Cashflow Statement

The summary table provides insight in the main incoming and outgoing cashflows As in the two previous years, the cashflow ultimately generated is positive.

  2010 2009 2008
Short-term investments and liquid assets at start of year 172,089 119,500 95,733
Cashflow generated from operating activities 85,803 115,040 139,085
Cashflow devoted to investment activities (36,461) (36,499) (65,930)
Cashflow devoted to financing activities (25,791) (25,952) (49,388)
Short-term investments and liquid assets at year end 195,640 172,089 119,500


The cashflow from operational activities decreases due to the increase in working capital, which in turn is due to the higher amount of “Other amounts receivable,” and to turnover rising less rapidly than operating costs (decrease EBITDA and EBITDA margin).

The cashflow devoted to investment and financing activities remains stable.

Other required information

Apart from the information mentioned in the annual accounts, there were no significant events after the closing date of the Balance Sheet. The points regarding R&D and the existence of branch offices are not applicable. No procedures were carried out under application of art. 523 of the Companies Act. No use is made of financial instruments of any significance in judging the assets, liabilities, financial position and result.
As regards the risks and uncertainties facing the Port Authorities, these are mainly in the following areas:
  • developments in legislation as a result of the Port Decree and its implementation;
  • developments in legislation in the field of town and country planning and the delimitation of the port area;
  • the inplementation and evolution in the field of environmental law. On the one hand are risks which in principle are borne by concession holders, but if the latter fail to meet them (e.g. in case of bankruptcy) then these obligations could fall upon the Port Authority. On the other hand there is still a possible risk posed by as yet unknown pollution of (underwater) soil that might have to be cleaned up. Finally, changes in the law governing (underwater) soil remediation could impose additional obligations on the Port Authority. 
The attractiveness of ports in general is determined by factors such as accessibility, the efficiency of the port activities and the quality of the hinterland connections.

Antwerp, 5 april 2011

For the Board of Directors


Eddy Bruyninckx


Marc Van Peel
Chairman of the Board of Director
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