HES BEHEER : Good operating result for third quarter, operating result for year to October marginally lower than last year - 109.93 KB

P R E S S R E L E A S E

Europoort/Rotterdam, 23 October 2013

G O O D O P E R A T I N G R E S U L T F O R T H I R D

Q U A R T E R , O P E R A T I N G R E S U L T F O R Y E A R T O O C T O B E R M A R G I N A L L Y L O W E R T H A N L A S T

Y E A R

More transhipment, less storage

H.E.S. Beheer N.V., Rotterdam, posted a good operating result in the third quarter. The adjusted quarterly result
(excluding non-recurring items) was €6.7 million, making it the best quarter of the year so far (Q3 2012: €6.5 million).
The adjusted net profit to 30 September was €17.7 million, compared with €18.0 million in the same period last year, further offsetting the lower first-quarter result. After non-recurring consultancy costs of €1.1 million, net profit was €16.7 million, compared with €18.0 million last year,
The adjusted net earnings per share fell from €2.05 to €1.96 and the net earnings per share from €2.05 to €1.84.
The rolling 12-month adjusted net profit (1 October 2012 to 30 September 2013) was fractionally lower at €25.4 million, compared with the previous 12-month period (1 October 2011 to 30 September 2012: €25.8 million).
Inward volumes were higher in all market segments, with coal, iron ore and oil products showing the fastest growth. The growth in oil product volumes can be attributed partly to the fact that Botlek Tank Terminal (BTT) was still in the start-up phase in 2012. Income from rental of dry bulk storage capacity generated by the Dutch associates was lower than last
year, mainly due to a shorter average storage period, but the UK subsidiary's rental income was higher. Revenue was 12% higher than last year, with over 5 percentage points of this growth reflecting the full consolidation of BTT, which has been wholly owned by HES Beheer since mid-April 2013 (50% owned last year). Operating expenses rose by almost 14%, due
to the increased holding in BTT and higher staff costs, amortisation, depreciation and operating costs, the latter reflecting
the higher level of activity. The finance expense was also higher, due partly to the inclusion of all BTT financing charges.
The performance of the associates was variable. EMO (HES economic interest 36.6%), BTT (100%), OBA (HES economic interest 73.8%) and MTGM in Poland (a subsidiary of ATIC, in which HES has a 22.2% interest) performed better and UK subsidiary NHBS matched last year's good result. The contributions made by EBS (100%) and OVET (HES economic interest 47.7%) fell short of last year.

Figures for the first nine months

x €1 million

	Year to 30 September 2013	Year to 30 September 2012	Change
Revenue	72.7	65.0	+ 12.0%
Net profit	16.7	18.0	- 7.1%
Adjusted net profit	17.7	18.0	- 1.2%

Rolling 12-month figures

x €1 million

	1 0ctober 2012 - 30 September 2013	1 October 2011 - 30 September 2012	Change
Revenue	95.0	86.5	+ 9.8%
Net profit	24.3	25.8	- 5.7%
Adjusted net profit	25.4	25.8	- 1.6%

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HES Beheer press release
23 October 2013

Non-recurring consultancy costs

The net profit for the third quarter includes non-recurring consultancy costs of €1.1 million.

Financial position

The capital ratio and liquidity positions remain strong.

No statement on expected full-year result

The management prefers not to make any pronouncement on the expected full-year result at this stage.

Status of recent and current new-build projects

EBS in Europoort is building a new 65,000 m3 storage shed. The floors have been poured and four of the five walls have been erected. This extra storage facility, which is scheduled for completion in April 2014, is part of the plan to develop an agri-hub at this location for a major client. The Port of Rotterdam will shortly start work on building an additional jetty which will accommodate vessels with a draught of up to 16 metres for this site extension and facilitate the development of a bio-hub.
EBS's new 30,000 m3 storage shed at Laurenshaven will enter service at the end of October.
BTT's new train loading/unloading station, which became operational in early April 2013, is performing better than expected. To facilitate future expansion by BTT, a section of the Botlekhaven adjacent to the existing location is being reclaimed by the Port of Rotterdam. Part of the reclaimed site has been completed and discussions with potential clients are in progress. The project is currently scheduled for completion in the course of 2015. The new train loader and related track infrastructure at OVET in Vlissingen have been completed and the first trains have been successfully loaded.
The management H.E.S. Beheer N.V. H. Sliep

Note for editors

For further information, contact Ms. E.L. Groenendijk, Director Special Projects, tel. [phone], e-mail [e-mail]