on the turno-ver. The total operating income rose only slightly, however, since 15.7 million euros was raised in 2012 from tonnage dues and a number of concession hold-ers were included in the turnover. In 2013 tonnage dues made an estimated contribution of 0.7 million euros to the turnover.

The operating charges have risen overall due to an increase in the provisions for environmental risks and pensions. In total an amount of 43.4 million euros was set aside as provisions in 2013, compared with 5.8 million in 2012. The par-ticularly large amount of operating charges in 2011 is due to new legislation introduced in that year requiring a provision of 299 million euros to be set aside for pension obligations (the responsibilisation contribution).

In contrast to previous years, there was no significant extraordinary result in 2013. In 2012 a further adjustment of 22.2 million euros was made to the initial provision that was set aside for the responsibilisation contribution and in 2011 there was a large capital gain on the disposal of fixed assets due to the distribution network activity being sold off.

Income statementThe Port Authoritys Income Statement is summarised in the table below.


Operating incomeAs a component of the operating income, the breakdown of the turnover (275.4 million euros) among the various Port Authority services is as follows:

TURNOVER BREAKDOWN

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

TURNOVER VARIATION 2013 2012 2011

Concessions 42%

Floating cranes 1%Dock-mounted cranes 2%

Tugging dues 15%

Barge dues 3%

Shipping dues 37%

0

(in euro x 1000)

20.000

Concessions Shipping dues Barge dues Tugging dues Dock-mounted cranes

Floating cranes Other

40.000

60.000

80.000

100.000

120.000

140.000


ConcessionsIncome from concessions (excluding tonnage dues) has risen by 1.2%. This in-crease is mainly due to the 1.8% rise in concession fees, although just as in pre-vious years 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 ob-ligations amounting to 15.7 million euros in 2012. 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 levied on the terminals in the Deurganck dock for the years 2009 to 2012 inclusive. The amount of these fines was based on a decision by the Board of Directors on 26 March 2013. The income from concessions in 2013 includes an estimated amount of 0.7 million euros in fines for failing to meet obligations for tonnage dues in that year. The procedure to settle the exact amount is ongoing.

Shipping dues and barge duesThe total freight volume handled by the port rose from 184.1 to 190.9 million tonnes, an increase of 3.7%. The number of ships calling at the port was down by 4.6%, but on the other hand the total gross tonnage an important billing parameter was up by 3.1%. The combination of these parameters together with the raising of the level of port dues finally led to an increase in income of 3.6%. After 2011 the substantial reduction in berthing dues for bulk carriers introduced in 2010 was maintained in 2012 and 2013. Berthing dues were up by 12.3% in 2013 as a result of the increase in cargo volume. The income from barge dues for its part rose by 4%.

Tugging duesThe Port Authoritys tugging department experienced further growth in income, by 4.2%. This growth was due to the combined effect of an increase of 1.8% in dues and higher operating parameters such as the number of tugging jobs, the gross tonnage tugged and the number of slings.

Dock-mounted and floating cranesThe income from dock-mounted and floating cranes rose by 5.8% in 2013 com-pared with 2012. The increase was mainly due to the dock-mounted cranes.

Other operating incomeThe other operating income amounted to 59.5 million euros in 2013, compared with 53.3 million in 2012. This operating income consists to a large extent of operating subsidies from the Flemish Region (33.9 million euros in 2013 and 27.2 million in 2012). 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. In 2012 uncertainty arose about part of the subsidy for dredging work in the sea access channel, with the impact amounting to 4.7 million euros. Since this uncer-tainty has been cleared up, the previously uncertain amount of 4.7 million euros has now been included in the result. In 2013 the other operating income also included the amounts passed on for withholding tax on income from real estate and water supplies, totalling 18.3 million euros (compared with 18.0 mil-lion in 2012).


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

VARIATION IN OPERATING CHARGES 2013 2012 2011

The amount of purchases, services and miscellaneous goods has risen by 10.2 million euros as a result of:

Higher expenditure for maintenance of infrastructure and fleet; Higher expenditure for communication; Higher expenditure for external expertise including among others legal sup-

port in current court cases.

The personnel costs (excluding pensions) amount to 124.4 million euros. In 2012 the equivalent cost was 121.8 million euros. This means that payroll costs rose by 2.1%. The main reasons for this increase despite the number of personnel remaining fairly constant (up by just 0.7%) were as follows:

The impact of the Collective Labour Agreements, which finally included a higher end-of-year bonus for all members of personnel;

The cost of living index rising above a trigger level, with wages being increased by 2% as a result as of January 2013.

The provisions amounted to 43.4 million euros in 2013 compared with 5.8 mil-lion in 2012. In 2011 a provision of 299.3 million euros was booked to cover the estimated obligations at the end of 2011 arising from the Act of 24 October 2011 (Act to maintain long-term financing of pensions of tenured members of personnel of the provincial and local authorities and local police areas, amend-ing the Act of 6 May 2002 to set up the integrated police pension fund, and pro-viding special measures for social security and various other legal provisions). This Act led to changes being made in the financing principles for the social security supplementary pension contribution for individual contributions of tenured members of personnel: a responsibilisation (the responsibilisation contribution") was introduced. Under the terms of this contribution an author-ity such as the Port Authority has to modify part (currently set at 50%) of the

0

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50.000

100.000

150.000

200.000

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300.000

Goods Misc. goods & services

Personnel Depreciation & amortisation

Write-downs Provisions Other


difference between (a) what it already contributes to financing its pensioners through the general contribution, and (b) what the social security institution (in this case RSZPPO) pays the pensioners on behalf of the authority. As a result of this new Act, the Port Authority has an obligation to pay a responsibilisa-tion contribution." While the obligation itself is probable or indeed certain, the amount of it is not. As such the obligation meets the definition of a provision as laid down by art. 50 of the Royal Decree of 30 January 2001 implementing the terms of the Companies Act. According to arts. 54 and 95 2 of the Royal Decree of 30 January 2001 a provision must be set aside to cover this. This pro-vision is based on actuarial calculations which take into account among other things mortality tables, discount rates and the impact on pensions of expected wage rises. As in previous years the discount rate applied is 4.5%. A sensitivity analysis shows that lowering the discount rate by 1% will result in the amount of provision rising by 55 million euros. In 2012 the obligation rose by around 16.8 million euros due to the service cost incurred for the financial year, together with the impact of one year less of discounting effect. A necessary technical correction to the provision of 299.3 million originally set aside was accounted for in the extraordinary income (22.2 million euros). In 2013 the provision was raised by 27 million euros.

As regards the other provisions there has been a net increase of 20.2 million euros. This is mainly due to an increase in the risks calculated in previous years for the "Fort Filip" site, based on new, more detailed soil analyses. However, the Port Authority considers that other parties also bear liability for a certain part of the pollution.

The main components of the other operating charges are the costs of withhold-ing taxes on real estate and water distribution charges.

Financial resultThe financial result fell from 22.8 million euros in 2012 to 17.0 million in 2013 due to lower capital gains on disposal of current assets, which were down by 3.8 million.

Extraordinary resultThe extraordinary result from sale of fixed assets relates to the capital gain on the sale of a package of shares in the wind power project on the left bank of the Scheldt to a private partner. The Port Authority has undertaken to devote the capital gains from this sale to start-up capital for an energy fund, after deduc-tion of the study and start-up costs.

As already explained above, the extraordinary result in 2012 represents a one-off technical modification to the provision set aside in 2011 for the "responsibi-lisation contribution" towards the pensions of tenured and other members of personnel.

The extraordinary income in 2011 represented the capital gain on sale of the fixed assets associated with the transfer of the electricity distribution network activities to IVEG.


Balance sheetThe Balance Sheet is summarised in the table below.

Assets The amount of tangible and intangible fixed assets has risen by 78.4 million

euros. The balance is made up as follows:

Investments 129.9

Depreciation & amortisation (46.5)

Retirals & write-downs (5.0)

(million euros)

The investments are made up mainly of the following components: Acquisition of the former Opel site (43.6 million euros); A further investment grant made to the Deurganckdoksluis NV to finance the

second sea lock on the left bank of the Scheldt (26.8 million euros); Construction of the new Port House (11.2 million euros).

The financial fixed assets have increased by 21.1 million euros, mainly as a result of:

The Deurganckdoksluis NV calling up the last tranche of capital contributions, amounting to 2.6 million euros;

The Deurganckdoksluis NV calling in the contractually laid-down subordinated loan of 18.4 million euros.

The other long-term claims are largely contributions by the Port Authority to the pre-land bank." Other entities have also contributed to the pre-land bank concerned. However, it still has to be decided how much each partner will eventually contribute towards acquiring sites. It will then also be possible to decide what form the contribution currently financed will take (acquisition of assets and/or contribution towards the costs, or something else). This heading

ASSETS 31.12.2013 31.12.2012 LIABILITIES 31.12.2013 31.12.2012

II/III. Tangible/intangible fixed assets 1,195,480 1,117,120 I. Capital 307,110 307,110

IV. Financial fixed assets 52,830 31,712 III. Revaluation surplus 8,801 9,570

V. Receivables > 1 year 8,277 6,083 IV. Reserves 401,742 377,518

VI. Stocks 2,737 2,510 VI. Investment grants 274,641 285,119

VII. Receivables < 1 year 58,542 58,850 VII. Provisions 439,834 399,706

VII. Investments 295,844 248,496 VII. Amts payable > 1 year 13,556 15,556

IX. Cash at bank and in hand 6,307 46,213 IX. Amts payable < 1 year 137,245 84,334

X. Deferred charges and accrued income

4,177 4,418 X. Accrued charges and deferred income

41,265 36,489

TOTAL 1,624,194 1,515,403 1,624,194 1,515,403

(in euro x 1000)


also includes some of the capital gain from the sale of a package of shares in the wind power project on the left bank of the Scheldt, which will be collected in 2015.

The trade accounts receivable at the end of 2013 were lower than before, main-ly because at the end of 2012 they included 15.3 million euros of tonnage dues, as previously explained regarding sources of income. The other claims receiva-ble increased sharply because no advance payments and/or final payments were received by the end of 2013, either for 2012 or 2013, in respect of the subsidies for work to improve the sea access behind the locks. These claims amount to a total of 13.8 million euros. Neither has the final settlement for operation of the locks in 2012 (1.2 million euros) been received by the end of 2013.

The balance of the liquid assets and cash investments has risen by 7.4 million euros, from 294.7 to 302.1 million euros. The Cashflow Statement (item 3) pro-vides further information about this development.

LiabilitiesThe reserves have increased since all of the positive result of 54.7 million euros after deduction of the proposed higher dividend of 21.3 million euros was appropriated to the available reserves. Taking into account the lower net book value of the investment subsidies, the total equity has risen from 979.3 million to 1,002.2 million euros.

As regards the provisions there has been a significant increase from 399.7 to 440.8 million euros (a rise of 41.1 million euros), due to the higher provision for pensions and the provision for environmental risks. (see also preceding chapters).

The financial debts were repaid in 2013 according to the agreed due dates. There were no opportunities to pay off particular debts early at financially advantageous terms.

The amounts payable within 1 year rose to 137.2 million euros at the end of 2013, compared with 84.3 million at the end of 2012, for the following two main reasons:

The purchase price for the former Opel site has not yet been actually paid (43.6 million euros), because there is still a court dispute ongoing with the seller concerning this purchase/sale operation. This explains the increase in the amount of trade debts.

The other debts have nevertheless increased because of the rise in the proposed dividend from 12.8 to 21.3 million euros.

As in previous years, the Accrued charges and deferred income mainly com-prises concession fees already invoiced in 2013 for the first quarter of 2014.


Cashflow StatementThe Cashflow Statement shows the main incoming and outgoing cashflows. Unlike in the previous year, the cashflow ultimately generated is positive.

The cashflow from operational activities has increased mainly because of the positive development in working capital, which in turn is mainly due to the purchase price for the Opel site not yet having been paid.

The net cashflow devoted to investment activities has remained stable at the same high investment amount as in 2012.

The cashflow devoted to financing activities comprises the dividend and the repayment of the outstanding loan.

FINANCIAL YEAR2013

FINANCIAL YEAR2012

FINANCIAL YEAR2011

Short-term investments and liquid assets at start of year 294.708 306.326 195.641

Cashflow generated from operating activities 162.653 138.325 141.610

Cashflow devoted to investment activities (140.411) (135.143) (14.413)

Cashflow devoted to financing activities (14.800) (14.800) (16.511)

Short-term investments and liquid assets at year end 302.151 294.708 306.326

(in euro x 1000)


Other mandatory 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 regard-ing 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, liabili-ties, 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 implementa-tion;

Developments in legislation in the field of town and country planning and the delimitation of the port area;

Compliance with environmental legislation, and changes in the latter. There are also risks which in principle are borne by concession holders, but if the latter fail to meet them (e.g. in case of bankruptcy) then these obligations could fall upon the Port Authority. Further, there is still a risk posed by as yet unknown pollution of underwater sediment which might have to be cleaned up. Finally, changes in the law governing underwater sediment could impose additional obligations on the Port Authority.

The development in the percentage amount of the legally imposed responsibi-lisation contribution has a significant impact on the estimated future pension obligations for the Port Authority, and thus on the associated provision for pensions. The percentage contribution currently stands at 50%.

The attractiveness of ports in general is determined by factors such as acces-sibility, the efficiency of the port activities and the quality of the hinterland connections.

In addition to the aforementioned risks and uncertainties, the Board of Direc-tors draws attention specifically to section 5.13 in the annual accounts (impor-tant pending disputes and other significant obligations), which includes details of a number of pending court cases with a potentially significant financial impact. The relevant text from this section is as follows:

Seaport Terminals NV and Flanders Container Terminal NV brought a claim in 2003 against Antwerp Port Authority jointly and severally with another defendant for an amount of at least 65,383,652.41 plus compensatory inter-est at the statutory rate as of 23/08/1999, plus the legal costs and interest at the statutory rate, with the interest being capitalised on 31/12/2004, 30/06/2011 and 30/04/2013. The claim represents compensation for alleged complicity in breach of contract by the Cast shipping company in connection with Flanders Container Terminal in Zeebrugge. However, on 22 October 2013 the Brugge commercial court declared the claim against Antwerp Port Authority to be admissible yet unfounded. Seaport Terminals NV and Katoen Natie Terminals NV lodged an appeal against this court decision on 11 December 2013. Based on a legal analysis of the information available in the brief and the decision by the commercial court, which agrees with this legal analysis, the Board of Directors considers that serious and weighty arguments can be brought against this ap-peal, and so has decided not to set any provision aside to cover it.


The Katoen Natie Group alleges that the Port Authority has treated various con-cession holders unequally in imposing the tonnage dues laid down in the con-cession agreements. In particular, according to Katoen Natie the obligation to pay tonnage dues has not been applied correctly in the concession agreements for the Deurganck dock. Katoen Natie has already lodged claims against various parties in this connection, and in particular has taken the following steps:

Claim by Katoen Natie / Seaport Terminals lodged with the European Commis-sion (DG Competition) on 14 December 2012 concerning the granting of illegal state support. Requests for information have been submitted, to which the Port Authority has replied. It is not yet known what position DG Competition will take on this matter.

Claim by Katoen Natie / Seaport Terminals lodged with the European Commis-sion (DG Internal Market) on 22 March concerning the present allocation and future bids/applications for concessions in the Deurganck dock. So far no requests for information have been received from the European Commission.

Katoen Natie and Seaport Terminals also lodged a suit on 7 March 2013 against the Flemish Region for alleged failure to exercise administrative supervision. Antwerp Port Authority intervened voluntarily in this case, whereupon Katoen Natie and Seaport Terminals extended their suit on 30 May 2013 by lodging a claim against the Port Authority.

On 10 April 2013 an application for an injunction was made to the Presi-dent of the Commercial Court of Antwerp in order to (i) obtain a number of documents, (ii) prevent the Port Authority taking any steps to implement the decision of the Board of Directors of 26 March 2013 until the court hearing the main action has issued its decision, and (iii) oblige the Port Authority to invoice and collect the full tonnage dues and pay them into a blocked account until the court hearing the main action has issued its decision. The Commercial Court declared itself non-competent on 1 July 2013, and the Katoen Natie claim was thus rejected. Katoen Natie appealed against this decision on 10 July 2013, pleading for the aforementioned decision to be quashed and for the original claim to be declared admissible and founded.

Katoen Natie and Seaport Terminals petitioned the Council of State on 27/05/2013 to quash the decision by the Board of Directors of 26 March 2013; a decision is still pending.

Further, Antwerp Port Authority intervened voluntarily in the case brought by the Katoen Natie group before the Council of State against the appeal proceed-ings in the matter of open governance and the re-use of government informa-tion in a decision taken by the Court of Appeal; this decision concerned the partial non-admissibility / partial unfoundedness of the request by Katoen Na-tie to Antwerp Port Authority to provide it (Katoen Natie) with the full minutes of all board meetings over the past five years.

Requests for information were also received in 2013 from the Federal Govern-ment Department of the Economy (Competition) on tonnage dues being charged or not. The Port Authority responded to these requests, and so far no decisions or policies on the part of the Competition authorities are known.

Two concession holders have respectively lodged a protest and reservations in respect of the invoices for tonnage dues that were issued in implementation of the decision of the Board of Directors of 26 March 2013, in respect of amounts totalling 14.7 million euros. Of this total, 10.7 million euros has actually been paid, albeit under certain reservations. Based on a legal examination of the available information in the case, the Board of Directors considers that weighty legal arguments can be brought against the protest/reservations, and so has


decided not to make any provision. Based on the normal application of the Accounting Principles laid down by the Board of Directors (see item 2.4 of the summary of the Accounting Principles), the required automatic write-down of 20% has been applied in the 2013 Income Statement on the as-yet unpaid claim of 4 million euros (excl. VAT). The Port Authority brought an action on 2 July 2013 before the competent commercial court to obtain payment of this bill.

Antwerp Port Authority had a claim brought against it by a concession holder for forced closure of a concession in 2012 due to safety reasons. Antwerp Port Authority and the City of Antwerp were summoned by the concession holder in a writ dated 9 December 2013 to pay an amount of 30 million euros plus interest as of the date of termination of the conditions or substantial change in its conditions; this amount may be changed in the course of the case. The con-cession holder further demanded that at the least a college of experts should be appointed beforehand to estimate the damage suffered by the concession holder as a result of the termination of the concession or substantial change in its conditions, including both the loss suffered and the loss of profits. This claim is contested on its grounds by the Port Authority. Waterwegen & Zeekanaal NV will also be summonsed because it awarded the Scheldt quays in concession to the City of Antwerp and to Antwerp Port Authority. Based on a legal examination of the available information in the case, the Board of Direc-tors considers that the claim by the concession holder can have weighty legal arguments brought against it, or can at least be seriously limited, and so has decided not to make any provision.

The Total site was affected by a landslip on 5 July 2013, allegedly due to earthmoving work being done by a contractor on behalf of Waterwegen & Zeekanaal NV. However, the landslip could well have happened due to a large quantity of earth being dumped in the immediate vicinity of an underground pipeline managed and owned by the Port Authority. In any case, dangerous and/or flammable substances and gases began leaking from various pipes, and so the general phase of the Disaster Plan was declared due to the danger to nearby plant and personnel, road users on the Scheldelaan boulevard and ship-ping on the Scheldt and in the docks. Shipping had to be stopped for a while. There are indications that certain companies will lodge claims for damages against the parties that they consider to be responsible. However, no actual claims have yet been received by Antwerp Port Authority. If the Port Authority is held to be liable, then it in turn will claim against other parties.

As regards the environmental risks associated with the Fort Filip site, new soil analyses led in 2013 to additional provision of 20.2 million euros being set aside, based on the BATNEEC principle (Best Available Technology Not Entailing Exces-sive Cost); this brings the total provision so far to 29.3 million euros. However, other, more expensive clean-up scenarios cannot be excluded. As already ex-plained in previous Annual Reports, Antwerp Port Authority considers that other parties are also liable for these environmental risks, in particular the pollution of the ponds for which the clean-up costs are currently estimated at 15.4 million euros.

Antwerp Port Authority notified General Motors in a deed served by court

bailiff on 16 July 2013 that it exercised the option to purchase the Opel site at the price set in the definitive report by the college of experts on 26 June 2013. The Port Authority therefore considers itself to be the rightful owner of this site, and so has included it in its accounts under the heading Material fixed as-sets, land and buildings at the value set in the report by the college of experts,


namely 43.6 million euros. This amount, which still has to be paid to the previ-ous owner, is included under the heading Trade debts payable within 1 year. In a plea entered on 25 July 2013, General Motors asked the Antwerp court of first instance to suspend the experts' report of 26 June 2013, at least until such time as a court decision can be obtained forbidding the Port Authority to use the reports valuation in exercising its option right, and subordinately for a new college of experts to be appointed with the same remit as granted in the court decision of 28 June 2012. Antwerp Port Authority for its part summonsed General Motors in a writ dated 27 September 2013 to be ordered, on pain of a penalty of 100,000.00 per day of delay, to:

Hand over the Opel site to Antwerp Port Authority, free, unencumbered and in compliance with the soil clean-up obligations imposed on General Motors;

Hand over the following to Antwerp Port Authority: all keys, including any access codes; all plans of buildings and structures on the site; all permits, agreements, guarantee statements etc. concerning the grounds,

buildings, structures and activities carried out there, including agreements granting rights to third parties for personal or business use, insurance policies and agreements concerning utilities and site security.

Further, Antwerp Port Authority demanded that General Motors should be ordered to pay:

Compensation for loss of use, set at a specific amount per day as of 16 July 2013 until the date of full compliance with the hand-over obligations;

The court costs, including legal proceedings.

Antwerp, 10 March 2014For the Board of Directors

Eddy Bruyninckx Marc Van PeelCEO Chairman of the Board of Directors

COLOPHON Responsible editor Tine Vandendriessche Design Catapult, Antwerpen March 2014

Port Authority

Documents

Antwerp Raport 2013