Annual reports
KEY POINTS 2009 |
2008 |
|
| > | Adjusted net profit: € 16.7 million > a record! | € 13.5 million |
| > | Net profit: € 16.7 million > a record! | € 14.4 million |
| > | Proportional imports down: 23.8 million tonnes | 35.5 million tonnes |
| > | Revenue: € 66.5 million – decline mitigated by high capacity utilisation at storage facilities | € 78.3 million |
| > | Return on fixed assets (ROFA*): 8.7% | 8.3% |
| > | Adjusted net profit per share: € 1.91 | € 1.54 |
| > | Net earnings per share: € 1.91 | € 1.65 |
| > | Proposed dividend: € 0.95 per share (€ 0.34 of which has already been distributed as an interim dividend) | € 0.75 |
| > | Year-end closing price: € 22.85 | € 16.20 |
| > | Market capitalisation at year-end 2009: € 200.0 million | € 141.8 million |
| > | Return on shareholders’ equity (as at 1 January): 20,7% | 20,3% |
| > | Capital ratio: 72.4% | 68.2% |
| > | € 70.5 million of available tax loss relief renewed | |
| > | HES Beheer and Ovet Holding presented with FD Gazelle Award 2009 | |
| > | Demolition work starts on the Botlek Tank Terminal facilities, in preparation for conversion to a liquid bulk terminal starting in 2010 | |
| > | Full renovation of largest floating cranes and gantry crane at EBS | |
| > | Work starts on 60-tonne gantry crane at OBA; commissioning of new ship loader, loading quay and one hectare of extra storage area and renovation of floating crane | |
| > | Commissioning of sixth NHBS shed | |
| > | EMO: steady progress with construction of two coal/biomass power plantson and adjacent to EMO site; order placed for additional coal train loader | |
| > | Multipurpose shed and five hectares of extra storage area commissionedat Ovet Vlissingen | |
| > | Shed, silos and a weighbridge taken over by RBT | |
KEY ASPECTS OF POLICY
- Expansion of activities with large-scale storage and transhipment of liquid bulk
- Structural investment in dry bulk in the Netherlands and the United Kingdom via our currentassociates
- Active role as shareholder in and member of the Board of Supervisory Directors of associates
- Promotion of synergy
FINANCIAL OBJECTIVES
- Financially healthy and steadily growing business that creates long-term shareholder value
- Growth in proportional revenue
- Year-on-year growth in the total result and earnings per share
- Growth to 10% ROFA in the long term
- Return on shareholders’ equity of at least 15%
- Capital ratio of at least 35%
- Distribution of 50% of the adjusted profit as dividend
OUTLOOK FOR 2010 AND THE LONGER TERM
Inward volumes of bulk products are expected to be higher compared with 2009. Demand for storage, which was exceptionally high in 2009, will still be strong but is expected to remain closer to the 2008 level. It is too early at this stage to give any forecast for HES’s profitability in 2010. The outlook for the longer term remains good as ever. This expectation is based primarily on the expected growth of coal imports and the planned expansion into the liquid bulk segment.