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BAVA 23 juni 2014

Goedkeuring aankoop 78%belang in ATIC Services SAen verkoop 50,1% belang inOVET Holding B.V.

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ONDERWERPEN

Overzicht belangrijkeoperaties

Focus op Polen MTMG

Focus op Fos sur Mer Sosersid

Binnenvaart CNFR

Organigramme du Groupe ATIC Services UPDATE 05/03/2014

MTMGMANUFRANCEAS FinanceSTMC6 CFNRSOSERSIDASA SCI

SOMARSIDCEMPOVET HoldingEMO

OBA GroupOVET BVOVET ShippingOVET Screening

CITA Logistics

STEM

STE

CFNR Lux

DHUG

SOMEF

DESCHIETER

PROVAART

Brussel Shipping

NAVIS

SMET

CFNR Innovation

CFND

TFMN

RHEDA 2

NANCY Port

CFND Ports

CFND Services

CFND Logistics

BC Projects Log.

RHEA

ASTRAKHAN

AMESHA

JOSHUA

GERJEAN

NAVIS Transports

ATIC Services SA

Sous filiales CFNR

Filiales CFNR

Filiales STE

Filiales SOSERSID

Filiales ASA

Filiales OVET Holding

Filiales Manufrance

Filiales ATIC Services

40 % 99,9 %97,06% 100 % 100 % 100 % 94,97 % 80 %

100 %

50 %

50 %

50 %

50 %

100 %

100 %

70 %

99 ,94%

20 %

50 %

100 %40 %

50 %

100 %

64 %

50 %

75 %

33 %

100 %

100 %

100 %

100 %

100 %

40 %100 %100 % 40 %66,6 %26 %

50 %100 %75 %67,5 %

ARCELORMITTAL France 2,94%EDF Trading Logistics 60%

SNV 43%HES 31% HES Beheer 33,33 %

AM MEDITERRANEE 60%

OXBOW COAL BV 32, 5%

BMA Cargadoors 25%

HES Beheer 50%

Port Autonome de Strasbourg 3,08 % PATIN SA 20%

COGEMA 30% BARRA SNM 30%

ARCELORMITTAL Belgium 29,9 %VULCAIN Holding 0,1 %

ATIC Services SA 0,06%

IMPERIAL Mobility International 55%DE JONG Holding Group B.V. 25%

DUFERCO 50%

STF

15,9 %

50 %

50 %

100 %

OBA

100 %

CFNR 0,01%

EKOM

26 %

THSU 43%HES 31%

ATIC Services SA 36%

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29 april : overeenkomst getekend met Arcelor Mittal over de aankoop doorHES van 77,8% ATIC services (en 3% Manufrance) voor € 155.400.000.

29 april : overeenkomst getekend met Oxbow Coal BV over de verkoop door

HES van 50,1% van de aandelen OVET Holding voor € 65.200.000.

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EMO / EKOM van 36,6% naar 57,0%OVET van 47,7% naar 49,9%

OBA van 73,8% naar 74,9%

MTMG (Polen)

MANUFRANCE (binnenvaart, terminals en boten)

Belangen in zeehavens : SOSERSID, SOMARSID, (Fos, Marseille) Duinkerken, Le Havre

Rotterdam

Amsterdam

Mapping of operations

+ Operations in USA and Australia

Paris

Vlissingen

Amsterdam

Terneuzen

Strasbourg

Beocin

Fos sur mer

Rotterdam

Gdynia

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MTMG is an operator of the bulk terminal in the port of Gdynia, Poland, and is a relevant alternative to Gdansk nearby, in the Baltic Sea

● 4 Mt of bulk handled yearly at Gdynia● MTMG operates bulk terminal in Gdynia and renders the services of

reloading, warehousing, big-bagging and sorting all kinds of bulk cargoes in port

● Terminal is composed of 5 different quays● MTMG disposes of 1 657 m of quays with maximum draft of 13,5 m and an

open storage area of 74.348 m2● Equipment: 17 grab-hook cranes of the lifting capacities of 8, 10, 16 & 25 t,

2 self - propelled grab - hook cranes of the lifting capacity of 24 t, post for handling liquid chemicals, stationary pneumatic-mechanical conveyor, covered device for grain reloading with the electronic container scales, hoppers, wheel loaders and other movable equipment

MTMG - Gdynia SOSERSID – Fos sur Mer

SOSERSID manages the ArcelorMittal private terminal in the port of Fos sur Mer on the French Mediterranean coast. 2.5Mt are handled yearly.

● Operations on two quays: steel quay (L: 410 m, max. draft : 11 m) and ore quay (L: 640 m, max. draft: 19,50 m).

● Sosersid operates the logistic activity of AM plant: discharge and handling on inbound raw materials (mainly core and ores), and handling / dispatching of AM products (mainly coils)

● In parallel, Sosersid operates handling of finished goods and heavy lift products for third part clients

● Equipment: 2 cranes (45 t at 18 m), 1 crane (240 t at 14 m), 4 loaders, 8 elevators, 1 reachstacker, 2 power shovels

Focus on MTMG and Sosersid will follow9

STMC6 – Le Havre

STMC6 is the future operator of the coal terminal in the port of Le Havre• STMC6 is a joint venture company between ATIC Services and EDF

Trading• The terminal handles coal destined to power plants of its major client

EDF Trading• Accessible 300m long vessels and 180 000t capacity• Draft of 20m depth• 3 open storage areas for coal : West – capacity of 200,000t; East –

capacity of 35,000 MT; both of them equipped with reclaimers and Parc 2 – capacity of 280,000t

• Equipment: 2 gantry cranes with a capacity of 30,000t/day

• Not controlled by ATIC Services (40% share)

STE is a terminal operator in Dunkirk public port, specialized in steel products • STE terminal is located on the North Sea in Dunkirk. This terminal is

involved in the handling of the ArcelorMittal and Dillinger Hütte (GTS) products going from Dunkirk, such as slab, coils, flat products.

• The quay is 640 m long with a maximum draft of 11,60 m. • The 130 000 m2 terminal has a 50 000 m2 outside storage area and 5

200 m2 covered storage area. It is equipped for coasters and inland waterways vessels.

• Equipment: 2 cranes (32 t and 40 t), bridge for coasters and river boats and mobile equipment : 3 stackers, 2 locotractors, 3 tugs/eight 80 t trailers, 4 elevators (30 t and 16 t).

• Not controlled by ATIC Services (40% share)

STE – Dunkirk

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Maritime Bulk Terminal Gdynia ltd

FOCUS ON MTMG

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The terminal is located at the main entrance to the Port of Gdynia.

Products Handled

CoalCoke

Ores

Cereals

Feedstuffs – Soyabean

mealBiomassMinerals

Aggregates

Liquid Bulk 1

Crude Oil & its derivatives

1. Including chemicals of the 3rd, 6th, 8th and 9th classes according to the IMDG code

MTMG handles mainly dry bulk and liquid bulks

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Main figures

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FOCUS ON SOSERSID

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• Terminal operations, Vessel operations

• Transferring

• L/S/D under IMO CODE

• WAREHOUSING

• Logistic solutions (especially for oversize cargos):

• Inland transport (road transport/river transport) in France/Europe

Specialist for steel products, heavy lift, project cargo & drybulk cargo

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• SOSERSID is connected by sea, river and railways

• Connect to the economic centres of the Rhone/Saone axix

• Reach all the main European capitals in 24h by river & rail ways

Sosersid is located in the exceptional geographic area Fos-sur-mer, in South of France, on the French Mediterranean coast

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Overview of operations

Quay Gloria

Darse III

Steel quay

RORO rampe

Ore quay

Steel quay

Focus on Steel quay : handling of outbound steel products for AM and projects cargo for third part clients

Technical characteristics

Length 410m

Draft 11.5m

Volumes 220,000 tons of steel /month

Vsl handled

Vessels, barges, river boats

Equipment

• 1 lattice crane DEMAG 1800CC with capacity up to 240T and 14m outreach

• 2 shore cranes with capacity up to 50T and 32M outreach

• Heavy lift tackles• Spreaders• slings for heavy lift• loaders, elevators, power

shovels, trailers

Storage surface

• 15 000m2

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Mapping of operations

Ghlin

Inland port + freight forwardingInland portFreight forwarding

Lille

+ operations in Danube basin

Freight forwarding• CFNR freight forwarding organizes shipments for companies to get

goods from the manufacturer or producer to a final point of distribution

• The services include picking up, handling, storage, warehousing, stock management, delivery

• Freight forwarding is strongly connected to inland ports• 47 FTE are dedicated to this activity (of which 1 in Danube)• Freight forwarding is operated by almost all CFNR agencies, CFND,

Deschieter, Somef and TFMN

Inland ports• CFNR operates in 9 inland ports terminals • CFNR operates in 3 main geographical areas : Moselle-Saar, Belgium,

Danube• CFNR handles mainly dry bulk : coal, ore, cement, but also coils, and

finished goods (heavy lift products)• CFNR tends to growing diversification of products, namely cereals• 77 people are dedicated to this activity (of which 14 in Danube)• Inland ports are operated by CFNR subsidiaries mainly (Deschieter,

Somef, CFND, Nancy Port, DHUG, SMET, NAVIS), and Thionville (CFNR SA)

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CFNR SA – Thionville-Uckange DHUG- Saarlouis DilingenSOMEF - Liège DESCHIETER - Ghlin

• Trimodal terminal• 2 external quay and one covered

dock• 32 FTE in handling

• Equipment adapted to containers and bulk handling

• 1 reachstaker for containers, 3 cranes

• 7 FTE in handling

• Equipment adapted for the service provided to steel and coal industry

• 4 portal cranes from 5 to 35 t• 15 FTE in handling

• Investments in modern equipment• Omnidirectional crane (35 t) for

big tonnages• 6 FTE in handling

CFNR handling activity is sustainable due to long term operative rights

Example of operations inland ports

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2041 ….

CFNR - Thionville Uckange

1st phase CFND - Beocin 2nd phaseNANCY PORT - Toul Valcourt

NAVIS - BâleDESCHIETER - Ghlin

SMET - Brussels, plot 2Nancy Port - Frouart

infinite

SOMEF - LiègeSMET - Brussels, (plot 1, 7780m2)

Dillingen

SCI - Karlsruhe 2

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• CFNR, as fleet owner, has significantly invested over the past few years. Business model has been transferred from push boats and barges to self propelled convoys which are the most effective technology package for long haul river transportation

• Amesha, Astrakhan, Ger-Jan and Joshua Lany are vessels equipped with the most recent technologies for inland waterways with self propelled and pushing barges (Koppelverband)

• Enable transport of bulk or containers – flexible usage according to market demand

• Amesha and Ger-Jan work 100% for ArcelorMittal supply and are under contract (till July 2014) – These contracts will not be renewed, which leads to a significant decrease of the vessels value

• Astrakhan and Joshua Lany work on spot market• Somef fleet is dedicated to ArcelorMittal and is consistent with the

inland ports activity• Deschieter fleet was mainly dedicated to the client CBR, which has

been lost in 2012• 72 people are dedicated to own fleet (of which 12 on Danube)• Own fleet concerns CFNR SA, CFNR Lux, RHEA, Somef, Deschieter,

CFND

Own fleet – strategic interest for shareholders in discussions

KVs

Breakdown of own fleet and FTE by subsidiary

CFNR Lux RHEA SOMEF DESCHIETER

Own fleetKV 2 X 0,5 4 X 0,5 - -Push boats - - 3 -Barges - - 9 -Self propelled convoys - - - 4

Dedicated employeesFTE 5 104130 4

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2012 scope of activities

• Freight forwarding• Containers• Barging• Hydro• Inland ports• Fleet• Danube

Current scope

• Freight forwarding• Inland ports• Danube• Fleet

Target scope

• Freight forwarding• Inland ports• Danube• Project logistics

CFNR Group is actually in strategic transition : It is currently finishing the restructuring part of the turnaround plan

2012 : (6.2M€) 2013 actual : (13.9M€)2014 budget : (0.2M€) 2015 budget : 0.6M€ Net result

Historically, CFNR has offered a large scale of services in the domain of inland waterway logistics : Transportation, freight forwarding, containers, handling, barging

• CFNR had the particularity of being the “unique French fleet on the Rhine”• It has a built a significant fleet over the years. It has been a pioneer in transportation, first by introducing pushing of barges instead of pulling on the

Rhine, and more recently by transferring from push boats and barges to self-propelled convoys on long haul destinations (upper Rhine /French Moselle/Saare)

In 2012/2013, CFNR management has implemented a restructuration plan and a strategic reorientation : from a assets company, CFNR has become a service provider

• It is today focusing on 3 core businesses : Freight forwarding, Inland ports, International operations• Restructuring of the Own fleet activity is still in progress: decision to divest this activity has been taken

CFNR has incurred high losses in 2012 and

2013 to divest or close some activities and to reduce “non values”

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Including 16.6% of OVET BV

Including 66.7% of OVET BV

Consolidated P&L ATIC Services Group and new scope proforma P&L

ATIC Services Group - Consolidated P&L - IFRS New ATIC Services Group scope

In '000 €Actuals

2012Actuals

2013Variation

13 vs 12 In '000 €Actuals

2013

Revenue 258 085 204 067 (54 018) Revenue 176 225

Operating costs (249 991) (208 030) 41 961 Operating costs (181 608)

Operating income 8 094 (3 963) (12 057) Operating income (5 382)

EBITDA 16 295 8 341 (7 954) EBITDA 3 826

Financial result (1 580) (151) 1 429 Financial result (136)

Profit before taxes 6 514 (4 114) (10 628) Profit before taxes (5 518)

Income tax (4 933) (2 048) 2 885 Income tax (1 201)

Net result from integrated entities 1 581 (6 162) (7 743) Net result from integrated entities (6 719)

Equity consolidated companies 10 889 13 564 2 675 Equity consolidated companies 8 712

Net result before minority interests 12 470 7 402 (5 068) Net result before minority interests 1 994

Minority interests (4 297) (2 542) 1 755 Minority interests 222

Group net result 8 173 4 860 (3 313) Group net result "new scope" 2 216 Of which 9 845k€ recurring

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ATIC Services Group - Balance Sheet - IRFS Assets 31/12/2012 31/12/2013 Liabilities 31/12/2012 31/12/2013in '000 €     Goodwill 10,314 10,314 Subscribed capital 13,611 13,611Intangible assets 125 301 Share premium 3,068 3,068Tangible assets 87,848 73,378 Reserves 161,316 159,230Financial assets 3,475 3,911 Treasury stock - -Equity consolidated shares 99,944 103,431 Translation adjustments 1,197 1,262Deferred tax assets 4,197 4,635 Net result 8,173 4,860 Fixed assets 205,903 195,970 Equity share - Group part 187,365 182,031

% total fixed assets 70% 71% Minority share 22,417 20,736 Totaal equity 209,782 202,767 % total equity 72% 73% Contingencies and provision 15,599 14,711 Employee benefits 7,421 6,899 Deferred taks 4,865 5,301Inventories and work in progress 4,005 2,453 Trade accounts receivables 31,979 31,721 Financial debt 19,472 13,998Other receivables 31,933 35,089 Trade payables 21,302 19,661Cash & cash equivalents 18,595 11,630 Other debts 13,974 13,526Current assets 86,512 80,893 Debts 82,633 74,096

% current assets 30% 29% % total liablities 28% 27%Total assets 292,415 276,863 Total liabilities 292,415 276,863

Including Including66.7% of 66.7% ofOVET BV OVET BV

Consolidated Balance sheet and balance sheet proforma new scope

New ATIC Services Group scope - balace sheet proforma

Assets 31/12/2013 Liabilities 31/12/2013in '000 €  

Goodwill & intangible assets 10,615 Equity share - Group part 151,460Financial assets 89,158 Minority share 3,467Tangible assets 43,844 Total equity 154,927Deferred tax assets 4,440 Fixed assets 148,057 Provisions 18,443

Financial debt long term 11,807  Trade payables 18,525

Receivables 59,627 Other liabilities 14,355Cash & cash equivalents 10,373 Debts 63,130Current assets 70,000

  Total assets 218,057 Total liabilities 218,057

Including Including16.6% of 16.6% ofOVET BV OVET BV

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Financials per entity

K€Actual

2013 Actual

201213 vs 12

OVET Group (excl OBA) 561 4 529 (3 968)OBA 3 741 3 378 363EMO/EKOM 7 559 5 599 1 960MTMG 2 570 1 615 955CEMP 292 878 (586)SOSERSID (incl STE) 723 633 90STE - (186) 186SOMARSID 59 62 (3)Manufrance BV 619 157 462

Sea port handling 16 124 16 664 (540)

CFNR Group¹ (12 047) (6 138) (5 909)Inland waterways logistics (12 047) (6 138) (5 909)

ASA / CITA 150 55 95Seaborne logistics 150 55 95

SCI 275 813 (538)ATIC Services (Holding) (2 274) (3 747) 1 473ATIC Services Finance 380 128 252BBCT - (93) 93IAS 19² 2 250 491 1 759

Other activities 632 (2 408) 3 040

Group net result 4 859 8 173 (3 314)

ATIC Services Group - Contribution to Group Net Result (IFRS)

K€

Budget 2014

Actual 2013

Actual 2012

12m 12m 12mOVET Group (excl OBA) 30 245 27 842 34 128MTMG 15 420 15 713 13 689CEMP 1 247 1 247 1 247SOSERSID (incl STE) 30 129 25 950 16 030Manufrance BV - 30 -

Sea port handling 77 041 70 782 65 094

SOMEF 18 371 16 599 22 693DESCHIETER 4 142 3 365 5 284CFNR SA + LUX 67 969 67 859 85 907RHEDA 2 - 4 947RHEA 2 430 2 292 2 197CFND 6 088 3 366 3 517DHUG 7 000 7 455 6 807NAVIS - 1 249 2 225

CFNR Group 106 001 102 189 129 576Inland waterways logistics 106 001 102 189 129 576

AS - Logistique Maritime 450 327 353ASA / CITA 1 556 1 384 1 234

Seaborne logistics 2 006 1 711 1 588

SCI 36 300 29 375 31 430BBCT - - 28 157

Other activities 36 300 29 375 59 587

Group Revenue 221 348 204 057 255 845

ATIC Services Group - Contribution to Group Revenue

IFRS

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Poland as a major player on coal market

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Aannames en opmerkingen

• De balans van HES is gebaseerd op de wijziging per 1 januari 2014 van IFRS 11, waardoor OBA en RBT niet langer worden geconsolideerd.

• De geconsolideerde balans van ATIC is gelijk aan de balans in de door de accountant van ATIC gecontroleerde jaarrekening van ATIC per 31 december 2013. Wijzigingen in de ATIC-groep na 31 december 2013 zijn niet in deze balans verwerkt, met uitzondering van de verkoop van OVET Holding (50,1%) en de koop van Manufrance (2,26%).

• De consequenties van de verkoop van OVET Holding op de balans van ATIC zijn berekend door het management van ATIC en niet gecontroleerd door HES. Onjuistheden in deze berekening kunnen invloed hebben op de balans van HES (nieuw).

• De transacties koop 78% ATIC, koop 2,5% Manufrance en ‘’verkoop 50,1% OVET holding’’ worden als 1 samengestelde transactie beschouwd.

• Er heeft nog geen purchase price allocation (PPA) plaatsgevonden. Dit kan grote wijzigingen in balanswaardering en resultaatbepaling tot gevolg hebben. De verschillen tussen de boekwaarde en koop-/verkoopprijs zijn verantwoord als goodwill. Ook de opwaardering van het reeds door HES gehouden aandeel van 22,2% is als goodwill verwerkt.

• De koop- en verkoopprijs zijn afhankelijk van verschillende factoren. Wij hebben de prijzen gebruikt zoals berekend op 18 juni 2014.

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Proforma balans HES Beheer vóór de aankoop van ATIC

Activa 31/12/2013 Eigen vermogen en verplichtingen 31/12/2013 in '000 €     Goodwill 15.574 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa 121.614 Reserves 84.807

Financiële vaste activa 325   Geassocieerde deelnemingen 102.985 Reserve koersverschillen -982 Latente belastingvordering 0 Onverdeeld resultaat 24.300

Vaste activa 240.559Eigen vermogen – aandeel van de groep 143.424

% totaal vaste activa 94% Minderheidsbelang derden - Totaal eigen vermogen 143.424 % totaal eigen vermogen 56% Overige voorzieningen 2.929 Voorziening personeelsbeloning 5.640 Latente belastingverplichting 140

Voorraden 291 Handelsdebiteuren 8.574 Schulden aan kredietinstellingen 83.097 Overige vorderingen 3.351 Schulden aan leveranciers 9.154 Liquide middelen 4.279 Overige schulden 12.670 Vlottende activa 16.495 Verplichtingen 113.630

% totaal vlottende activa 6% % totaal verplichtingen 44%

Totaal activa 257.054 Totaal eigen vermogen en verplichtingen 257.054

Inclusief Inclusief22,2% 22,2%ATIC ATIC

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Proforma balans HES Beheer na aankoop van ATIC

Activa 31/12/2013 Eigen vermogen en verplichtingen 31/12/2013 in '000 €     Saldo Goodwill en badwill -1.328 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa 165.458 Reserves 84.807

Financiële vaste activa 3.534   Geassocieerde deelnemingen 157.139 Reserve koersverschillen -982 Latente belastingvordering 4.440 Onverdeeld resultaat 24.300 Vaste activa 329.304 Eigen vermogen- aandeel van de groep 143.424

% totaal vaste activa 80% Minderheidsbelang derden 3.467 Totaal eigen vermogen 146.891 % totaal eigen vermogen 36% Overige voorzieningen 11.732 Voorziening personeelsbeloning 11.740 Latente belastingverplichting 3.680

Voorraden 2.309 Handelsdebiteuren 35.282 Schulden aan kredietinstellingen 182.904 Overige vorderingen 34.252 Schulden aan leveranciers 27.679 Liquide middelen 10.503 Overige schulden 27.024 Vlottende activa 82.346 Verplichtingen 237.607

% totaal vlottende activa 20% % totaal verplichtingen 64% Totaal activa 411.650 Totaal eigen vermogen en verplichtingen 411.650

Inclusief Inclusief100% 100%ATIC ATIC