annual report 2015 - port of antwerp...antwerp port authority annual report 2015 4 2015, an...

Port Authority

Annual Report 2015

2Antwerp Port Authority — Annual Report 2015 2

Introduction and contents

In this Annual Report we not only give you a comprehensive summary of the main achievements but also seek to give an impression of the way in which the Port Authority has fulfilled its mission in 2015, based on some of the significant developments, results and events during the year. We have fulfilled this mission in collaboration with the Antwerp port community, on behalf of the port, the city and the region. All the initiatives and tasks which we as the Port Authority took upon ourselves and all the strategic choices that we made are in line with the 2014-2018 Business Plan and have one objective, namely to strengthen the position of our port and to create added value.

The report concludes with a number of tables that situate the port of Antwerp in the Hamburg-Le Havre range and elsewhere in the world, followed by a brief financial summary.

Foreword by the Chairman and the CEO: 4

2015, an excellent year

1

2


3

The Port Authority works 18

with and for the port Companies

Nautical operation 18

Intermodal connections 22

IT and trade facilitation 28

Creating synergy on the platform 31

Efficient use of space and flexible concession policy 32

Top-of-mind in the world 34

The Port Authority 38

promotes social value

Future-oriented, sustainable growth 38

In balance with the environment 41

Fostering talent 48

A port of and for people 50

4

5


2015, an excellent year

A n excellent year, 2015 certainly was. The 200 million-tonne mark was passed with a good margin, and the container volume too set a new record of more than 9.6 million TEU. From the beginning of 2015

onward the volume of container freight from Asia in particular grew strongly, with our port performing significantly better than its direct competitors in North-West Europe.

And yet the shadow of the financial crisis continued to hang over world trade in 2015. The growth economies were not always able to keep up their momentum, geopolitical tensions dampened the new-found optimism, rationalisation was further pursued in the shipping industry and prices remained under pressure. Which makes the result in 2015 even more remarkable.

At the same time it is a warning for us to keep up the hard work and to maintain the strong cohesion within the port of Antwerp. It is clear that the prospects for world trade in the medium term are not uniformly positive. All the more reason for the Port Authority to keep investing and to work further towards strengthening the port's position.

The move by our largest container customer from the Delwaide dock to the Deurganck dock has given a strong boost to container operations on the Left bank of the Scheldt, so that the saturation point will probably be reached by 2020-2021. The development of the Saeftinghe dock is therefore essential to maintain our position as a leading port, and so priority will be given to this project.

Antwerp still has some unique strategic sites with space to invest, such as the Churchill Industrial Zone and the Delwaide dock. These will be put on the market with the aim of attracting value-added activities. A one-stop-shop has been set up to assist potential investors and actively support them in their search for interesting projects.

The port of Antwerp has a very good reputation when it comes to security. Raising the level of security and safety is a constant concern for all stakeholders in the port and is an area in which we as Port Authority play a coordinating role. In the current national and international context this remains a priority point for attention.

The same applies to nautical access and mobility. The opening of the new Kieldrecht lock on the Left bank is a major contribution towards greater accessibility for our port. But road, rail and barge transport are also high on the agenda. Mobility in and around the port remains an important point for attention for which the Port Authority has set up special workgroups and management, in collaboration with the port community. The business efforts focus on a number of priority regions and freight flows.

5Havenbedrijf Antwerpen — Jaarverslag 2015

Finally we in the Port Authority are looking forward to moving into our new Port House in September. In this new, iconic building designed by the world-renowned architect Zaha Hadid, now sadly deceased, we will work further with passion to secure a sustainable future for the port of Antwerp. This splendid, sustainable building with its panoramic views is already a source of inspiration.

Marc Van Peel Eddy Bruyninckx Chairman, Port Alderman CEO

2015, a record year in more than one way

1

Port Authority

7Antwerp Port Authority — Annual Report 2015

For the first time in its history the port of Antwerp passed the

200 million-tonne mark for the volume of freight handled. The number of containers too also produced a record figure: more than 9.6 million TEU. With these results the port performed significantly better than the European N° 1 (Rotterdam) and N° 3 (Hamburg).

Favourite with the alliancesThe container segment experienced particularly strong growth, both in number of containers and in tonnes: the 9,653,511 TEU represents growth of 7.5% and the 113,294,675 tonnes growth of 4.6%. The rise is due to among other things the increase in volumes of container freight from Asia. The four existing alliances continued to give Antwerp a favoured position in their rotations to and from the Far East. This resulted in significant expansion of container handling in the Deurganck dock, despite the move by MSC from the Right to the Left bank of the Scheldt.

Favourite with the megacarriersIn 2015 a total of 14,417 seagoing ships called at the port of Antwerp, 2.9% more than in 2014. The gross tonnage for its part rose by 9.7% to 367,709,003 GT.Furthermore our port received calls in 2015 by no fewer than 369 ULCS (ultra-large container ships of more than 10,000 TEU), 103 more than in 2014. There was also spectacular growth in the number of ships with a capacity of 13,000 TEU or more, from 82 such behemoths in 2014 to 319 in 2015. The call by the MSC Zoe was particularly illustrative: with a capacity of 19,224 TEU it is the largest container carrier so far to have visited the port of Antwerp. But the honour of being the longest ship belongs to the Magleby

208.420.432 TONOF FREIGHT HANDLED, AN INCREASE OF 4.7%

10.005.412 TONOF CONVENTIONAL BREAKBULK,

AN INCREASE OF 1.2%

113.294.675 TONOF CONTAINERS,

AN INCREASE OF 4.6%

13.796.141 TONOF DRY BULK,

AN INCREASE OF 2.1%

66.680.777 TONOF LIQUID BULK,`

AN INCREASE OF 6.1%


Maersk, with an LOA of 399 metres. The Eleonora Maersk for its part was the ship with the deepest draught, at 16.65 metres. In other words 2015 was the year in which the port of Antwerp demonstrated convincingly that it is accessible to all ships.

Favourite with the petrochemical sectorIn 2015 the port of Antwerp also demonstrated its advantages as the largest integrated petrochemical cluster in Europe. The volume of liquid bulk increased by 6.1% to 66,668,371 tonnes, the volume of chemicals by no less than 18.2% to 13,442,950 tonnes and oil derivatives by 4% to 47,904,167 tonnes.Total, ExxonMobile and Evonik carried out their previously-announced investments, and the new capital spending commitments by Inovyn and Nippon Shokubai once more confirmed the position of the port of Antwerp in the worldwide petrochemical supply chain.

Antwerp, a stronger position in the call route to and from the Far East. Strong position in the worldwide petrochemical supply chain.

Port of Antwerp, a leading position

in the European port landscape

in 2015

2

A world port and its macro-economic context

Port Authority


T he figures speak for themselves: last year was an excellent year for the port of Antwerp. The growth in the container

segment – up 7.5% in TEU and 4.6% in tonnage – is particularly significant in a European landscape that was mainly characterised by stagnation and/or declining figures for containers.

World trade was particularly capricious last year, to the extent that by mid-year the World Trade Organisation was unexpectedly forced to revise its forecasts downwards for 2015 and 2016. The unease on the financial markets, the uncertainty about US interest rates, the further contraction in industrial activity in the developing economies and the costs of dealing with the unexpected migration crisis were all quoted as reasons. The lowered forecast eventually proved true, although there were significant differences between countries and regions.

Belgium has experienced strong growth in exports.


Differences and emphasesGrowth in Asia slowed down mainly because Chinese demand for commodities declined. The shift in the Chinese economy also made itself felt, with the country now undergoing the transition from a manufacturing-based economy to one based more on consumption and services. And yet even here the regional differences were not uniform. In Latin America it was mainly Brazil that led the regional figures, with the country reeling from the financial crisis.Whereas Europe mainly had to fight against stagnation in previous years, the Old World economy started to pull ahead in the second quarter of 2015 with growth of 2.7%. The US for its part experienced growth of 2.1% in trade, Asia and Latin America only saw small increases while the other regions were mainly faced with shrinking economies. Belgium on the other hand enjoyed strong growth in exports during 2015.The World Trade Organisation was not the only one to send out warnings in 2015; the IMF has long been asking for structural reforms in order to create extra growth. In particular it condemned the barriers being erected by various countries. The "open-borders policy" which has held sway in recent years is coming under increasing pressure as a result of the geopolitical tensions, despite warnings from the IMF about the dire consequences for the world economy.As a result 2015 was characterised by low freight rates, falling commodity prices and lower freight volumes handled by ports. Against such a dismal background the port of Antwerp performed very well indeed.

Ports are significant barometers for the health of the world economy.


Expectations for 2016The IMF speaking through its leader Christine Lagarde sent a rather gloomy message for 2016. In her New Year address she described the prospects for world economic growth in 2016 as "disappointing and uneven, with deteriorating prospects in the medium term." According to her this uneven growth will mainly be due to higher interest rates in the US, the slowing economy in China, the financial systems that are still weak in many countries and the problems faced by the oil-producing countries. She sees the medium term as being not so rosy because of weak productivity, the ageing population and the consequences of the worldwide financial crisis, all of which are still holding back growth.For the Eurozone slight growth is expected in both 2016 and 2017. In Belgium the Federal Plan office expects a relatively favourable development in costs thanks to measures being taken to limit the costs of labour. The profile for Belgium is therefore seen as relatively stable, in line with the development of European growth.It is clear that international ports as hubs of world trade are an excellent barometer for the health of the world economy. When rationalisation measures by shipping companies and the instable freight prices are thrown into the equation, then 2016 can be yet another year of surprises.

3

Achievements of the 2014 – 2018 business plan

Port Authority


A s a Port Authority we take numerous initiatives to strengthen the position of our port as the second-largest in

Europe. This demands constant investment in a sustainable future. In 2015 we therefore concentrated on offering investment opportunities for existing and potential new customers, and providing them with the necessary support and advice. In the 2014-2018 Business Plan the mission of the Port Authority is described as follows:

“To ensure the greatest possible added value for the

port area entrusted to us, in a sustainable way. To this end,

Antwerp Port Authority fullfils active roles, both within the

port area and ouside it.”

http://www.sustainableportofantwerp.com/en/


SHIPSCARGOES

CONCESSIONSOTHER

ANTWERP PORT AUTHORITY WORKS WITH AND FOR COMPANIES TO

GENERATE VALUE

• Optimise operation of the supply chain

• Create synergy on the platform

• Achieve efficient use of space/facilities

• Become top-of-mind around the world

ANTWERP PORT AUTHORITY REINVESTS

VALUE

• Assign resources according to added value

• Monitor implementation of the Business Plan

• Bring internal operation into line with priorities

ANTWERP PORT AUTHORITY STIMULATES

ADDED VALUE:

• Make the platform sustainable

• Implement the Regional Land Use Plan

• Tackle subjects of social importance (mobility, port

labour, talent, energy)

• Create broad support

• Collaborate with the community and other ports

In the meantime the Business Plan has been running for two year. The Port Authority attained some of the most important objectives already in 2015. But there remains much work to be done. In this report we look at what has been achieved so far.

Strategic priorities for 2014 – 2018

Inauguration Kieldrecht lock,

10 June 2016


The Port Authority works with and for the port companies

Antwerp Port Authority pursues commercial and operational initiatives

aimed specifically at enabling port companies to be successful in the market and to generate added value. This covers four fields of operation:

Further optimising the supply chain operation, both on the seaward and landward side, including IT facilities and trade facilitation

Creating synergy on the platformMaking efficient use of space, with a flexible concession policyRemaining top-of-mind around the world.

Nautical operation

The port of Antwerp: optimum accessibilityAfter three years of preparatory work the Kieldrecht lock was nearing completion, an important step towards ensuring easy access for the port area on the Left bank of the Scheldt.

Kieldrecht lockIn April this year the new lock was filled with water, an operation that took seven days. One month later the four gigantic lock gates measuring 70 metres long, 11 metres wide and 27 metres high were delivered along with their bogies, two combined road/rail bridges and the caisson.The Kieldrecht lock is the largest in the world, with the same length and width as the other giant lock in Antwerp, the Berendrecht lock, but 4 metres deeper in order to cope with the greater draught of ships. Located at the head of the Deurganck dock on the Left bank of the river this massive structure forms the maritime connection between the Scheldt and the Waasland canal.The new lock also fits in with the ambition of the European Union to have a transnational, multimodal transport network by 2030, with the port of Antwerp acting as an important hub within this transport network.For customers of the port this new lock means shorter waiting times, faster routes and more streamlined hinterland transport.

Kieldrecht lock: biggest lock in the world

500METRES LONG

68METRES WIDE

17,80METRES DEEP

(BELOW THE LOCAL DATUM POINT)

The MSC Zoe, the giant that treads softly.


Giants in stocking solesThe permanent accessibility of the port of Antwerp is demonstrated (in 2015) by the calls of the MSC Zoe, the second-largest container carrier in the world, and the MS Hoëgh Target, the largest car carrier.The MSC Zoe has a capacity of 19,224 TEU and called at Antwerp as the first port of unlading from the Far East and the last port of lading on the return trip to Asia.The MS Hoëgh Target for its part, the first of six post-Panamax vessels operated by Hoëgh Autolines, has 71,400 m² of deck space and a capacity of 8,500 cars. It unloaded 900 cars from Asia in the Vrasene dock and on the return trip it took on 1,300 cars together with trucks and heavy rolling stock destined for South Africa, Australia and New Zealand.

New sounding boatThe Port Authority had a new sounding boat built to map the depth of water and the bottom condition in a more detailed, faster and efficient way. The vessel is used to monitor dredging work, reveal possible obstacles for shipping and to take samples of water and silt. The Port Authority carries out a sounding survey of the entire port and the commercial berths on the Scheldt twice per year in order to guarantee the necessary navigation depths in the river and in the tidal areas.


Antwerp: a secure portThe security of Antwerp as a port is demonstrated by the new Port Security Certificate that is valid until April 2020. This certificate is based on a favourable report on the Port Security Plan (PSP), issued by a team of security experts. The PSP comprises an inventory and a security analysis of all companies and facilities in the port area, in which various threat scenarios are drawn up and tested.

Global Notification ZoneIn a further development a new Global Notification Zone (GNZ) agreement ensures that Defence units are able to organise training exercises more quickly at specific locations within the port area. The presence of Defence forces affords a greater feeling of safety in the port and helps to deter security violations. The GNZ at present covers 27 company sites and 8 docks in the Antwerp port area.The first result of this agreement was the "Black Wolves II" security exercise carried out by army reservists, enabling them to keep their expertise in disaster management and Homeland Security up to the required level.

Security in the port, a top priority.

Optimum accessibility,

faster routes and more streamlined

hinterland transport


Intermodal connections

An essential and reliable link in the worldwide supply chain: that's what the port of Antwerp aspires to be. Achieving this requires not only a flexible nautical chain but also efficient connections with the hinterland. In 2015 the Port Authority made further efforts in this direction with new initiatives, smart IT applications and targeted communication. It offers efficiency gains for customers, permits new collaborative ventures and generates additional cargo.

Connectivity PlatformThe online tool that was introduced one year ago to inform Antwerp port users more efficiently about the different possibilities for transport to and from the port has now been extended and upgraded.

An interactive map enables users to find specific container terminals in the port on the basis of various criteria, and there is also a transparent overview of the European hinterland terminals and their operators.The new, user-friendly search function clearly reveals the range of deepsea and shortsea services to and from the port of Antwerp: number of connections, full list of agents and shipping companies, form of shipping, departure frequency etc.The empty depot function has also been extended with a list of pick-up and drop-off services, so that shippers and logistic service providers can discover where they may collect or deliver empty containers.

70INTERMODAL CONNECTION PROVIDERS

200SHIPPING

COMPANIES WITH OVERSEAS

CONNECTIONS

12SHIPPING

COMPANIES OF THE EMPTY DEPOT

NETWORK


Barge transportThe advantages of Antwerp for barge traffic are summarised and made known under the label of "Instream." This covers:

Nautical coordination: the Automatic Identification System (AIS) ensures efficient, transparent and secure barge transport, with optimised planning and utilisation of lock capacity.

Optimised container handling: the Barge Traffic System (BTS) enables operators to book time slots so that they can draw up a feasible and realistic operating schedule. The success of this advance booking system has not gone unnoticed by the Rhine ports. Rheinports, the multimodal logistics collaboration between the ports of Basel, Mulhouse and Weil-am-Rhein, has adopted the BTS advance booking system for container barges on the upper Rhine. It is anticipated that this Rheinports Information System will also be rolled out to other port clusters on the Rhine (Strasbourg, Karlsruhe and Ludwigshafen).

Consolidation of small volumes: a new project for efficient internal distribution within the port. HTS Intermodal and Transbox United are being supported by the Port Authority to consolidate small barge volumes spread over several seaport terminals in the port in order to reduce the number of barge calls and increase the average call size. This results in better utilisation of capacity for the barge operator, higher productivity for the terminal operator and fewer lock passages.

Barge transport: efficient and environment-friendly.


RailBoost for distributed transportIn summer 2015 Railport Antwerpen issued a call for tender for a rail operator to organise a neutral service for distributed transport in the Antwerp port area between the local rail fans in the port, port companies and the Antwerp North central marshalling yard. In this way Railport Antwerpen seeks to offer a more flexible service model for distributed rail transport so that port companies and the industry itself can assume more responsibility for collection and delivery of rail wagons on their sites.B-Logistics was selected for this pilot project in the spring of 2016. In the meantime Railport Antwerpen will develop the necessary traffic management, IT and tracking & tracing system in collaboration with this rail operator.

A reliable link for smooth hinterland transport.

A more flexible service model for

distributed freight transport


Intermodal concepts

DuisportThe Port Authority has raised its stake in the Duisport intermodal concept which operates the Antwerp-Duisburg rail shuttle to 40%. This now offers five connections per week and the transit time has been reduced to 8 hours. From Duisburg, the largest inland port in Europe, there are connections to large industrial areas in Germany and neighbouring countries (including Ludwigshaven, Vienna and Budapest), while the port of Antwerp for its part offers premier access to shipping destinations around the world.This collaboration between Antwerp and Duisport, which is due to run until the end of 2019, makes Duisport the first rail operator to offer a direct daily rail service from the Antwerp maritime terminals.

One Belt One RoadWith its "One Belt One Road" project China seeks to connect its leading industrial cities more effectively with trade centres elsewhere in Asia, the Middle East and Europe. Antwerp is poised to play a central role in the development of a new "Silk Road" between Europe, the Middle East and industrial cities in China and other countries in South-East Asia and the Indian Ocean region.The project includes a rail connection that follows the route of the classic Silk Road, with the port of Antwerp having been selected as an important node that can function as a hub to serve Africa.In order to play this role effectively, Antwerp Port Authority has signed a collaboration agreement with the China Development Bank and the Chengtong Holdings Group aimed at carrying out a survey to determine the best location in the port to set up a China-EU-Africa-International Trade & Logistics Hub Centre.

Premium Barge ServiceThe second loop of the Premium Barge Service became independent in 2015 and now offers a regular connection between the main deepsea container terminals in the port area on the Left bank of the Scheldt. The first loop calls regularly at the maritime terminals (between the Scheldt terminals and Delwaide dock on the Right bank and the Deurganck dock on the Left bank). This project has received a start-up subsidy from the Port Authority since 2014.

Between Antwerp and South-East NetherlandsThe Port Authority has also supported the start-up of a new barge service between Antwerp and South-East Netherlands. This collaboration between the Danser Group and BCTN provides a daily connection between Antwerp and Nijmegen and from there to Venray and Venlo. The support ran until July 2015 and the service is now being continued independently with sustainable barges powered by LNG.


Between Antwerp and ParisThe rail operator Naviland Cargo for its part received start-up support for a rail shuttle between Antwerp and Paris. This enabled the daily shuttle between Antwerp and Lyon to make a stop along the way in Paris, from where daily connections are available to the rail terminals in Cognac and Bordeaux.

Between Antwerp and Central and Eastern EuropeFinally the Port Authority issued a Request for Projects for a new and/or extended rail connection to Central and Eastern Europe, covering the Czech Republic, Austria and Poland. The new projects were announced at the beginning of this year.

Central Booking Platform The Port Authority has acquired a stake in the Central Booking Platform, a neutral service that enables the Flemish logistics operators to consolidate their consignments for transport by barge and rail. At the same time the platform should encourage the logistics operators to make greater use of barge and rail transport. The main aim of the platform is to consolidate the volumes of different logistics operators and so to offer the most suitable intermodal solution by making use of existing connections and service providers in the market. The Central Booking Platform has been up and running since April 2016.

Antwerp, an excellent basis for worldwide maritime destinations

Varna

BialystokMoscow

Madrid

Bucharest

Strasbourg

AthusKortrijk

Zeebrugge

MannheimFrankfurt a.M.

Duisburg

Neuss

Genoa

Bologna

Rome So�a

Athens

MilanVerona

Basel

LeipzigLovosice

SchwarzheidePoznan

ViennaSopron

Paris

Marseilles

Lyons

Barcelona

Hendaye

Antwerp

Germersheim

Munich


IT and trade facilitation

Information technology and smooth Customs procedures are important prerequisites for assuring an efficient flow of goods. For this purpose the port has set up the Antwerp Port Community System (APCS), an electronic communication platform to enable further digitisation of the port processes. The platform offers a wide range of applications for paperless transport administration, thus affording a transparent chain of transport for the various partners. In the meantime the port community's Trade Facilitation workgroup monitors the situation to ensure that the Customs inspection procedures do not stand in the way of facilitating the flow of trade.

Breakbulk application “Cubix”APCS has launched a new application under the name of “Cubix” for electronic tracking & tracing of breakbulk cargo. Within the application incoming and outgoing breakbulk consignments are given a single, unique reference that can be used by all the parties involved without the data having to be reproduced in subsequent phases. Furthermore the forwarder (and thus also the customer) enjoys full transparency of the transport process, with the status of the consignment being visible at all times.

Cubix, a new web application for electronic monitoring of breakbulk freight.

IT and efficient Customs processes

are essential preconditions


e-Desk upgradeThe free e-Desk web application that can be used by transporters to book containers and ro/ro consignments into a terminal has been given a makeover.E-Desk 2.5 offers even more transparency about the status of the consignment and the MRN documents. In the new version, for instance, users can check whether the Customs service has confirmed the export declaration. Companies can also subscribe to be informed about the arrival or departure of the consignment on the terminal and about the exit confirmation by Customs.Exit declarations and transit declarations for export can both be registered in e-Desk.

Trade facilitationIn consultation with the private sector the Port Authority has given shape to the new Customs policy plan in an ambitious document with 136 points for action to ensure a healthy balance between inspection and facilitation.For the rest 2015 was characterised above all by a reorganisation of the Customs administration within the federal government department of Finance, leading to a slowdown in current projects.Despite this the port community still has full confidence in the new Customer Management & Marketing Administration, one of whose core tasks is facilitation on behalf of companies. The aim of this department is to develop customer relations in a structured way, to improve partnerships with Customs, and to support companies with targeted communication in creating a possible partnership.This assistance will be offered to individual companies on a tailor-made basis and to groups of operators in a standard format.


Creating synergy on the platform

What makes the port of Antwerp unique is its combination of industry, freight handling and value-added activities. To further reinforce this platform the Port Authority has set up a Team Energy and Chemicals. This offers a one-stop-shop for potential investors and seeks to improve the conditions for them.The Oil & Chemicals unit acts as a single point of contact for companies in this sector, both for potential investors and for existing players. The department is supported by a steering group made up of representatives of the industry. In addition to the Port Authority these include large chemical and petrochemical operators and organisations such as BATO (Belgian Association of Tank storage Operators), essenscia (Belgian federation of the chemical industry and life sciences) and Flanders Investment & Trade (FIT).

Investment GuideLast year the Oil & Chemicals unit developed an Investment Guide in the form of a handy document for potential customers. This guide provides basic information about the possibilities and advantages offered by Antwerp and the wider region, with particular emphasis on the synergy between industry, logistics and maritime transhipment which together make the port an extremely efficient, world-class platform. Thanks to this proactive approach our port has been able to attract investments by large companies, thus confirming their confidence in the port and underlining its potential.For example, last year ExxonMobile announced an investment of more than one billion dollars in its Antwerp refinery, Lanxess put a new production plant for high-tech plastics into operation in Lillo, and Total brought its Optara project up to cruising speed with a new solvent deasphalting unit and a mild hydrocracking unit.

Antwerp, a strong platform for industry, freight handling and value-added activities.


Efficient use of space and flexible concession policyThe Port Authority constantly monitors the situation in the port so as to make the most efficient and sustainable use of the available space and concession areas. The Investment Policy unit plays a central role here, acting as the central point of contact for new and existing investors.

Real estate platformIn 2015 the Investment Policy unit developed an online Investment Guide with full details of all available areas and buildings within the port area. Now, potential investors seeking available locations in the port of Antwerp and brokers with commercial premises for sale or rent have a single, centralised platform where they can find one another:www.portofantwerp.com/nl/beschikbaar-vastgoed-port-antwerp

Churchill Industrial ZoneThe Request for Proposals for the Churchill Industrial Zone (the former General Motors site) was concluded in mid-January. Although many companies responded, none was able to submit a detailed, practical proposal to make use of the entire site for an industrial project. The board of directors therefore decided in April 2016 to launch a new RfP calling specifically for projects in the "circular economy." The former Opel site is one of the few large remaining areas available in the port, located centrally in the Antwerp industrial cluster.

Delwaide dockA Request for Proposals for the South and North-East areas of the Delwaide dock (150 hectares) was issued at the end of 2014, and the results were presented to the board of directors in 2015. About a dozen project proposals were received for the zone. In the first instance the project submitted by Energy Recovery Systems (ERS) was selected because of the potential value of this innovative waste-to-chemicals project. However, the project did not come to fruition and so this unique site which had become available as a result of the move by MSC from the Delwaide dock to the Deurganck dock was once more offered on the market.

The Churchill Industrial Zone:

large and centrally located, a unique

investment opportunity


Top-of-mind in the world

The Port Authority manages to put Antwerp on the world map by various means. These include training courses for port professionals, collaboration agreements, international visits, port missions and last but not least construction of the new Port House that will form a prominent landmark for the city and the port.

International influence through APEC and PAIThe port of Antwerp has long had good contacts with India, resulting in an annual trade volume of 5 million tonnes. In 2015 a trade mission to India led by King Philippe of Belgium yielded a number of concrete results. A Memorandum of Understanding was signed with the port of Mumbai, while APEC (Antwerp/Flanders Port Training Center) will offer tailor-made training courses for Indian port professionals. In the first instance these will mainly be employees of Jawaharlal Nehru Port Trust (JNPT), the largest container port in India. The JNPT APEC Port Training Center in Mumbai is being planned for this purpose.Also during the mission Shashi Kiran Shetty, head of the logistics multinational Allround Logistics, was made a Commander of the Order of Leopold II by King Philipp in recognition of his efforts to promote trade relations between India and Belgium.Finally, PAI (Port of Antwerp International) was tasked by the Indian Ports Association with auditing the main Indian ports and drawing up a shared development plan for them.

Meanwhile Baku, the main port of Azerbaijan on the Caspian Sea, signed an agreement with PAI and APEC under which it will call upon the expertise of Antwerp for its further development. Both these subsidiaries of Antwerp Port Authority will support Baku with training and will provide assistance with planning the new port and the associated logistics zone.

APEC and PAI: international collaboration and exchange of know-how.


For Antwerp, the port of Baku is particularly interesting as a link in the development of a new "Silk Road" linking China and Europe by land.In 2015 an MoU was also signed with the Brazilian port authorities (Secretaria de Portos da Presidencia da Republica) which had asked APEC to offer local seminars in the main Brazilian ports. Another result of this MoU was a "train the trainer" course for a delegation of port personnel from Brazil. This course was organised by APEC in collaboration with OCHA, the training centre for port employees.

International collaboration agreements with ChinaDuring another royal trade mission the port of Antwerp made a collaboration agreement with the world-famous Shanghai Maritime University (SMU). As of next academic year four master's students at SMU will be presented with a Port of Antwerp Maritime Award.Also during this mission the port of Antwerp signed a twinning agreement with the port of Guangzhou, the eighth-largest port in the world and the fifth-largest in China, for more commercial collaboration. The aim is to intensify the economic links between the two ports by adopting a joint commercial approach. This should result in a larger number of direct calls for both ports.Currently there are two services between North-West Europe and China linking Antwerp and Guangzhou directly.


Collaboration with Montreal extendedMontreal, the largest port in Quebec, represents a trade volume of 3.7 million tonnes to and from the port of Antwerp. During a visit to Antwerp by the prime minister of Quebec the existing collaboration agreement between the two ports was extended for a period of three years.The visit by the prime minister formed part of the run-up to the CETA (Comprehensive Economic and Trade Agreement), the international agreement between the EU and Canada that in 2016 will result in a wide-ranging simplification of the export procedures, investment conditions and trading regulations. CETA offers the prospect for Quebec to become a logistics main hub between Europe and the US.

New Port House nearing completionDuring the course of last year the new Port House designed by the world-famous architect Zaha Hadid began to take recognisable shape. The steel structure being erected above the existing fire station (a protected monument) – six modules each 50 metres long, 20 metres wide and 6 metres high, weighing between 170 and 317 tonnes – was joined together. Then it was the turn of the unique, complex outer skin: 450 glass windows were hoisted into place with a crane and attached to the steel structure. This iconic building will be equipped with the latest sustainable technology.The new Port House will accommodate 500 port employees who will move into it in September 2016. It will serve as the headquarters of the Antwerp Port Area and as meeting place for international port visitors.

An international, sustainable

meeting place


The Port Authority promotes social value

Future-oriented, sustainable growth The Port Authority's most important mission is to ensure the creation of

added value: generating freight volume not for its own sake but for the sake of employment and the added value that it brings. The Port Authority therefore focuses on the long term so as to guarantee sustainable employment.

Engine of the Flemish economy

149.714EMPLOYMENT (DIRECT AND

INDIRECT) IN THE PORT

5.531MORE JOBS IN THE PORT OF

ANTWERP SINCE 2011

6,5%OF THE WORKING

POPULATION OF FLANDERS OWE THEIR JOB TO THE

PORT

4,8%TOTAL ADDED VALUE OF

BELGIAN GDP

8,3% TOTAL ADDED VALUE OF

FLEMISH GDP


Change of legal formIn 2015 Antwerp Port Authority changed its legal form to an "nv van publiek recht" (a type of joint stock company under Belgian law). This means that the board of directors now has fewer politically-appointed members and more external, independent directors with the necessary expertise. In 2012 the board of directors asked the Belgian Knowledge Centre for Directors and Companies to examine the board's operations. It came to the conclusion that the composition of the board was too one-sided and that there were no independent directors. Now that they have been appointed, these independent directors with their specific expertise will play an important role in future, advising and controlling the management of the Port Authority.

Corporate GovernanceAt its first meeting the board of directors with its new composition approved the Corporate Governance Charter. This Charter lays down the principles for corporate governance, the basis on which the board of directors, its members and committees will operate. The Port Authority has undertaken to observe a high standard of corporate governance. This document has also been approved by the municipal council of the City of Antwerp.

The Port Authority therefore focuses on the long term so as to guarantee sustainable employment.


Delwaide dock: opportunities for new investors.

Future-oriented investmentsFor a major port such as Antwerp which operates in an international, competitive environment it is essential to be able to keep on facilitating long-term growth for present and potential customers.This means that by 2020-2021 the port will need to have additional capacity for container handling in the form of the first phase of the Saeftinghe dock. A Social Costs & Benefits Analysis (SCBA) has shown that construction of the first phase of the dock promises to be very profitable in social terms. The SCBA is also clear about the timing: the most suitable time for construction of phase 1 is "as soon as technically feasible."In addition to the construction of this first phase of the Saeftinghe dock the "Saeftinghe Development Zone" project includes the development of non-maritime-zones.In May 2015 the Port Authority submitted the dossier to the Flemish minister Ben Weyts with the request to start giving concrete shape to the Saeftinghe Development Zone.The "Procedural agreement for construction of phase 1 of the Saeftinghe Development Zone in the port of Antwerp" was approved by the Flemish Government on 17 July 2015. The necessity of the Saeftinghe zone was further confirmed in the economic collaboration agreement signed by the city councils of Antwerp and Zeebrugge in autumn 2015. This collaboration agreement was also signed by the Flemish minister of Transport & Public Works, the Flemish Council, Tourism and Animal Welfare.In 2015 the Port Authority and other stakeholders worked further on the action programme for "Development of the Antwerp Port Area" (www.havenvandetoekomst-antwerpen.be).


In balance with the environment

Keeping the necessary economic development in balance with the environment is a constant concern for the Port Authority. This finds expression in the Sustainability Report, the third edition of which was published in 2015 with a detailed survey of all achievements in the field of sustainability. In addition the Port Authority puts great efforts into initiating and/or supporting the use of clean fuels.

Third Sustainability ReportThe Sustainability Report by the port community (Port Authority, Left Bank Development Corporation and Alfaport) is unique of its kind, as it reports on the initiatives of the port community as a whole aimed at operating as sustainably as possible. The third edition of this report was published in 2015, based on extensive dialogue with all the stakeholders.The report, published every two years, has now developed into a touchstone for the port's ambition to be a leader in creating sustainable added value. To lend force to this ambition, a Sustainability Award will be presented for the first time in 2016.In this third edition of the report sustainability is measured on the basis of 80 indicators, ranging from the diversity of the workforce to the financial added value for the city, region and country, compliance with laws and regulations, quality of the environment, water consumption and emissions. In addition it measures the safety of the more than 60,000 port employees. Indeed when it comes to safety there is a downward trend in the number of industrial accidents, but regrettably some of these are still fatal.The use of cleaner means of transport is very important for reducing emissions of pollutants. 70% of trucks operating in the port of Antwerp are fitted with engines that comply with the Euro V or Euro VI standards.Finally, the report concludes that many companies are investing in R&D aimed at operating as sustainably as possible.

The Species Protection Programme for the port of Antwerp: a unique collaboration project.


Sustainable Port HouseThe new Port Authority headquarters will be heated (and cooled) using geothermal energy. For this purpose work started at the end of 2015 on sinking a pattern of drill holes for an underground energy storage (UES) system. The Port Authority has opted for this sustainable energy solution because a study of alternative energy technologies found it to be the best. Thanks to UES the Port Authority will be able to cut its CO2 emissions by 270,000 kg annually.Construction of the UES system forms part of the Port Authority's ambition to make its new headquarters as sustainable as possible. In order to demonstrate this sustainability it was decided to obtain BREEAM certification. BREEAM (Building Research Establishment Environmental Assessment Methodology) is a sustainability standard with a range of scores for environment-friendliness.The Port Authority aims to achieve a score of "Very Good." Sustainable energy useIn 2015 Antwerp Port Authority obtained ISO 50001 certification. This standard lays down the procedure for sustainable energy management in large companies and organisations. The Port Authority is the first organisation of its kind to obtain ISO 50001 certification.On the basis of an energy policy declaration the Port Authority inventoried the various areas in which action is being taken – or will be taken – to improve the energy efficiency of the various departments and services and so to consume less energy. When it comes to new investments too, the criterion of energy efficiency plays a more decisive role.For example, the tugging department introduced "eco-motoring" in 2013 aimed at making savings of 5% in the fuel consumption of each tug.

The new Port House: a sustainable building for flexitime and hot-desking.

Sustainable protection for

flora and fauna


Wind turbinesIn the port area on the Left bank of the Scheldt work started last year on construction of the largest onshore wind farm in Belgium. In the first phase of the project 15 wind turbines were erected, enough to supply 35,000 Flemish households with green electricity. The first wind turbines were erected on the sites of Antwerp Gateway, Borealis, Euroports, Global Container Services, Indaver, Luiknatie, Norbert Dentressangle, Sea Port Terminals, Tabaknatie and Van Loon Transport. The 15 turbines are connected to the Eandis distribution network.The ultimate ambition is to build 40 to 50 wind turbines.

Cycling campaignThe Port Authority and the Province of Antwerp launched the "ongeHAVENd" cycling collective which raises safety awareness among cyclists and encourages them to ride safely. Port companies can join the collective free of charge and in exchange they receive promotion material that they can use to convince their employees to adopt safer cycling behaviour. Lanxess with sites in Kallo, Lillo and Zwijndrecht has already joined the collective, along with BASF, PSA Antwerp, Indaver and Group Van Loon.One of the collective's achievements is the ongeHAVENd app which draws attention to points where cyclists have to pay extra attention and reduce their speed. Thanks to this app the cyclists themselves can record points for attention in and around the port area so that the road operators can react more quickly.

Construction work starts on the largest onshore wind farm in Belgium.


Sustainable vehiclesDuring the past year the Port Authority won not only the Greenfleet Award 2015 but also the Fleet Mobility Award 2015. The jury was particularly impressed by the efforts made by the Port Authority to make its vehicle fleet more sustainable and encourage more employees to cycle.The more than 200 vehicles in the fleet achieved an average reduction in emissions from 129 g/km to 98 g/km. This will be reduced even further in the coming years, as the Port Authority has set itself the target of having almost the entire fleet powered by CNG or petrol hybrid engines.In addition the Port Authority has more than 200 "company bicycles" that employees can use for short trips during working hours. Employees who cycle to and from work are also given a company bike and are provided with facilities for showering and changing.

More cleaner ships in AntwerpThe number of calls by environment-friendly seagoing ships is increasing year by year, as can be seen from the results of the Environmental Ship Index (ESI) that was introduced in Antwerp in 2011. This enables ports to offer a reduction in port dues for ships that make a significant contribution towards reducing emissions of pollutants such as NOx and SOx. In 2012 there were 462 ships that qualified for the reduction in Antwerp, and two years later the number had risen to 501. In 2015, 367 different vessels with a total of 903 calls between them obtained an ESI reduction.Antwerp was one of the ports that originally set up the ESI in 2010. This index, developed by the International Association of Ports and Harbours (IAPH), awards a score to ships that emit fewer pollutants than legally permitted under the IMO and EU standards.


Environmental discount for particulate reductionsSince 1 June 2015 the Port Authority grants a discount to seagoing ships that use alternative technologies to reduce their emissions of particulates. This new discount is on top of the already existing ESI discount, which means that in some cases ships can get a reduction of up to 30% on the port dues that have to be paid when they call at Antwerp. With this additional environmental discount Antwerp Port Authority seeks to encourage investment in green technologies for more sustainable shipping.Ships that can demonstrate that they use either scrubbers (closed cycle) or LNG-powered propulsion for at least 24 hours before and 24 hours after the call in Antwerp can claim the discount.As of 2016 the qualifying percentages will be lowered in stages in order to offer a financial reward to the early adopters who have already made the necessary investment.

LNG bunkering for barges and seagoing shipsIn September 2015 a new milestone was reached when a seagoing ship, the Sefarina, was bunkered from a truck for the first time. This truck-to-ship bunkering qualifies as a test case for the safety procedures that will apply to bunkering of seagoing ships.By early 2019 at the latest it should be possible for barges calling at the port of Antwerp to fuel up with LNG at a permanent bunkering station. It is already possible to bunker with LNG by the truck-to-barge method, but with the construction of a bunkering station the Port Authority seeks to further assure the permanent availability of LNG. The exhaust gases from a vessel powered by LNG contain hardly any particulates, while NOx emissions are dramatically lower.In April 2016 the port of Antwerp and Engie signed a 30-year concession agreement for construction of an Alternative Energy Hub on quays 526 and 528 in the port. This Alternative Energy Hub will consist of an LNG (liquefied natural gas) bunkering station for barges and a filling station for trucks. The location will also have a CNG (compressed natural gas) filling point and quick chargers for electric vehicles.

Disaster managementAt the end of last year a Disaster unit was set up within the Port Authority and a disaster manager was appointed to be responsible for preventing oil spills. One important aspect of this is the obligatory use of a checklist for all bunkering activities. These and other measures already taken at points where disasters have frequently occurred in the past have resulted in a reduction in oil spillages. In addition special internal and external courses are held so that everyone can gain a proper appreciation of the risks involved in their work. Further, the intervention capacity has been significantly increased and improved thanks to a framework contract with a unified service provider. Finally, samples are always taken whenever there is a spillage. In a number of cases this has made it possible to trace the source, so that the cost no longer has to be borne by the community but instead is passed on to the responsible party under the principle of "the polluter pays."This method of preventing incidents has attracted international attention.

The alternative energy hub sets a new milestone


Fostering talent

The Port Authority is continuing its intensive efforts to ensure a constant supply of new talent and to offer an attractive work/life balance. In 2015 it obtained a Top Employer certificate for the eighth time, a remarkable recognition for its talent management.

The port provides workThe Port Authority carries out an annual survey to gauge the level of social support, from which it appears that many of those surveyed are interested in having a job in the port. Young people and Antwerp residents who were born abroad are an important target group in this respect. The Port Authority takes measures along with various partners to inform people in this group, make them enthusiastic about the port and acquaint them with the wide range of jobs which the port has to offer.Another survey, this time carried out every two years by the private sector (Alfaport), has identified a clear list of jobs for which there is a shortage of applications. These include operational employee, commercial employee, forwarder, various IT specialists and technical specialists. On the other hand an employment forecast reveals that the expanding port remains attractive as an employer.The results of this survey were included in the annual action plan for "Talent Stream," the job and training project for the port and logistics. Within Talent Stream the various partners including the Port Authority combine their know-how, experience, people and resources to promote the image of the port and draw attention to the huge variety of jobs and fields of employment.

Employment in the Port AuthorityIn 2015 the number of full-time employees fell by 2.61%, mainly as a result of the large number of people retiring, as well as reorientation within the dredging and crane department. The Port Authority currently employs 1,589 people, including 351 women.

The port of Antwerp remains an attractive employer.


Diversity in actionThe Port Authority puts great effort into consistent, long-term branding as a "diverse" employer.A number of initiatives in this area were taken last year, including an examination of the recruitment and selection methods. The results will be translated into concrete actions in 2016.

New working methodsThe facilities in the new Port House are fully in line with the new work methods that have been promoted by the Port Authority for the past few years, with employees not being tied to particular times or workplaces (teleworking and flexitime). Furthermore the new Port House is designed so that employees have a varied choice of workplaces and work areas, according to the particular type of activity (collaboration, creativity, innovation or concentration).Also last year a new communication tool was introduced which among other things supports teleworking and flexitime.After a positive evaluation of the pilot projects at the beginning of 2015, the personnel department introduced the possibility of teleworking/flexitime in more than 20 departments.At the end of December 2015, 108 employees made use of structural teleworking, 132 were able to telework on an occasional basis and 275 made use of flexitime. This new way of working is also more sustainable because it affords more efficient use of office space, less paper consumption, lower energy consumption, better mobility etc.

Travel to and from workThe accessibility of the port is an important factor for attracting new employees. All too often, however, potential employees still seem to think that they need to have their own car in order to reach the port. Projects for dealing with this situation include the Left bank shuttle service and the i-bus which provide collective transport for the main petrochemical companies. In addition the large chemical companies offer their own collective transport.In 2015 the Antwerp port community launched the car pooling platform aimed at encouraging port employees who live farther away to share their cars. Meanwhile the Port Authority continues to invest in improved cycling infrastructure.


A port of and for people

The activities in the port are not always visible to those who live in Antwerp and the surrounding regions. The Port Authority and the Flemish Government therefore organises various events in order to bring the port closer to people and vice-versa.

Port DayThe Port Day which is held every two years is always a big celebration. On this occasion the Port Authority pulls out all the stops to surprise people with the many possibilities afforded by the port. Activities on offer in 2015 included:

Ship-spotting at various locations; A look behind the scenes to see how companies handle a wide variety of

goods (cars, fruit, chemical products, wind turbines, coffee) with specialist care;

"Experience sites" to make people acquainted with the diversity of jobs in the port. These included experience stands at Lillo Port Centre and a job fair featuring technical and shipping-related jobs. This also showcased the training opportunities available to gain access to these occupations. These activities form part of the "employer branding" of the port as an attractive employer;

Guided walks around protected nature areas within the port area that are home to small waterlife, waterfowl, fish and amphibians;

Free boat rides in the Delwaide dock and Deurganck dock.

The Port Day: a festive event for young and old.

Attracting people with the right qualifications

remains a challenge


“Thank you” for the 200 million tonnes!The Port Authority organised a “thank you” celebration for port employees in order to give them recognition for their efforts that led to a record freight volume of 200 million tonnes in 2015.Employees were treated to breakfast or lunch at 40 locations around the port, and received a commemorative publication about the port.

Kieldrecht lockThe concrete pouring for the Kieldrecht lock, then still known by the provisional name of "Deurganck dock lock," was practically completed in spring 2015. Before the lock was filled with water the construction site was opened to members of the general public who were able to walk around on the bottom of the lock chamber for the last time. More than 40,000 people took advantage of this opportunity.But the lock still did not have an official name, and so the Flemish Region and the Port Authority launched the "Lock without a name" campaign in which members of the public were able to suggest a suitable name on a special website. Each contribution was then "written" by a special waterfall installation that could be viewed by the public on a live stream at three public places in and around Antwerp.From the 3,100 suggestions the jury drew up a shortlist of nine: Antigoon, De Gerlache, Kieldrecht, Kogge, Marnix, Mercator, Polder, Van Mieghem and Waasland. Finally at the beginning of 2016 the name "Kieldrecht lock" was chosen.

Open Door day for the Kieldrecht lock, the largest in the world.


Running through the portA Port Run was held in autumn 2015 in collaboration with the sporting organisation Golazo.5,000 runners took advantage of this opportunity to experience the port in a new way. The start and finish were at the former General Motors site and the 15-kilometre route took the runners through the Churchill Industrial Zone where an impressive mix of port activities is to be found. A number of port companies opened their doors to the public specially for this event, including Trans-Continental Logistics, ICTC, Zuidnatie, PSA, OCHA and Nova Natie. Berendrecht tulip-pickingIn collaboration with the City of Antwerp the Port Authority organised a "Tulip Pick" in Berendrecht for the third time. This event commemorates the first tulip bulbs that were introduced to Europe 450 years ago via our port. The third Tulip Pick attracted 13,000 visitors who were each allowed to take home 10 tulips.

Hilarious bus tour‘"Handhaven" is a bus tour of the port for families with children who are able to become acquainted with the port of Antwerp in an entertaining and indeed humorous way.The concept was developed by the Port Authority two years ago when the existing free bus tours were expanded to cater specifically for parents with children aged between 8 and 16 under the name of "Handhaven." The 2-hour bus tour departs from the MAS Museum Pavilion and proved to be very successful once more in 2015.

200 million times Thank You.


HavenlandThe Port Authority collaborates with various partners in the action programme for "Development of the Antwerp Port Region." Last year a study for visitor reception and recreation was carried out under the title of "Havenland." With the support of 16 partners the Port Authority submitted Havenland as a strategic project for the Flanders Regional Land Use Plan. With this project the initiative-takers seek to make maximum use of the recreational possibilities of this unique port landscape and to make it as accessible as possible. This will be achieved by among other things coordinating the various visitor reception facilities and supplementing them with more general initiatives such as water transport (water bus routes serving the Scheldt and the docks), visitor reception gates to act as landmarks, connecting cycle routes etc. These will all serve not only to make the area more accessible but also to make the interconnectedness more apparent and raise it to a higher level. Minister Joke Schauvliege has granted a subsidy of 300,000 euros over the next three years "because Havenland makes a substantial contribution towards the viability of the villages surrounding the port on the Left and Right banks of the Scheldt."

We must make maximum use of the recreational possibilities of this unique port landscape.

A wealth of economic and

social activities

4

Freight figures in 2015

Port Authority


MARKET SHARE RANGE CONTAINERS TONNES— Antwerp — Rotterdam — Hamburg — Bremen — Zeebrugge — Le Havre

MARKET SHARE RANGE CONTAINERS TEU— Antwerp — Rotterdam — Hamburg — Bremen — Zeebrugge — Le Havre

0%

5%

10%

15%

20%

25%

30%

35%

40%

20152014201320122011201020092008200720062005200420032002200120001999199819971996

0%

5%

10%

15%

20%

25%

30%

35%

40%

20152014201320122011201020092008200720062005200420032002200120001999199819971996


MARITIME FREIGHT VOLUME Imports Exports — Total

(in million tonnes)

MARITIME CONTAINER VOLUME Imports Exports — Total

(in million TEU)

0

40

80

120

160

200

Totaal

Afvoer

Aanvoer

201520142013201220112010200920082007200620052004200320022001

0

1

2

3

4

5

6

7

8

9

Totaal

Afvoer

Aanvoer

201520142013201220112010200920082007200620052004200320022001


RANKING OF WORLD PORTS ACCORDING TOINTERNATIONAL MARITIME FREIGHT VOLUME(in metric tonnes)

0 100 200 300 400 500

Ranking

Houston

Hamburg

Nagoya

Newcastle

Port Klang

Dampier

Huanghua

Shenzhen

Gwangyang / Kwangyang

Antwerp

Nanjing (= Nanking)

Tianjin

Rizhao

Tangshan

Shanghai

Port Hedland

Qingdao

Ningbo Zhoushan

Singapore

Rotterdam

5

Comments on theannual accountsThe Annual Accounts cover the calendar year of 2015 closing on 31 December 2015. On 1 January 2016 Antwerp Port Authority changed its form of company under Belgian law from "autonoom gemeentelijk havenbedrijf" (independent municipal company) to "NV van publiek recht" (a form of joint-stock company). Its official name under this new form of organisation is "Havenbedrijf Antwerpen."

Port Authority


FINANCIAL YEAR 2015 FINANCIAL YEAR 2014 FINANCIAL YEAR 2013

Operating income 344,372 338,406 335,641

Operating charges (255,790) (285,361) (300,088)

Operating result 88,582 53,045 35,553

Financial income 23,264 33,608 19,107

Financial charges (3,086) (1,080) (2,054)

Result on ordinary activities

108,760 85,572 52,605

Extraordinary income 3,781 6,305 3,657

Extraordinary charges (7,397) (2,336) (1,219)

Result before taxes 105,144 89,540 55,043

Taxes (643) (821) (346)

Result for the financial year 104,501 88,720 54,696

(in euros x 1000)

In 2015 the Port Authority made a positive result of 104.5 million euros. The main elements of this result compared with the previous year are as follows:

The freight volumes handled and the total gross tonnage of seagoing ships served both increased in 2015, with a corresponding positive influence on the turnover figures. By contrast the amount of crane activity and dredging work in the sea access channels behind the locks both decreased, leading to lower income.

The operating costs fell, mainly because of the positive effects in 2015 from estimates of the liabilities for environmental risks and pensions for which provisions are made.

The financial results for their part were lower because within the expanding portfolio there were fewer sales and accompanying capital gains than in the previous financial year.

The extraordinary results comprise capital gains on the sale of a number of cranes (both floating cranes and dock-mounted cranes), together with capi-tal losses from the transfer to the Flemish Region of a road of regional im-portance and associated land, in accordance with the provisions of the Ports Decree.

1 Income Statement

The Port Authority's Income Statement is summarised in the table below:


1.1 Operating incomeThe breakdown of turnover (290.3 million euros) from the different services as a component of the operating result is as follows:

TURNOVER BREAKDOWN

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

TURNOVER VARIATION 2015 2014 2013

Concessions 42%

Floating cranes 1%

Dock-mounted cranes 1%

Other 0%

Tugging dues 15%

Barge dues 3%

Shipping dues 38%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

(in euros x 1000) OtherFloating cranes

Dock-mounted cranes

Tugging duesBarge dues

Shipping dues

Concessions


Concession fees and berthing feeshe income from concessions has remained positive, as the increase in the scale of fees in 2015 was only 0.09% and there were no significant changes in the areas under concession. Since a number of concession-holders did not manage to attain the freight volumes laid down in their concession agreements, the Port Authority has charged them estimated amounts of 0.07 million euros for 2013, 4.6 million euros for 2014 and 4.6 million euros again for 2015. The procedure for setting the definitive amounts has been completed for 2014 and is still ongoing for 2015. More than 85% of these estimated tonnage obligations arise from the provisions of the concession agreements for the Deurganck dock. Once the Board of Directors has set the definitive amounts on the basis of all the available information, a difference may arise between the current estimates and the turnover amounts finally included in the annual accounts.

Shipping dues (seagoing ships) and barge duesThe freight volume has risen from 199 million to 209.1 million tonnes, an increase of 5.1%. During the past 12 months a total of 14,417 seagoing ships called at the port of Antwerp, 2.9% more than in 2014. The gross tonnage also rose by 9.7%, to 368 million GT. The substantial reduction in the scale of berthing dues that was introduced in 2010 has been maintained over the years since. The income from barge dues has decreased slightly, by 1.0%.

Tugging duesThe Tug department saw a significant expansion in its operational parameters, with a 10% rise in the number of tugging jobs and a 4% rise in the gross tonnage tugged. On the other hand the fall in oil prices led to a reduction in the fuel surcharge that was passed on to customers. The combination of these factors led to a net increase of 9.0% in turnover.

Dock-mounted and floating cranesTurnover from dock-mounted and floating cranes declined further in 2015. After it was decided in 2014 to retire two floating cranes with effect from 1 July 2014, it was further decided in 2015 to phase out the activities of the dock-mounted cranes. The overall result was a decrease of 2.8 million euros in turnover from both activities, and the turnover from dock-mounted cranes will further decrease in 2016.


Other operating incomeThe other operating income in 2015 amounted to 53.8 million euros, compared with 52.9 million in 2014. This to a large extent comprised operating subsidies from the Flemish Government (24.4 million euros in 2015 and 24.4 million in 2014). These subsidies represent a contribution towards the costs incurred by the Port Authority in carrying out tasks which under the terms of the Ports Decree are the responsibility of the Flemish Government. The subsidy for dredging work in the sea access channels was further reduced in 2015, due to lower dredging volumes and a lower unit price. In 2015 the other operating income also included the withholding tax on real estate and water catchment, totalling 20.0 million euros (19.3 million in 2014).

1.2 Operating chargesThe comparison between the different categories is shown in the following chart.

VARIATION IN OPERATING CHARGES 2015 2014 2013

0,000

28,000

56,000

84,000

112,000

140,000

(in euros x 1000) OtherProvisionsWrite-downsDepreciation & amortisation

PersonnelMisc. goods & services

Goods


Purchases, services and miscellaneous goodsPurchases of services and miscellaneous goods rose by 5.7 million euros, mainly due to:

Higher expenditure for maintenance and dredging of commercial berths; Higher expenditure for the various aspects of waste management

(contributions of the waste management plan, waste processing etc.); A greater overall amount paid for fees, sponsorships and operating subsidies.

Personnel costs The personnel costs came to 124.6 million euros. In 2014 the corresponding

amount was 125.5 million euros. This means that personnel costs were down by 0.6%. The main reasons for this decrease were:

A fall of 2.5% in the number of full-time equivalent positions paid; An increase of 0.6% in the actual amount of the "responsibilisation

contribution" (additional pension contribution) paid, or an impact of 0.5%; New Collective Labour Agreements in 2015, with a limited increase in a

number of benefits and thus the associated cost.

Provisions, depreciation and amortisationThe provisions in 2015 represented overall income of 5.9 million euros, compared with a charge of 18.5 million in 2014. The main reason for this was the reduction in a number of environmental provisions, as new research has shown that the clean-up of the bed of the Fort Filip basin can be done at a lower cost than was previously estimated. This had a positive effect of 7.4 million euros. The further constitution/application of the provision for pensions ("responsibilisation contribution") at 2.8 million euros accounts for the major part of the costs for provisions. This provision arises 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, amending the Act of 6 May 2002 to set up the integrated police pension fund, and providing special measures for social security and various other legal provisions”) which led to changes in the financing principles for the social security contributions for tenured members of personnel. The result of this was to create an additional pension contribution in the form of a "responsibilisation contribution" (i.e. making the authorities concerned partly responsible for the pensions). As a result, the authority concerned has to match a portion (currently set at 50%) of the difference between what it already contributes towards financing pensions (through the general Social Security contribution) and the pensions that the Social Security body (in this case RZE PPO) pays out in pensions to the authority's members of personnel. This means that under the terms of the new law the Port Authority has to pay a "responsibilisation 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 articles 54 and 95 §2 of the Royal Decree of 30 January 2001 a provision must be set aside to cover this. This provision 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 used is 4.5%. A sensitivity analysis of variations in the discount rate and the percentage contribution has been included in the notes to the accounts.


The write-backs of provisions have decreased since in 2014 the expected remaining amount of 80% of an unpaid bill for tonnage dues was taken into account, 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). Also for 2015 there was an unpaid bill of 4.3 million euros (excl. VAT) which is being contested by the concession-holder. In accordance with the normal application of the accounting principles no provision had yet to be set aside for this on 31 December 2015. This is all further explained in section 4 of this report under "Other required information" and also under the heading "Important pending disputes and other significant obligations."

Other operating chargesThe main components of the other operating charges are the costs for the withholding tax on income from real estate and the water catchment retribution which has been passed on.

1.3 Financial incomeThe financial income decreased from 32.5 million euros in 2014 to 20.2 million in 2015, mainly due to a fall of 10.2 million in capital gains on floating assets.

1.4 Extraordinary income The extraordinary result comprised: Capital gains from sale of a number of fixed assets associated with floating

cranes and dock-mounted cranes; Capital losses from the transfer to the Flemish government, gratis and for

nothing, of a number of roads of regional importance and associated land, under the terms of the Port Decree.


2 Balance sheet

The balance sheet is summarised in the table below.

2.1 AssetsThe value of tangible and intangible assets fell by 12.0 million euros. This balance resulted from the following factors:

Investments 50.4

Depreciation & amortisation (45.2)

Retirals & write-downs (17.2)

(in million euros)

The investments are made up mainly of the following components: Investments in office buildings, in particular the new Port House and Quay

102 (20 million euros); Investments in container terminals such as the North Sea terminal (6.8

million euros).

The financial fixed assets have increased by 3.6 million euros, mainly as a result of the further capitalisation of the company Wind aan de Strom NV in the form of capital and a subordinated loan amounting to 3.3 million euros, in accordance with the original business plan.

The amounts receivable at more than one year have increased as a result of additional co-payments by the Port Authority to a "pre-land bank" to which other entities have also contributed. 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 being pre-financed will take (acquisition of assets and/or contribution towards the costs, or something else).

ASSETS 31.12.2015 31.12.2014 LIABILITIES 31.12.2015 31.12.2014

II/III. Tangible/intangible 1,195,379 1,207,372 I. Capital 307,110 307,110

IV. Financial fixed assets 60,304 52,723 III. Revaluation surplus 7,393 8,090

V. Receivables > 1 year 17,814 12,814 IV. Reserves 563,574 479,742

VI. Stocks 2,720 2,754 VI. Investment grants 251,838 263,538

VII. Receivables < 1 year 50,786 47,593 VII. Provisions 450,613 460,758

VIII. Investments 363,944 317,309 VIII. Amts payable > 1 year 10.756 11,556

IX. Cash at bank and in hand 12,103 11,651 IX. Amts payable < 1 year 87,506 98,153

X. Deferred charges and accrued income

7,911 3,799 X. Accrued charges and deferred income

32,171 31,068

TOTAL 1,710,961 1,660,014 1,710,961 1,660,014

(in euro x 1000)


Trade accounts receivable have increased mainly due to a bill for tonnage dues issued in 2015 being disputed and thus remaining unpaid (see also the comments on the Income Statement and part 4 below). The other accounts receivable have declined because the subsidies claimable from the Flemish Government under the terms of the Port Decree are lower than in the previous year.

The balance of the liquid assets and cash investments has risen by 47.2 million euros, from 328.9 million to 376.1 million. The Cashflow Statement (part 3 below) provides further information about this development.

2.2 Liabilities The reserves have increased because the positive result of 104.5 million

euros after deduction of the proposed dividend of 21.3 million euros has been appropriated in full to the reserves. Taking into account the lower net book value of the investment grants, the total equity has risen from 1,058.5 to 1,129.9 million euros.

The composition of the headings that go to make up the equity has changed as a result of the conversion of the company to the new legal form of "NV van publiek recht" and the resulting changes to the Articles of Association with effect from 1 January 2016. According to the Articles of Association the Port Authority has a capital of 800 million euros represented by 800,000 registered shares, all of which are owned by the City of Antwerp as the sole shareholder. Accordingly, in 2016 the company capital will amount to 800 million euros by the amalgamation of the current headings of "Capital," "Revaluation surpluses," "Statutory reserve," "Non-available reserves" and – to the extent necessary to bring the capital up to 800 million euros – "Available reserves."

Overall the provisions have decreased by 10.1 million euros as a result of reduction in – and application of – the provision for environmental risks (see the comments on this subject).

The financial debts were repaid in 2015 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 have fallen from 98.2 million euros at the end of 2014 to 87.5 million at the end of 2015.

Like last year, the profit of 21.3 million euros to be appropriated is included under the heading “Other amounts payable."

As in previous years, “Accrued charges and deferred income” mainly comprises concession fees already invoiced in 2015 for the first quarter of 2016.


3. Cash flow statementThe Cashflow Statement shows the main incoming and outgoing cashflows. As in the two previous years the overall cashflow generated is positive.

The cashflow from operational activities has remained stable.

The net cashflow devoted to investment activities has fallen and is lower than expected since certain work in the Deurganck dock that had to be financed did not start in 2015, contrary to the initial plan.

The cashflow devoted to financing activities comprises the dividend and

the repayment of the outstanding loan. In 2015 a higher dividend of 21.3 million euros was paid out for the second time, as opposed to the previous amount of 12.8 million euros.

FINANCIAL YEAR2015

FINANCIAL YEAR2014

FINANCIAL YEAR2013

Short-term investments and liquid assets at start of year 328,960 302,150 294,708

Cashflow generated from operating activities 110,899 110,806 163,424

Cashflow devoted to investment activities (40,512) (60,697) (140,182)

Cashflow devoted to financing activities (23,300) (23,300) (14,800)

Short-term investments and liquid assets at year end 376,046 328,960 302,151

(in euros x 1000)


4. Other required informationApart 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 Authority, 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 the delimitation of the port area;

A development in the tax regime to which the Port Authority is subject; Compliance with environmental legislation. 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 as owner of the site. 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 clean-up of soil and underwater sediment could impose additional obligations on the Port Authority;

The development in the percentage amount of the legally imposed “responsibilisation 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%. A sensitivity analysis was carried out for this percentage, and for the discount rate of 4.5% used, as mentioned in the comments on the annual accounts.

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

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

Alleged complicity in breach of contract with Seaport Terminals NV/Flanders Container Terminal NV

Seaport Terminals NV and Flanders Container Terminal NV brought a claim in 2003 against Antwerp Port Authority jointly and severally with the other defendants for an amount of 65,383,652.41 euros plus compensatory interest at the statutory rate as of 23/08/1999, plus the legal costs and interest, 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 concurs with this legal analysis, the Board of Directors considers that serious and weighty arguments can be brought against this appeal, and so has decided not to set any provision aside to cover it.

Obligation to pay tonnage duesThe Katoen Natie Group alleges that the Port Authority has treated various concession holders unequally in imposing the tonnage dues laid down in some – but not all – concession 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 further alleges that Antwerp Port Authority unjustifiably failed to invoice 54 million euros to the concession holders in the Deurganck dock for the calendar years 2009 to 2012 inclusive. 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 Commission (DG Competition) on 14 December 2013 concerning the granting of illegal state support. Various requests for information have been received from the EU instances, to which the Port Authority has replied. The European Commission announced on 15 January that it would hold a detailed investigation.

Claim by Katoen Natie / Seaport Terminals lodged with the European Commission (DG Internal Market) on 22 March 2013 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 with the same object as the injunction mentioned below, together with a request to appoint a college of experts. This procedure is still ongoing, but one judgement in favour of the Port Authority has already been made. Later, PSA Antwerp NV and Antwerp Gateway also joined the procedure, although not necessarily voluntarily. At the moment the claim by Katoen Natie and Seaport Terminals against the Port Authority is mainly aimed at annulling the concession agreement for the concessions in the Deurganck dock, forbidding the Board of Directors to implement articles 2 and 5 of its decision of 26 March 2013, requiring the total amounts owed by the concession holders in the Deurganck dock to be invoiced and collected, appointing a college experts, and awarding compensation to Katoen Natie and Seaport Terminals. The court found the claim to be receivable but unfounded on 12 February 2015. Katoen Natie lodged an appeal on 21 May 2015 and the case is now ongoing.

On 10 April 2013 an application for an injunction was made to the President


of the Court of Commerce in Antwerp, with the aim of: — Obtaining a number of documents, — Preventing the Port Authority from 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;

— Requiring the Port Authority to invoice and collect the full amount of tonnage dues, and to pay this into a holding account until the court hearing the main action has given its decision.

— The 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. The appeal lodged by Katoen Natie/Seaport Terminals to quash the decision was declared unfounded.

Katoen Natie and Seaport Terminals petitioned the Council of State on 27 May 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 Court of Appeal in the matter of open governance and the re-use of government information in the matter of a decision taken by the Court of Appeal; this decision concerned the partial non-admissibility / partial unfoundedness of the request by Katoen Natie to Antwerp Port Authority to provide it (Katoen Natie) with the full minutes of all board meetings over the past five years. The Council of State issued its decision on this matter in its decree of 21 November 2014. As a result of this judgement the Port Authority withdrew its initial refusal, and made a new decision not to comply with the request by the Katoen Natie group. Katoen Natie appealed against this new decision on 4 February 2015. On 20 March 2015 the Appeals Commission found that the appeal by the Katoen Natie had to be declared as founded. On 18 May 2015 Katoen Natie NV lodged a petition with the Council of State to quash the decision of 20 March 2015 by the Appeals Commission. Antwerp Port Authority has once more voluntarily joined this action. This was granted on 15 September 2015 and the case is still ongoing.

Requests for information were also received in 2013 from the Federal Government 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 by the Board of Directors of 26 March 2013, in respect of amounts totalling 14.7 million euros (excl. VAT). Of this total, 10.7 million euros (excl. VAT) 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 100% has been applied to 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. The court declared itself not competent and found that the arbitration clause in the concession agreement should be invoked. The parties then started an arbitration procedure which is currently ongoing; so far there has been a second round of exchange of views.

A concession holder has protested an invoice in connection with tonnage dues for the year 2014 that was issued by a decision of the Board of Directors on 6 July 2015. The protest concerns an invoice for 4.2 million euros (excl. VAT). 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. The parties have started an arbitration procedure and preparations are being made for discussions between the respective advisors.

2M Various companies in the Katoen Natie group have submitted a petition to

the Council of State asking to quash the decisions by the Port Authority's Board of Directors of 12 May 2014 (N° 141345 concerning the East side of the Deurganck dock and N° 141330 concerning the West side). These decisions were as follows:

That the currently unused part of the concession granted to Antwerp Gateway NV on the East side of the Deurganck dock should be taken away from the Antwerp Gateway terminal and instead awarded to the joint venture PSA DGD NV for an extendible period of seven years, with the possibility of sub-concession to MSC PSA European Home Terminal;

That regarding the West side of the Deurganck dock, it should agree with the existing concession held by PSA Antwerp NV being granted instead to PSA DGD NV, with the possibility of sub-concession to MSC PSA European Home Terminal.

No immediate financial claim has been made in this connection. The Port Authority considers that the decision by the Board of Directors is legally well founded. On 23 June 2015 an auditors' report was issued with the recommendation that the petition should be rejected. Subsequently, written statements were submitted. If the Council of State nevertheless grants the petition, the consequences of such a decision will have to be examined as and when this occurs. In the meantime it can be reported that the construction work resulting from the decision of 12 May 2014 is going ahead at full speed.

Forced closure of a concession 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 summonsed 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 the conditions; this amount may be changed in the course of the case. The concession 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 merit by the Port Authority. Waterwegen & Zeekanaal NV and the Flemish Government have also been summonsed in the case because Antwerp Port Authority in turn holds the Scheldt quays in concession under the terms of an agreement with Waterwegen & Zeekanaal and the Flemish Government is the owner of the Scheldt quays. Based on a legal examination of the available information in the case, the Board of Directors considers that the claim can have weighty legal arguments brought against it, or at least can be significantly limited, and so has decided not to make any provision.

The concession holder concerned has contested the decision by the Port Authority to close the concession and has asked the Council of State to quash it. The Council of State has decided that this claim is unfounded and that the Port Authority made the right decision evacuate the concession.

Subsidiary to this, the Port Authority considers that even if it is definitively ordered to pay compensation, it is nevertheless covered by the insurance, although the insurer disputes this.

Environmental risks As regards the environmental risks associated with the Fort Filip site,

provisions of 21.9 million euros have been set aside, based on the BATNEEC principle (Best Available Technology Not Entailing Excessive Cost). However, other, more expensive clean-up scenarios cannot be excluded. This amount represents an estimate of the clean-up costs for the underwater silt and for the surrounding land, based on the results of a soil survey. The soil survey was pronounced correct by OVAM (Flemish waste disposal authority), but administrative appeals against it have nevertheless been lodged by Antwerp Port Authority and Total Raffinaderij Antwerpen. The Port Authority considers that if OVAM orders a clean-up, then the Port Authority cannot be the only party responsible. As regards the buffer basin itself no soil survey has yet been carried out. To the extent that this area may be classified as an underwater area, leading to the Port Authority being held responsible for the clean-up in its capacity as water manager, the Port Authority considers that it cannot be the only party responsible for the work, and at least that one other party or parties can be held liable for the pollution.

An investment project is currently in progress to deepen the quay walls in the Industry Dock and the 5th Haven dock. This three-stage project involves investments in deeper quay walls and associated dredging work to afford deeper draught, in consultation with the concession-holder. In February 2015 during the first stage of the project some additional, previously unknown pollution was found in the dredging spoil. On the basis of the work carried out so far, together with the provisions already set aside plus analysis of the remaining work to be carried out for stage 1, a charge of 4.3 million euros has been included in the result for financial year 2015. The next two stages of the work are in preparation and before they start there will be extensive screening of the underwater silt. The costs of possible contamination in stages 2 and 3 cannot be estimated yet, and so no provision has been set aside because there sufficient information is not available.


New Port House In connection with construction of the new Port House, discussions are ongoing with the main contactor and the subcontractors, mainly about whether certain construction work should be considered as part of the original tender – meaning that there is an obligation of results – or whether it should be considered as extra work (and so requires additional payment, at least in the opinion of the contractors). There are also discussions about milestones that have not been reached and the fines imposed, the validity of the binding decision by a third party, deadline extensions, the costs of expert opinions, etc. Altogether the amount provisionally claimed at the moment comes to 22.9 million euros. This does not have a direct impact in the first instance on the Income Statement, but it does affect the purchase value at which the new Port House will be included in the Balance Sheet and subsequently depreciated.

Antwerp, 7 March 2016For the Board of Directors

Eddy Bruyninckx Marc Van PeelCEO Chairman of the Board of Directors

COLOFON Responsible editor Antwerp Port Authority June 2016

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