The net profit for the first half of 2014 (€9.3 million) cannot strictly be compared with the profit for the first six months of the preceding year (€21.8 million). As announced in the press release of 9 July 2014, both the interim results and the full-year figures for 2013 have been restated in connection with the non-recurring increase of €10.8 million in the valuation of what was initially a 50% investment in Botlek Tank Terminal, BTT. The restatement is in accordance with IFRS 3 Business Combinations and does not affect cash flows in any way. The net profit for the first half of 2014 was adversely affected by exceptional expenses of €3.8 million connected with the acquisition of ATIC Services S.A. and the planned takeover of HES Beheer itself.

Application of IFRS 11, under which proportionate consolidation of joint ventures is no longer permitted, means that OBA and Rotterdam Bulk Terminal (RBT) have ceased to be included in the consolidation (on a proportionate basis) with effect from the beginning of the 2014 reporting period. The 2013 interim results presented for comparison purposes do not include proportionate consolidation of these companies either. OBA and RBT have instead been recognised using the equity method according to IFRS 11 Joint Arrangements.

The remaining 78% of the logistics services provider ATIC Services S.A. was recently acquired, giving HES Beheer 100% ownership of this company. ATIC will be fully consolidated with effect from 1 July 2014. The carrying amount of the previously held 22% interest will undergo revaluation in the second half of the year, coupled with allocation of the purchase price for ATIC calculated in accordance with IFRS 3 Business Combinations.

The increase in the adjusted profit is largely accounted for by a higher contribution from EMO, a company in which HES Beheer still held a beneficial interest of 36.6% in the first half of the year (with effect from 30 June 2014: 57%) and, to a lesser extent, EBS (100%). The contributions from BTT (100%) and OVET (beneficial interest 47.7%; with effect from 30 June 2014: 49.9%) were also higher. The contribution from OBA (beneficial interest 73.8%; with effect from 30 June 2014: 74.9%) was maintained at the strong level of the corresponding period last year. The results of NHBS in the UK (100%), MTMG in Poland (22.2%) and RBT (50%) were down on the first half of 2013.

Despite reduced revenue at the UK subsidiary NHBS, consolidated revenue was up by 15.7%, thanks to higher revenue at EBS and BTT. The consolidated operating expenses, however, rose even more sharply, increasing by 25.3%, largely on account of the exceptional expenses incurred by HES Beheer, included in other operating expenses. The share in the results of associates rose from €10.1 million to €11.4 million, owing to higher contributions from EMO and OVET.

The adjusted earnings per share rose from €1.22 to €1.40, despite an increase in the number of shares outstanding (9.3 million as opposed to 9.0 million). However, the increase in the recognised carrying amount of BTT in 2013 and the exceptional expenses in the first half of 2014 had the effect of reducing reported net earnings per share from €2.41 to €1.00.

In the consolidated balance sheet, the ATIC transaction has been provisionally accounted for at the net amount of the investment, included in investments in associates, resulting in a sharp increase in the balance sheet total. The increase in bank borrowings caused the capital ratio to fall from 57.8% as at year-end 2013 to 46.2% as at 30 June 2014. After the full consolidation of ATIC later this year, the balance sheet total will again undergo a sharp increase.