The Netherlands: Port of Rotterdam 2013 Profit Slightly Lower
The result of the Port of Rotterdam Authority for 2013 was €227 million. This is €1 million less than the result for 2012.
Large investments, especially in Maasvlakte 2, pushed the interest charges and depreciation up considerably. The revenue from port dues decreased. On the other hand, the revenue from the lease of sites increased, in particular due to the allocation of new sites and the integration of the sea port of Dordrecht. The Port Authority was able to keep costs under control.
Chief Financial Officer Paul Smits said: “After years of rising profits, the result for the Port Authority dropped slightly this year. This is not unexpected. Our debts have run up to €1.2 billion due to the large investments in past years. That also means that our interest charges have increased substantially. Combined with the slightly lagging throughput, this provides for a minor drop in profit. We need that profit, so that we can continue to invest in the port and ease our debt position at the same time.”
In 2013 the Port Authority invested €262.9 million. This is less than the €625.7 million which was invested in 2012. The completion of the first stage of Maasvlakte 2 caused the lower level of investment. The investment in Maasvlakte 2 amounted to €108.9, with €153.9 million devoted to the rest of the port area.
That is still substantial in comparison with the result of €227 million. It is characteristic of the investment machine which the Port Authority actually is.
Press Release, February 28, 2014