Balance sheet - Assets - Liabilities

Balance Sheet

The Balance Sheet is summarised in the table below.

( IN EUROS x 1000 ) 31/12/2010 31/12/2009
ASSETS    
II/III. Intangible/tangible assets 985,680 996,042
IV. Financial assets 8,589 1,214
V. Receivables > 1 year 8,182 7,682
VI. Stocks 2,548 2,471
VII. Receivables < 1 year 56,160 33,101
VIII. Investments 182,908 133,386
IX. Liquid assets 12,732 38,702
X. Deferred charges and accrued income 5,577 7,050
Total 1,262,376 1,219,648

 

( IN EUROS x 1000 ) 31/12/2010 31/12/2009
LIABILITIES    
I. Capital 307,110 307,110
III. Revaluation surplus 11,461 12,458
IV. Reserves 432,827 364,566
VI. Investment grants 248,947 261,878
VII. Provisions 137,316 128,025
VIII. Amounts payable > 1 year 19,556 21,556
IX. Amounts payable < 1 year 75,579 94,162
X. Accrued charges and deferred income 29,580 29,893
Total 1,262,376 1,219,648

 

Assets

The amount of tangible and intangible assets has fallen by 10.4 million euros. This net amount is made up as follows:

  MILLION EUROS
Investments

+34.0

Depreciation & amortisation -40.8
Retirals/write-downs -3.6

 

The investments are made up mainly of the following components:

  • Investments in docks (12.2 million euros)
  • Buildings (3.7 million euros)
  • Tugs (9.4 million euros)

The long-term trade accounts receivable are concession fees for which a schedule of payments over a longer period has been agreed. As last year, the other long-term accounts receivable are a partial contribution by the Port Authority for a pre-ground bank (land reserve).

The trade accounts receivable have remained fairly stable, up by just 2.1 million euros. Other accounts receivable, have risen sharply since no subsidies were paid out in 2010 under the terms of the Port Decree. The amounts for the first three quarters of 2010 (20.3 million euros) were received in February 2011.

Thanks to the positive result overall and the positive cashflow for the financial year, the balance of cash at bank and in hand and the current investments has risen from 172.1 million euros to 195.6 million euros.

 

Liabilities

The equity increases because out of the total net result of 80.1 million euros, 67.3 million euros was appropriated to equity and 12.8 million euros was appropriated as profit to be distributed.

The provisions has increased overall by 7.3% as a result of the higher provision for environmental risks.

The financial debts were repaid in 2010 according to the agreed due dates. There were also no opportunities to reimburse early certain debts at financially advantageous terms.

The amounts payable within 1 year have decreased, from 94.2 million euros at the end of 2009 to 75.6 million euros at the end of 2010. According to the loan repayment schedule, the amounts due to be repaid in 2011 are significantly less (4.2 million euros compared with 15.2 million euros). In addition, an amount of 6 million euros was effectively repaid to the City of Antwerp in 2010 under the terms of obligations arising from the Protocol concerning the “Eilandje” area. Like last year, the profit of 12.8 million euros to be distributed, has been included under the heading “Other amounts payable.”

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