The growth was driven by higher profit at EBS (HES interest 100%) and RBT (HES interest 50%) and good to reasonable performance by the other investee companies. Although OBA’s result for the first quarter was substantially lower than that for the same period last year, reflecting reduced coal volume due to the closure of the Baltic coal-loading ports by ice, the company still made a good contribution to profit.Proportional to HES Beheer’s interests in its investee companies, there was little change in bulk volumes and revenue from storage was slightly lower compared with the first quarter of 2010. Lower coal volume was offset by higher volumes of industrial minerals, agribulk, biomass and oil.The mid term outlook remains as good as ever.
The financial position has continued to strengthen since the beginning of 2011, with capital ratio and liquidity still improving. HES Beheer’s bank borrowing is low and the company more than meets the criteria set by the banks.

The first phase of the Botlek Tank Terminal construction project is on schedule. Commissioning of the new storage tanks, with a total capacity of 200,000 m3, is planned at the end of the fourth quarter of 2011. Agreement has been reached with the Port of Rotterdam on deepening the harbour from 13.65 to 15 metres, which will enable BTT to accommodate vessels up to 100,000 dwt. The dredging work is scheduled for completion in the fourth quarter of 2011.Work on OBA’s new 60-tonne gantry crane, EMO’s new 85-tonne gantry crane, EMO’s new wagon loader and Ovet’s deep-sea quay at Vlissingen is on schedule. EBS’s new conveyor system at Laurenshaven is now operational. EBS has signed a long-term lease with the Port of Rotterdam on 4.8 hectares of unexplored land in Botlek adjacent to the Laurenshaven Terminal. EBS currently expects to start operating from this site, which can store around 300,000 tonnes of coal and ore, in early 2012.