October 28, 2013 [HES Beheer] - 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.
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.
