H.E.S. BEHEER 
By P R E S S R E L E A S E
Europoort/Rotterdam, 17 March 2014
2013 RESULTS
The finalised adjusted net profit of H.E.S. Beheer N.V., Rotterdam, for 2013 came in at €25.3 million (2012: €25.6
million). The net profit before adjustment was depressed by non-recurring costs of €1.0 million and amounted to
€24.3 million (2012: €25.6 million). The non-recurring costs were connected with the due diligence investigation relating to the planned ATIC transaction. Net earnings per share were down from €2.93 to €2.72.
The finalised figures were in line with the provisional figures published on 17 February.
There was a further increase in the proportionate share of bulk cargoes handled, from 33.3 million tonnes to 38.6 million tonnes, an increase of 16%. The largest increase was in the volume of coal received but the volumes of industrial minerals - chiefly iron ore - and oil products were also greater. The agribulk volume remained steady. Demand for storage at the Dutch operations was significantly down on the previous year whereas the UK subsidiary saw storage demand increase.
Consolidated revenue rose by 11%, to €97.1 million (2012: €87.5 million). The lion's share of this increase is attributable to the doubling of the interest in Botlek Tank Terminal (from 50% to 100%). Revenue reported by OBA, which is partially included in the consolidation (50%), also grew.
The consolidated operating expenses (excluding depreciation and amortisation) increased by €8.8 million, to
€72.6 million, this 13.8% rise being primarily related to the acquisition of the entire share capital of BTT, the increase in the level of activity in the bulk terminals, leading to increased energy costs in particular, and higher staff costs and costs of professional fees.
The lower net profit figure was mainly attributable to the previously mentioned due diligence expenses coupled with lower profit contributions from EBS (HES interest 100%), OVET (beneficial interest 47.7%), NHBS (100%) and RBT (50%). The profit contributions from EMO (beneficial interest 36.6%), BTT (100%) and OBA (beneficial interest 73.8%) on the other hand were higher.
POSITIVE MARKET OUTLOOK 2014
The management is upbeat regarding the potential for further growth in the various market segments in 2014.
STOCK DIVIDEND PROPOSAL
The possible expansion of the HES interest in ATIC Services will be entirely funded by means of bank loans and there is not a great deal of scope for paying a cash dividend in respect of 2013. It is the intention to seek the approval of shareholders for the planned transaction and the associated financing arrangements.
The annual general meeting of shareholders to be held on 21 May 2014 will be invited to declare a stock dividend
of €12,663,000 chargeable to the share premium reserve and to add the entire amount of the profit of
€24,300,000 to other reserves. This represents a stock dividend of €1.40 per ordinary share (2012: €1.46 stock
dividend). The conversion rate used (1:32.1) is based on the closing price at year-end 2013 (€45.00).
In the discussions with Hestya Energy B.V., about which a press release was issued this morning, account will of course be taken of the fact that the number of shares in issue will be Increased by the distribution of stock dividend.
AScX INDEX
HES shares have been promoted and, with effect from 24 March 2014, will be included in the AScX Index of
NYSE Euronext.
Page -2-
HES Beheer Press Release, 17 March 2014
NOTES ON THE 2013 RESULTS
The net profit of €24.3 million was 5.1% lower than the figure for the preceding year (€25.6 million).
The profit contributions made by the various subsidiaries and associates (x € million) were as follows:
2013 2012
EBS
BTT (2013: 100%. 2012: 50%)
4.4
1.9
7.0
0.2
NHBS 1.0 1.3
OBA (beneficial interest 73.8%) 8.6 8.0
OVET* (beneficial interest 47.7%) 1.3 2.9
EMO (beneficial interest 36.6%) 11.4 8.8
ATIC** 0.4 0.3
Other - 4.7 - 2.9
Total 24.3
====
25.6
====
* Excluding 50% interest in OBA
** Excluding the share of ATIC in the results of OBA, OVET and EMO, since these amounts are already included in the contributions from these entities, based on the beneficial interest of HES Beheer in the companies concerned. The contribution shown from ATIC of €0.4 million relates to the Polish company MTMG.
On the same level of revenue, net profit at EBS was down, owing to a 7.4% increase in costs.
BTT succeeded in achieving a sharp rise in profits compared with the start-up year of 2012, thanks to good capacity utilisation and the commissioning of a new train loading and unloading station.
The net profit at NHBS was down on the preceding year, when there was the effect of a one-off discount on harbour charges.
OBA succeeded in beating its 2012 record, with a small rise in revenue for the same level of costs.
The contribution from OVET, which was down by more than half, was mainly affected by a sharp drop in rental income.
EMO celebrated its 40th anniversary in 2013 and marked the occasion by posting a strong profit, despite the
fact that rental income was significantly lower than in the preceding year. Cargo volumes received were sharply higher.
ATIC's Polish subsidiary MTMG also succeeded in improving its profit contribution.
The share in the results of associates rose from €14.6 million in 2012 to €15.9 million in 2013, with a higher contribution from EMO more than compensating for the reduced contribution from OVET.
The balance sheet remained strong.
Intangible assets increased in connection with €14 million in goodwill paid on the acquisition of the remaining 50% of
BTT. The increase in property, plant and equipment is also largely attributable to this transaction.
Long-term debt increased by €11.1 million to €71.3 million and current liabilities were €11.0 million higher, at €16.0 million. The increase relates to the BTT acquisition costs, the inclusion of BTT in the consolidation at 100% and the loan agreements entered into by EBS.
Page -3-
HES Beheer Press Release, 17 March 2014
Group equity grew from €118.1 million to €143.4 million. The balance sheet total increased by €57.0 million to €270.1 million, mainly owing to the effect of acquiring the remaining 50% of BTT and the consequent consolidation of this company in full. The ratio of shareholders equity to total assets, the capital ratio, fell from 55.4% to 53.1%.
GENERAL MEETING OF SHAREHOLDERS
The Annual General Meeting of Shareholders of H.E.S. Beheer N.V. will be held in the Grand Ballroom of the SS Rotterdam, 3e Katendrechtse Hoofd 25, 3072 AM ROTTERDAM, commencing at 14:30 on Wednesday, 21 May
2014.
The documents for this meeting, including the digital version of the 2013 annual report, will be available on the company's website www.hesbeheer.com> Investor Relations > AGM documents as from 2 April 2014. The printed version of the annual report will be published around 11 April 2014.
Management of H.E.S. Beheer N.V.
Note for editors
For further information, contact Ms E.L. Groenendijk, Director Special Projects, tel. +31 (0)181 25 81 53, e-mail e.groenendijk@hesbeheer.nl
Page -4-
HES Beheer Press Release, 17 March 2014
CONSOLIDATED INCOME STATEMENT FOR 2013(in accordance with lFRS as endorsed for use in the EU, x €1,000)
2013
2012
Revenue
Cast of subcontracted work
Maintenance costs
Staff costs
Depreciation and amortisation
Other operating expenses Total operating expenses Operating result
Share in results of associates
Operating result plus
share in results of associates
lnterest ineome
Finance expense Profit before tax Tax
Net profit
Adjusted net profit
Per share of €1.00
Amounts in €1
Net earnings per share Diluted net earnings per share Adjusted net earnings per share
13,510
9,438
28,751
9,986
20,932
97,098
82,617
14,481
15,925
30,406
89
-3,904
26,591
-2,291
24,300
25,325
2.72
2.69
2.83
12,217
8,721
25,923
8,125
16,940
87,477
71,926
15,551
14,608
30,159
225
-2,534
27,850
-2,250
25,600
25,600
2.93
2.90
2.93
Page -5-
HES Beheer Press Release, 17 March 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR 2013 ( x €1,000)
2013 2012
Net profit | 24.300 | 25.600 | |
Exchange differences Fair value gains and losses on cash flow hedges Actuarial gains and losses | -183 1.486 -437 | 172 -1.613 - | |
Comprehensive income * | 25.166 | 24.159 |
*Comprehensive income represents the net profit plus gains and losses accounted for directly in equity.
Page -6-
HES Beheer Press Release, 17 March 2014
(In accordance with IFRS as endorsed for use within the EU, x €1,000)
Non-current assetsIntangible assets
31-12-2013 31-12-2012 restated
Goodwill 15.574 1.555
Other 61 61
15.635 1.616
Property, plant and equipment
Property 26.307 21.285
Plant and equipment 107.742 75.024
Other assets 5.921 4.697
Assets under construction 6.215 2.232
146.185 103.238
Financial assets
Investments in associates 79.656 74.812
Receivables from associates 164 4.822
79.820 79.634
Total non-current assets 241.640 184.488
Current assetsInventories 337 349
Receivables
Trade receivables 11.647 10.152
Receivables from associates 83 533
Other receivables 3.093 2.530
Prepayments and accrued income 1.072 900
15.895 14.115
Cash and cash equivalents 12.269 14.176
Total current assets 28.501 28.640
Total assets 270.141 213.128
Page-7-
HES Beheer Press Release, 17 March 2014
31-12-2013 31-12-2012
restated
Shareholders' equity Paid-up capitai | 9.050 | 8.752 |
Share premium | 26.249 | 26.547 |
Share-based payments | 596 | 395 |
Statutory reserves | 52.139 | 47.595 |
Other reserves | 31.090 | 9.168 |
Unappropriated earnings | 24.300 | 25.600 |
Equity attributable to shareholders 143.424 118.057
Non-current liabilities | ||
Long-term debt | 71.257 | 60.177 |
Financial instruments | 2.929 | 2.668 |
Deferred tax liabilities | 1.402 | 1.408 |
Provision for employee benefits | 7.232 | 6.108 |
82.820 70.361
Current liabilities Payables to banks | 15.978 | 4.109 | ||
Trade payables | 11.314 | 8.765 | ||
Corporation tax | 144 | 373 | ||
Other tax and social security charges | 1.408 | 902 | ||
Pensions | 1.972 | 1.177 | ||
Other current liabilities | 10.891 | 7.419 | ||
Accruals and deferred income | 2.190 | 1.965 | ||
43.897 | 24.710 |
Total equity and liabilities 270.141 213.128
Capitai ratio 53.1% 55.4%
Page -8-
HES Beheer Press Release, 17 March 2014
CONSOLIDATED CASH FLOW STATEMENT (x €1,000)
2013 2012* Profit before tax 26.591 27.850
Adjustments for:
-Depreciation and amortisation 9.962 8.124
- lnterest income and expense 3.815 2.309
- Payments to associae! s -15.925 -14.608
- Other adjustments 201 177
Dividends from associates 10.978 8.931
Movements in provisions 820 2.132
Movements in working capitai:
- Movements in debt excluding bank borrowings 5.064 -2.435
- Other movements -963 -341
Cash flow from operating activities 40.543 32.139
Tax paid on profits -2.526 -2.469
Net cash tlow trom operating activities 38.017 29.670 lnvestments in associates/disposals 2.351 -1.826
lnvestments in other receivables and securities -13 -525
lnvestments in property, plant and equipment -15.715 -20.010 lnvestments in intangible assets -14.048 o
Other 89 768
Cash tlow trom investing activities -27.336 -21.593
Proceeds from long-term liabilities 3 4.256
Repayments of long-term liabilities -20.427 -1.819
Movements in short-term bank borrowings 10.119 -2.375
Rentebaten/-lasten -3.815 -2.309
Dividend paid o-6.651
Cash tlow trom tinancing activities -14.120 -8.898
Net cash flow -3.439 -821
Cash and cash equivalents as at 1January 14.176 14.990
Cash and cash equivalents of BTI 1-1-2013 (50%) 1.524 o
Exchange differences 8 7
Cash and cash equivalents as at 31December 12.269 14.176
*Restated
The company's auditors, PricewaterhouseCoopers Accountants N.V., h ave issued an unqualified report on the 2013 financial statements.
The generai meeting ofshareholders to be held on 21 May 2014 will be invited to adopt the 2013 financial statements.
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