March 18, 2014 [HES Beheer] - 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.
