Annual report 2007 - Port of Rotterdam

annual report
2007

contents
3 key figures
4 Report of the Non-Executive Board
8 Report of the Executive Board
9 Foreword
11 Objective and strategy
15 Client
15 Competitive position in Northwestern Europe
16 Investments
17 Throughput
21 Energy
22 Maritime industry, services and the cruising industry
22 Services for the business sector
23 Tariffs
23 Marketing
24 Transport
24 Ocean shipping
26 Inland shipping
27 Road transport
28 Rail transport
28 Pipelines
29 area
29 Sites
29 Maasvlakte 2
31 Stadshavens Rotterdam
31 Dredging work
31 Environment
33 Security
34 Image quality
35 Environment
35 Knowledge, labor market & education
35 Corporate social responsibility
36 Stakeholders
37 Organization
37 Corporate governance
38 Risks and risk management
39 Human resources
42 Foreign activities
42 Finance
42 Net income
44 Cash flow
46 Outlook for 2008
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007

contents
KEy figures
(amounts in millions of euros)
48 goods on the move
2007 2006
71 annual accounts 2007
72 Consolidated balance sheet
73 Consolidated statement of income
74 Consolidated cash flow statement
75 Notes to the consolidated balance sheet and statement of income
76 Accounting policies for the balance sheet
79 Accounting policies for the statement of income
82 Tangible fixed assets
83 Financial fixed assets
84 Accounts receivable
84 Cash and cash equivalents
84 Group equity
85 Provisions
87 Long-term debts
88 Short-term debts
88 Off-balance sheet commitments and contingencies
90 Total operating income
90 Salaries, wages and social charges
91 Other operating expenses
91 Other notes to the statement of income
92 Financial income and expense
92 Workforce
93 Renumeration of directors
95 Related parties
96 Company balance sheet as at december 31, 2007
97 Company statement of income
97 Notes to the company balance sheet and the statement of income
97 General
98 Financial fixed assets
99 Shareholders’ equity
100 Other information
Financial Performance
Total operating income 488 455
Income from normal operations (EBIT) 181 174
Net income 114 120
Net income (normalized) 114 92
Balance Sheet information
Group equity 1,033 971
Long-term debt 1,139 1,080
Capital invested 2,172 2,051
Total assets 2,548 2,430
Ratios
NORMALIZED
Return on capital employed * (in %) 8.2 7.3
Capital adequacy (in %), (including subordinated loans) 64 67
Total debt/EBITDA ** 3.7 4.4
Interest coverage *** 3.2 2.6
Net profit margin as a % of total operating income 23.4 20.3
Operational information
Sites allocated (in hectares) 4,583 4,572
Quay walls and slopes (in kilometers) 97 95
Capital expenditure (in millions of euros) 235 231
Goods throughput (in millions of tonnes) 407 **** 382
Number of calls of seagoing vessels 37,097 36,033
Market share Hamburg – Le Havre Range
Total (in %) 34.9 **** 34.7
Liquid bulk goods (in %) 47.8 46.6
Dry bulk goods (in %) 33.8 33.4
Containers (in %) 26.4 26.7
Other general cargo and roro (in %) 22.3 **** 21.5
103 appendices
104 A Personal details Non-executive Board and Executive Board
106 B Ten-year summary
108 C List of participating interests
109 D Organisation
110 E Rotterdam Representatives
Personnel
Number of employees at year-end 1,186 1,245
(excluding participating interests)
* Ratio between income from normal operations and average balance sheet total less short-term debt.
** Ratio between interest-bearing loans and earnings before interest, depreciation and amortization
*** Ratio between income from normal operations and net interest, income and expense.
**** With effect from 2007, roll on/roll off in the Hook of Holland and Vlaardingen is included in the throughput figures
for Greater Rotterdam. Throughput figures for 2006 have been adjusted accordingly (originally 378.2 million tonnes).
This annual report is also available in Dutch. In case of textuel inconsistencies
between English and Dutch, the Dutch version prevails.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 3

eport
of
The Non-Executive Board held seven plenary meetings during the course of 2007,
during which a wide range of issues were discussed. Major investments were
approved, the HRM policy and reorganization were discussed on a number of occasions,
the awarding of the contract for the construction of Maasvlakte 2 was considered
in detail, the performance of the Non-Executive Board itself was evaluated
and naturally the quarterly results were discussed. In addition, views were
exchanged in 2007 on a number of strategic subjects. The Non-Executive Board
considered the accessibility of the port complex and the necessary measures and
investments that will be required to safeguard this accessibility. Attention was also
given to developments in the container sector; how the Port of Rotterdam Authority
(also referred to as The Port Authority) can contribute to the increasing demand for
container handling facilities, and how the hinterland transport can be further optimized.
The container transferium was also discussed with this in mind. Partly at the
request of the Non-Executive Board, the Business Plan was updated and the objectives
for the coming years were accentuated. The Non-Executive Board discussed
a range of investment decisions, in particular for projects at the existing Maasvlakte
for handling oil, LNG and steel slabs and for the construction of a power station.
In addition, investments elsewhere in the port were approved, particularly
filling-in operations to create additional space for new economic activities. Approval
was also given for the construction of several quay walls and modifications to a
number of sites. Finally, the financing of the company was a recurring topic of discussion.
At the end of the year this led to a positive decision on financing facilities
in order to fi nance future investments in both the existing port area and Maasvlakte 2.
finAnciAL stAtements foR 2007
the
Non-Executive
Board
These financial statements for 2007 have been prepared by the Executive Board.
On 6 March 2008 the financial statements, provided with an unqualified auditor’s
report by Ernst & Young, were signed by the Executive and Non-Executive Boards.
Net income for 2007 is € 114 million. In accordance with the agreements in the
Shareholders’ Agreement and the Investment Agreement the Executive Board proposes
paying out € 50.8 million of this as dividend to the Municipality of Rotterdam
and € 1.2 million as dividend to the State. In addition, the Executive Board proposes,
in view of the earn-out scheme, part of the Investment Agreement, paying
out € 50 million to the Municipality of Rotterdam. The Non-Executive Board supports
both proposals and recommends that the General Meeting of Shareholders
adopt the financial statements.
finAnciAL AccoUnting
Based on the half-yearly figures, the Port Authority published its Half-Yearly Report
for the first time. Partly on the basis of these half-yearly figures, an interim dividend
of € 20.6 million was paid out to the shareholders.
AUdit committee
The Audit Committee met several times in 2007. Regular subjects on the agenda
included the 2006 annual report and financial statements, the quarterly reports and
the financing of the Port Authority. The development of ICT costs and purchasing
policy were given detailed attention, as were several reports by the internal auditor
and the work schedules for 2008. The composition of the Audit Committee changed
in 2007. The vacancy that arose through the departure of Ms. Vogelaar was filled
by Mr. Van Slobbe. Mr. Abrahamsen was chairman in 2007. Just as in the preceding
year, the Committee was assisted with Maasvlakte 2 by two advisers with knowledge
and experience of large infrastructure projects.
4 5

Remuneration Committee
Employee participation
The Remuneration Committee held several meetings during the course of the year,
during which it discussed the organization of the Port Authority, the performance of
the Executive Board and remuneration of the members of the Executive Board,
including an assessment of the extent to which the criteria for the long-term and
short-term bonuses have been met. The Committee also played a major role in
searching for a new Chief Operational Officer (COO) and the appointment of Mr.
Toet to this position. After the departure of Mr. Van Tongeren as Chief Commercial
Officer (CCO), it was decided in close consultation with the Committee to modify
the top structure of the Port Authority. The principal aims of this modification were
to simplify the structure and increase the decisiveness of the organization. To this
end, more responsibility was placed lower in the organization and the tasks of the
members of the Executive Board were reassigned, so that no new CCO needed to
be appointed. In consultation with the Remuneration Committee, the top 20 managers
(first and second management tier) of the Port Authority underwent a wideranging
assessment, the results of which were taken into account when filling the
management positions in the modified top structure. In 2007 the Remuneration
Committee comprised, as in 2006, Messrs. Kroon (chairman), Van Slobbe and
Scheepbouwer.
Upon the recommendation of the Works Council, Mr. Smit was appointed as a new
member of the Non-Executive Board, succeeding Ms. Vogelaar with special responsibility
for the relationship with employees. Representatives of the Non-Executive
Board were present on two occasions in 2007 during the consultative meetings of
the Works Council. Cooperation with the Works Council was felt by the Non-Executive
Board to be positive and constructive.
Word of thanks
A word of thanks is due here to all of the Port Authority’s executives and staff.
Thanks in no small part to their commitment and hard work, 2007 was a successful
year for the Port Authority. A special word of thanks goes to Mr. Struijs who handed
over his executive responsibilities to Mr. Toet on 1 January 2008. Mr. Struijs was a
member of the Port Authority Executive Board for 17 years, and through his commitment
and involvement has left an indelible mark on the Port Authority.
Composition and performance of the Non-Executive Board
A vacancy was created in February 2007 due to the appointment of Ms. Vogelaar
as a government minister. Upon the recommendation of the Works Council, Mr.
Smit was appointed as a member of the Non-Executive Board in July 2007. The
composition of the Non-Executive Board in 2007 was as follows:
• A.J. Scheepbouwer (chairman, member of Remuneration Committee)
• R.J.N. Abrahamsen (Deputy chairman, chairman of the Audit Committee since
20-02-2007)
• J.M. Kroon MBA (chairman of Remuneration Committee)
• R.P.M. van Slobbe (member of Remuneration Committee, member of Audit Committee
since 20-02-2007)
• R.M. Smit (since July 2007)
• C.P. Vogelaar (to 20-02-2007, chairman of Audit Committee)
Mr. C. Smits continued as secretary to the Non-Executive Board in 2007.
A quorum was present at all Non-Executive Board meetings. Occasionally a member
of the Non-Executive Board was absent. In accordance with the Dutch Corporate
Governance Code, all members of the Non-Executive Board were independent of
the Port Authority. When discussing the financing of the Port Authority a member of
the Non-Executive Board, who is also a supervisory director of one of the banks
involved, did not participate in one aspect of the decision-making process. In 2007,
for further familiarization purposes, a number of visits were made to stevedoring
companies in Rotterdam. The Non-Executive Board also made visits to the ports of
Antwerp, Shanghai and Sohar (Oman).
6 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 7

foReWoRd
2007 was a good year for both the port of Rotterdam and the Port Authority.
Throughput of goods, an indicator of the development of the port, rose by 6.6% to
more than 400 million tonnes. This is a unique achievement for a European port.
A milestone was reached in container throughput too, which exceeded 10 million
TEU (unit of measurement for containers). The port benefited from the globalization
and positive development of the worldwide economy. Developments in the Far
East are particularly important. Container transport from China grew strongly, as
did the transport of Russian oil via Rotterdam to the Far East.
report
of the
Executive
Board
Shipping increased considerably, but apart from an incident during a severe storm
there were no major accidents. Rotterdam was once again an extremely safe port
in 2007, thanks also to the hard work of the many expert service providers on the
water and in traffic guidance from the shore.
Our operating income showed a positive development, in line with the objectives.
This upward trend is important in order to realize the extensive investment program
for the port. Cash flow is still negative. This negative figure is due to major investments
and an earn-out payment to the shareholder, the Municipality of Rotterdam.
The Port Authority is investing in the port to encourage and promote industrial
activity, both in client-specific and public infrastructure. Total investment in 2007
came to € 235 million.
Total throughput has risen by almost 80 million tonnes since 2003. This is comparable
with the capacity of one of the larger European ports. For the coming years
too we expect a steady growth in throughput volumes, placing ever greater pressure
on space, and with it growing challenges with regard to accessibility and sustainability.
We see a role here for the Port Authority to take the lead in seeking solutions.
In order to provide literally enough space for this growth, the Port Authority must
manage the existing port area more inventively than ever. Improving chain efficiency
and productivity, restructuring, intensification and co-siting, remain its key
aims. In addition, there is an urgent need for new space. It is absolutely vital for
Maasvlakte 2 to be completed swiftly. Furthermore, it is only natural to look beyond
Rotterdam itself and seek solutions elsewhere. Examples of this are the ports at
Moerdijk and Vlissingen and a container transferium to the east of Rotterdam. More
intensive cooperation with Amsterdam is also an option for the future. Such cooperation
can and must be to the advantage of all the parties involved.
Whereas the accessibility of the port by rail was given a major boost in 2007 with
the opening of the Betuwe Route freight railway line, traffic jams have become an
ever greater problem for road transport. Congestion on the A15 highway, the main
artery for road transport, increased faster than the national trend. Solving accessibility
problems is something that is beyond the capabilities of a single organization.
The government, business sector and the Port Authority each have their own
role to play, but will need to find new forms of cooperation in order to achieve effective
solutions. The Port Authority has taken the lead with an accessibility plan,
whose spearheads are a significant modal shift (less road transport, more by rail
and inland waterways), a smart location policy (transport movements to be taken
into account when companies set up business in the port area), more collective
passenger transport, dynamic traffic management, effective incident management
and the construction of new infrastructure.
8 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 9

We are convinced that sustainability and liveability are essential prerequisites for
the further development of the port. The Port Authority must contribute to finding
solutions to environmental problems. That is why in 2007 a trial project with shorebased
power for inland shipping was started, and agreements have been made on
possibilities for CO2 capture and storage with the new power stations due to be
built. In addition, we are committed to improving continually our own environmental
performance.
In preparation for the World Ports Climate Conference to be held in 2008, the Port
Authority organized a conference in November entitled ‘World Ports for a Better
Climate’, at which thirteen of the largest ports in the world took part. This conference
forms part of the Rotterdam Climate Initiative, an ambitious climate program
in which four parties (the Municipality, DCMR Rijnmond Environmental Agency,
Deltalinqs and the Port Authority) work together.
In addition to the Municipality of Rotterdam, the State formally became a shareholder
of the Port Authority last year, a fact we welcome wholeheartedly. It contributes
to creating a firm embedding of the Port Authority at government level that does
justice to the importance of the port for the Netherlands and Europe.
Within the organization itself, we have initiated a number of changes during the
past few years. With the introduction of a new organizational structure on 1 January
2008, the Port Authority commits itself to an organization in which professionalism
goes hand in hand with effectiveness and decisiveness,
and where responsibilities are placed clearly
and as low as possible in the organization.
In the year under review the Port Authority celebrated
its 75th anniversary with a series of activities for staff,
clients, stakeholders and residents. It provided unforgettable
highlights, such as a football tournament
broadcast around the world, a performance by Gloria
Estefan during the World Ports Festival and an exhibition
of magnificent port photographs.
We would like to take this opportunity to thank all our
staff and the Works Council for their hard work, commitment
and excellent cooperation during the past
year.
f.l.t.R.
andRÉ toet
oBJective And stRAtegy
The port of Rotterdam is a hub of international goods flows, while at the same time
an industrial complex of global stature. With a throughput of more than 400 million
tonnes of goods, Rotterdam is by far the biggest seaport in Europe. Its share of the
petrochemical and energy sector is roughly 20% of the total production capacity in
Northwestern Europe.
The Port Authority has two statutory objectives. Firstly, to promote the effective,
safe and efficient handling of shipping in the port of Rotterdam and the entrance
area offshore. Secondly, to develop, construct, manage and commercially operate
the port area. In doing so, the Port Authority focuses on promoting sustainable
economic development. Its mission is: the Port Authority develops in partnership
the leading European port of world stature. Its most important partners are the
businesses in the port itself and those which offer their services in the port. The
Port Authority is a public limited company with two shareholders: the Municipality
of Rotterdam and the State.
The added value of the Rotterdam port and industrial complex was approx. € 12.3
billion in 2006. The port complex was directly responsible for 86,500 jobs in 2006.
Figures for 2007 are not yet known. For more information, see www.havenraad.nl.
For the further development of the port of Rotterdam, it is crucial to attract cargo
flows as well as commercial activity. In attracting cargo flows, Rotterdam competes
with other ports in the Hamburg-Le Havre (HLH) range. These ports all serve the
hinterland of Northwestern Europe. Rotterdam is by far the largest port in the HLH
range in terms of throughput tonnage. The competition varies widely depending on
the segment. In the container segment Antwerp and Hamburg are the main competitors,
while in the coal segment this is Amsterdam, and for crude oil Le Havre.
Major factors in this competitive rivalry are a deep-water location, availability of
space, good access to the various hinterland connections (road, rail, pipeline), the
quality of service and the costs.
Because of the scarcity of space, the Port Authority is attracting mainly those businesses
that strengthen the port and industrial complex. Spearheads are container
handling, the chemical industry and energy. The production of the energy sector
and process industry accounts for roughly 20% of the total in Northwestern Europe.
For the chemical industry, Rotterdam has to contend with worldwide competition.
Antwerp is the main competitor in Northwestern Europe, but both chemical complexes
complement each other too, together forming the largest chemical complex
in Europe.
thessa menssen
hans smits
10 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
11

THE ROTTERDAM PORT AND INDUSTRIAL COMPLEX
Key activities
TOTAL IMPORTS ROTTERDAM
82 MILLION TONNES DRY BULK
DIRECT ONWARD TRANSPORT
TO HINTERLAND
In order to achieve its mission and realize its objectives, the Port Authority carries
out four key activities.
152 MILLION TONNES LIQUID BULK
51 MILLION TONNES CONTAINERS
7 MILLION TONNES OTHER GENERAL CARGO
7 MILLION TONNES RO/RO
PROCESSING IN THE HIC
± 30% IMPORT BULK GOODS
± 8% IMPORT CONTAINERS
225 MILLION TONNES
ONWARD TRANSPORT AFTER PROCESSING IN HIC
±24 MILLION TONNES
PETROL, DIESEL, KEROSENE, PETCOKES
• Client management
• Ensure client satisfaction
• Attract new clients
• Contribute as business partner to clients’ performance
• Traffic management
• Effective, safe and efficient handling of shipping in Rotterdam
• Partnerships for traffic management by rail, road, water and pipeline
ADDED VALUE IN THE PORT AND INDUSTRIAL COMPLEX (HIC)
REFINING
DISTILLATION CAPACITY FOR 55 MILLION TONNES CRUDE OIL
27% SHARE IN NORTHWEST EUROPE
5 REFINERIES: 886 HECTARES (20% OF THE TOTAL HIC)
SALES INCL. 14 MILLION TONNES HEATING FUEL AS SHIP’S FUEL
NAPHTHA, AROMATICS
• Area management
• Provide space for growth
• Intensify land use
• Ensure efficient public infrastructure
• Environmental management
• Work in partnership to invest in attractive preconditions
• Influence relevant regulations
• Invest in ‘license to operate’
ENERGY AND GASSES
GENERATION USING COAL, GAS, WASTE, WIND
3000 MW TOTAL PRODUCTION
14% OF DUTCH ENERGY PRODUCTION
278 HECTARES (6% OF THE TOTAL HIC)
ADDITIVES
CHEMICALS AND BIOFUELS MORE THAN 40 BUSINESSES / 13 MILLION TONNES PRODUCTION
SEMI-FINISHED GOODS, BIODIESEL AND BIOETHANOL
15% SHARE IN NORTHWEST EUROPE
687 HECTARES (15% OF THE TOTAL HIC)
POWER SUPPLIED
TO NATIONAL GRID
GAS SUPPLIED TO
GAS NETWORK FROM 2011
Client management
Client management involves facilitating developments with existing clients and
attracting new clients. The Port Authority aims to achieve satisfaction among its
clients, particularly in relation to the service and value for money the Port Authority
provides. The Port Authority is a business partner which supports cargo acquisition,
contributes to setting up new hinterland connections, offers a port community
system through its subsidiary Port infolink, and in partnership provides fiber optics
services and pipelines. In all these activities the Port Authority focuses on existing
and potential clients of businesses already established here.
Tr affic m anagement
LOGISTIC ACTIVITIES
3 DISTRIPARKS
305 HECTARE (7% OF THE TOTAL HIC)
The Port Authority is responsible for the smooth, safe, clean and secure handling
of shipping in the port. This task is laid down in the Harbour Master Covenant,
which confers all the relevant powers on the Harbour Master of the Port Authority.
OTHER INDUSTRY
MORE THAN 80 BUSINESSES
INCL. SHIPBUILDING, AGRO-INDUSTRY AND METAL INDUSTRY
In this role the Harbour Master is accountable to the Minister of Transport, Public
Works and Water Management and the municipal executives of the seaport municipalities
concerned. The Port Authority is increasingly active in the management of
landside traffic flows. For example, the Port Authority participates in Keyrail (the
operator of the Betuwe Route) and in 2007 the first steps were taken to work in
partnership to create an accessibility organization which will be responsible for
traffic management on the road network in the region: the roads in the port area
and part of the A15 highway. By assuming this active role, the Port Authority
TOTAL EXPORT FROM ROTTERDAM
8 MILLION TONNES DRY BULK
35 MILLION TONNES LIQUID BULK
EXPORT AFTER PROCESSING
±11 MILLION TONNES
OIL- AND CHEMICAL PRODUCTS
SUPPLY FROM HINTERLAND FOR PROCESSING
± 1 MILLION TONNES INCL. BY PIPELINE FROM ANTWERP
contributes to the competitiveness of the port and industrial complex, because the
scarce transport infrastructure between the port and the hinterland will be better
utilized thanks to good traffic management.
53 MILLION TONNES CONTAINERS
3 MILLION TONNES OTHER GENERAL CARGO
DIRECT ONWARD TRANSPORT FROM HINTERLAND
Area management
8 MILLION TONNES RO/RO
±96 MILLION TONNES
All the land in the port is in the hands of the Port Authority, which lets available
sites to businesses on a long-term basis. The Port Authority ensures that the port
area is efficiently organized, with adequate transport infrastructure, a high stand-
12 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 13

ard of environmental quality and good amenities and facilities. Furthermore, the
Port Authority aims to offer space for existing clients to expand and for new clients
to set up business in the area. This space is vital, in view of the fast-growing international
flow of goods. The construction of Maasvlakte 2 is crucial for the further
development of the port and industrial complex. Apart from Maasvlakte 2, the Port
Authority is also investing in intensifying and restructuring the existing port area
and will enter into cooperative ventures to develop and let out land outside the port
of Rotterdam. An example of this is a joint venture with Zeeland Seaports.
enviRonmentAL mAnAgement
Working in partnership to invest in the best possible preconditions for the business
community. This is the essence of environmental management. The Port Authority
is working on improving the quality of the labor market, encouraging collective
transport facilities, improving the level of amenities and innovative climate in the
port and increasing the sustainability of the port complex. The Port Authority is
investing in gaining public support for commercial activity in the Rijnmond area (the
license to operate). One way it does this is by pursuing an ambitious Corporate
Social Responsibility policy.
PRioRities 2008-2010
The mid-term review of the 2006-2010 Business Plan took place in 2007. Progress
has been good, and a number of objectives have consequently been adjusted upwards.
In addition, six priorities for the period from 2008 to 2010 have been identified:
• CHain effiCienCY
The Port Authority wishes to contribute more actively to the efficiency of transport
and production chains. This can be done by expanding the port community
system.
• CUStomiZeD loCation
The Port Authority wants to offer businesses customized locations. This requires
more than simply Maasvlakte 2: investment in a more intensive use of space in
the existing port area and a quest to find extra space outside it.
• lanDSiDe tranSPort
The quality of landside transport is under pressure, above all due to congestion
along the hinterland corridors. The Port Authority wants to contribute to a better
utilization of the hinterland infrastructure.
• SUStainaBilitY
The Port Authority is committed to sustainable business practices and a sustainable
development of the port.
• SCoPe for inveStment
The forthcoming investments in Maasvlakte 2 will place a heavy burden on the
Port Authority’s financial resources, while at the same time there will be a considerable
need for investment in the coming years. Creating scope for investment is
therefore essential.
• organiZational effiCienCY
It is essential to improve the efficiency of the Port Authority itself so that it can
fulfill its role properly as a professional business partner.
cLient
The Port Authority promotes the functioning of the port and industrial complex in all
kinds of ways, its key activities being to attract new clients and contribute to the
performance of established companies in order to strengthen the position of Rotterdam
as a quality port.
comPetitive Position in noRthWesteRn eURoPe
Rotterdam positions itself in all market segments as a quality port. Aspects in which
the port and industrial area distinguishes itself from competitors are:
• naUtiCal aCCeSSiBilitY
Rotterdam is accessible to the ships with the deepest draughts in the world.
Thanks to the lack of sea locks, turnaround time is relatively short and the
number of nautical incidents is low, also due to excellent shipping guidance.
• HinterlanD ConneCtionS
Rotterdam has excellent connections with the hinterland via inland shipping, rail,
road and pipeline. Services relating to these modalities continue to improve, even
though accessibility by road is under pressure.
• Sea ConneCtionS
Rotterdam is the most important hub for seagoing cargo in Northwestern Europe,
with an unrivaled network of feeder and short-sea connections.
• PetroCHemiCalS anD energY ClUSter
Because of the size and comprehensiveness of this cluster, many semi-finished
goods and residual products are available for further processing.
• BUnKering
After Singapore, Rotterdam is the most important port for ships to take on fuel.
This is an extra argument for shipping companies to include Rotterdam in their
sailing schedules.
From a logistic point of view, the port has to contend with competition from other
seaports in Northwestern Europe, the so-called Hamburg-Le Havre range. As a
production location, Rotterdam is a global competitor. The trend of unbridled growth
in the flow of goods from Asia continued unabated in 2007. This has created
considerable pressure on the terminals and hinterland connections. Comparable
problems are also being experienced by competing ports in Northwestern Europe.
THROUGHPUT IN GREATER ROTTERDAM
(IN MILLIONS OF TONNES)
425
400
375
350
325
300
2003 2004 2005 2006 2007
328 353 370 382 407
36.0
35.5
35.0
34.5
34.0
33.5
MARKET SHARE IN GREATER ROTTERDAM
(IN THE HAMBURG - LE HAVRE RANGE IN PERCENT)
2003 2004 2005 2006 2007
35.1 35.1 35.4 34.7 34.9
14 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 15

GOODS THROUGHPUT Hamburg - Le Havre Range in 2006 AND 2007
(in miLLIONS OF TONNES)
Throughput
GOODS THROUGHPUT groWTH 2006-2007 markET SHARE in %
TOTAL GOODS THROUGHPUT GREAT ROTTERDAM
(IN MILLIONS OF TONNES)
2007 2006 absolutE in % 2007 2006
Rotterdam 406.8 *381.8 25.0 6.6 34.9 34.7
Antwerpen 182.9 167.4 15.5 9.3 15.7 15.2
Hamburg 140.4 134.9 5.5 4.1 12.0 12.3
Amsterdam 87.8 84.4 3.4 4.0 7.5 7.7
Le Havre 78.9 73.9 5.0 6.8 6.8 6.7
Bremen 69.2 65.1 4.1 6.3 5.9 5.9
Duinkirk 57.1 56.6 0.5 0.9 4.9 5.1
Wilhelmshaven 42.7 43.1 -0.4 -0.9 3.7 3.9
Zeebrugge 42.1 39.5 2.6 6.6 3.6 3.6
Zeeland Seaports 33.0 30.2 2.8 9.3 2.8 2.7
Ghent 25.1 24.1 1.0 4.1 2.2 2.2
Total 1.166.0 1.101.0 65.0 5.9 100.0 100.0
* Throughput of goods in Greater Rotterdam in 2006 was adjusted upwards (was 378 million tonnes) by including the roll on / roll off in Hoek
van Holland and Vlaardingen. The market share of Rotterdam in the total throughput of goods has fluctuated for a number of years around
400
375
350
325
300
275
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
ACTUAL 293 THROUGHPUT 353293 370 292 382 311 314 407 304 407 322 35,1 31535,1
322 35,4328 34,7353 34,9 370 34,9 382 407 34,9
PROGNOSE SCENARIO GLOBAL 293 COMPETITION 353293 370 299 382 305 311 407 317 407 323 35,1 32935,1
336 35,4342 34,7349 34,9 356 34,9 363 370 34,9
PROGNOSE SCENARIO DIVIDED 293 EUROPE 353293 370 296 382 299 302 407 305 407 308 35,1 31135,1
314 35,4317 34,7321 34,9 324 34,9 327 330 34,9
Compared to the forecasts made in 1995, throughput of goods has increased much
faster in the past few years than had been anticipated at that time in the most favorable
scenario. The main causes of this are globalization, continuous economic
growth, the increases in scale in shipping and the resulting fall in transport costs.
35%.
Investments
Virtually all conceivable types of goods are handled in Rotterdam, and it is this
diversity that the Port Authority wants to enhance wherever possible. It aims to do
this, for example, by creating space for emerging sectors such as LNG and the
production of biofuels. The Port Authority works closely with the
companies concerned to coordinate their investments. The business
sector invests in storage and production capacity on land, whereas
the Port Authority invests above all in business-related wet infrastructure,
such as quay walls.
Last year the Port Authority invested a total of € 235 million. Roughly
75% of this was for commercial, client-specific projects such as
increasing the number of berths for Odfjell, Argos and ETT, a pier for
Vopak, filling in the Hartel canal (for goods handling) and the southeast
corner of the Waalhaven (for office development), Euromax, the
Delta Barge & Feeder Terminal, preparation costs for the construction
of Maasvlakte 2 and the change in function of the RDM site.
Non client-specific investments were also made, such as in waiting
locations and shore-based power for inland shipping, improvements
to the road network, a broadband network, improving the water quality
of the Oostvoornse Meer, and sewers in the western port area. In the older port
areas there has been investment in measures to extend the life of a number of
quays, including the Antwerps Hoofd. Through the VTM Future program, the Port
Authority also invested in modernizing the traffic guidance system for shipping.
250
200
150
100
50
INVESTMENTS
(IN MILLIONS OF EUROS)
0
2003 2004 2005 2006 2007
CLIENT-SPECIFIC 58 72 98 168 173
NON CLIENT-SPECIFIC 54 43 37 63 62
TOTAL 112 115 135 231 235
* AVERAGE ANNUAL GROWTH 2003-2007
2003 2004 2005 2006 2007 groei %*
Agricultural bulk 10,744 10,560 10,654 9,304 9,448 -2.9
Ores and scrap 39,950 42,273 40,704 38,562 40,233 0.2
Coal 24,711 25,328 26,547 27,648 28,195 3.4
Other dry bulk goods 10,581 11,160 11,541 12,372 12,876 5.0
Subtotal dry bulk goods 85,986 89,321 89,446 87,886 90,752 1.4
Crude oil 99,842 102,104 102,154 99,159 96,987 -0.7
Mineral oil products 27,468 33,272 42,151 45,929 57,302 20.1
Chemical products and edible oils 25,275 25,566 27,018 31,500 32,328 6.3
Subtotal liquid bulk goods 152,586 160,942 171,323 176,588 186,617 5.2
Containers 70,892 82,567 91,090 94,802 104,596 10.2
Roll on / roll off 10,490 10,954 9,868 12,687 15,453 10.0
Other general cargo 8,191 8,809 8,511 9,790 9,394 3.5
Subtotal roro and other general cargo 18,681 19,763 18,379 22,477 24,847 7.3
Total throughput 328,145 352,593 370,238 381,753 406,812 5.5
Construction of Maasvlakte 2 is expected to start during the second half of 2008.
This will lead to a sharp rise in investment. For the existing area, investment has
been budgeted at approx. € 250 million.
16 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 17

Rises or falls in throughput are an important indicator of the development of the
port and industrial complex as a whole. The past year was a record year for
Rotterdam. Not only was the 400-million tonne mark passed for the first time, but
also the 10-million mark for TEU. Despite an accident in January which caused
serious damage to an MOT jetty, the fall in crude oil throughput remained limited to
2.2%. Major positive highlights in 2007 were containers which showed an increase
of 10.3% and mineral oil production which rose by 24.8%. Containers overtook
crude oil as the biggest goods flow. Total throughput grew by 6.6% to 407 million
tonnes.
Dry bulk
until 2009 before the new jetty will be put into service. This reduced unloading
capacity at MOT during 2007 meant that about 2 million tonnes of crude oil was
diverted to other ports, particularly Vlissingen. The incident highlighted just how
vulnerable the oil logistics are in the port. Although there is adequate jetty and storage
capacity in the port, the connecting pipeline infrastructure is inadequate. In
view of the strategic importance of the oil sector, the Port Authority has taken the
initiative in working together with the sector to examine the options for optimizing
the oil pipeline infrastructure.
Two berths for inland vessels have been constructed in the 3rd Petroleumhaven for
Exxon Mobil. The completion of a quay project at the Esso refinery also created
two new berths for inland vessels.
Agricultural bulk
Throughput of agricultural bulk increased by 1.5% to 9.5 million
tonnes. Particularly striking was that grain exports came to a virtual
standstill due to the disappointing harvests. However, the last few
months of the year saw a rise in imports again which cancelled out
this loss.
ADM has put a rapeseed crusher into operation. EBS has put an
unloading pit for agricultural bulk and a loading facility for train trucks
into service. An agreement has been reached with EBS that the Port
Authority will fill in 6 hectares of the Beneluxhaven and build a quay.
Ores and scrap
Throughput increased by 4.3% to more than 40 million tonnes.
Rotterdam has benefited from the increased demand for steel around
the world. Steel producers are operating at full capacity, and so the
planned closure of a blast furnace and steel plants in Liège has been
postponed for the time being. The decline in ore throughput in Rotterdam
that had been previously predicted will probably not occur for
the next three to four years.
34.5
34.0
33.5
33.0
32.5
32.0
48.0
47.5
47.0
MARKET SHARE DRY BULK
(HAMBURG - LE HAVRE RANGE IN PERCENT)
2003 2004 2005 2006 2007
33.7 33.9 34.4 33.4 33.8
MARKET SHARE LIQUID BULK
(HAMBURG - LE HAVRE RANGE IN PERCENT)
28.5
28.0
27.5
27.0
26.5
26.0
MARKET SHARE CONTAINERS
(HAMBURG - LE HAVRE RANGE IN PERCENT)
2003 2004 2005 2006 2007
27.0 27.6 28.0 26.7 26.4
Mineral oil products
The mineral oil products sector is developing strong. During the past
year throughput rose by 24.8% to more than 57 million tonnes. This
is largely thanks to the hub function that Rotterdam fulfills for fuel oil.
Initially the mild winter meant that a large supply of Russian fuel oil
was available at a relatively low price. Later it was the demand from
Asia in particular that stimulated the shipping of fuel oil.
One reason for the increase in throughput was the ‘Palen 80’ public
facility for ship-to-ship transfer in the Caland canal which came into
operation in mid-2007. The pile construction is suited for ships
between 170 and 380 meters. In principle, all bulk cargo can be
transferred here. Palen 80 also attracts transfer activities which
would otherwise take place on the North Sea. Most transfer is of fuel
oil that is pumped from small tankers into very large crude carriers.
Argos put a new jetty and a new quay into service in the 2nd Petroleumhaven.
A start was made on building a new separation facility at Koch, where a Multicore
pipeline will be used for transport to clients.
46.5
Coal and other dry bulk goods
During the past year, coal throughput rose by 2.0% to more than 28
million tonnes. EMO has put a sixth stacker/reclaimer and a new rail
truck loader into operation, increasing the throughput capacity of the
terminal by 6 million tonnes and storage capacity by 1 million tonnes.
Loading capacity has also increased from 4 to 12 trains a day. Thanks
to these investments, EMO will be able in the coming years to meet
the growing demand for coal handling. This extra demand is expected
due to the planned closure of German coal mines and the construction of new
coal-fired power stations.
46.0
45.5
2003 2004 2005 2006 2007
46.7 46.3 46.7 46.6 47.8
Chemical products and edible oils
Throughput in this sector increased by 2.6% in the past year. Biodiesel saw the
greatest increase, with a fivefold rise in throughput to about 1 million tonnes. There
was also a clear growth in the throughput of ethanol, caused by imports from Brazil
but also an increasing amount of intra-European transport. The Port Authority has
started on construction of an extra quay at Odfjell and a new jetty is being built at
Chemtrade. These investments will ensure that both companies can develop further
at their present location. The available storage capacity is limited, preventing
faster growth in this segment.
Containers
Liquid bulk
Crude oil
Throughput of crude oil has been stable for many years at some 100 million tonnes.
That is the volume of crude oil that is processed by the refineries in Rotterdam,
Vlissingen, Antwerp and Germany which are supplied from Rotterdam. In 2007
throughput fell by 2.2%. This was due above all to the damage caused to a jetty at
MOT, the largest oil terminal, where there was a collision on 18 January during a
severe storm. Since this jetty needed to be moved anyway in order to facilitate safe
access to Maasvlakte 2, it was decided to do this straight away. However, it will take
Rotterdam is the first European port to pass the 10 million TEU mark, ending the
year at 10.8 million TEU. This represents a growth of 11.8%. In terms of weight,
growth was 10.3%. The difference can be explained by the relatively large number
of empty containers that are returned through Rotterdam as a consequence of the
imbalance in goods flows between Europe and Asia, particularly China.
Market growth in the Hamburg-Le Havre range (11.7%) was slightly higher than in
Rotterdam. Le Havre (25.1%) and Antwerp (17.0%) grew faster. Hamburg lagged
behind slightly (7.0%). The market share of Rotterdam works out at 26.4%, or 0.3%
less than last year. It was the physical lack of throughput capacity above all that
acted as a brake to growth.
18 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 19

During the first quarter the port had to contend with a strike at Smit Harbour
Towage, which meant that for a number of days many ships were unable to enter
the port. As a result, some 70,000 TEU had to be diverted to other ports.
In October 2007 the Port Authority, together with other market parties, made a start
with the Rotterdam Container Port Platform. The purpose of this platform is to
make more efficient use of existing infrastructure and terminal capacity. The participants
in the platform are Deltalinqs, VRC, Fenex, EVO, Customs, Port infolink
and representatives of stevedoring companies and carriers. The Port Authority
plays an initiating and facilitating role, with the emphasis on realizing concrete
improvements in the short term.
Roro transport experienced an increase of almost 3 million tonnes, thanks to the
relocation of Norfolk Line to Vlaardingen and the inclusion of the figures of Stena
Line in Hoek van Holland. Rotterdam now has six specialist roro terminals. The
ferries mostly cross the North Sea, and the Port Authority expects the percentage
rise in traffic to the United Kingdom to be higher in the coming years than the
growth in the economy there. The reason for this is the strong position of roro traffi c
compared to short-sea transport. More and more containers are loaded onto MAFI
trailers, low, flat loading platforms on which containers or other cargo can be rolled
on board a roro ship. The roro sector will continue to develop, as can be seen at
P&O with an expansion of its site by more than 10 hectares.
distRiBUtion
A new asset for the port in 2007 was the RCT Kramer Terminal, with a capacity of
500,000 TEU. Van Doorn has put a new depot for empty containers into use at Distripark
Maasvlakte. The depot covers an area of 9.5 hectares and has a storage
capacity of almost 14,000 TEU. Van Doorn was temporarily accommodated at a
location between the E.on power station and the APM container terminal. APM will
be using the site to increase its own capacity. In order to link the new depot of Van
Doorn direct with the ECT and APMT terminals via an internal route, the Port
Authority has extended the existing internal route at Distripark Maasvlakte.
Terminal capacity will be expanded further in 2008. This will be done
with the opening of the ECT Delta Barge Feeder Terminal (0.9 million
TEU), the expansion of the existing APMT terminal (0.7 million TEU)
and the opening of the Euromax terminal (ultimately 2.9 million TEU).
The coming years will be dominated by increases in scale. The shipyards’
order books are filled with ships of 10,000 TEU and more, and
these can be readily accommodated in Rotterdam. The Port Authority
anticipates even greater increases in scale with the development of
Maasvlakte 2. The expectation is that market share in the long term will
grow thanks to the creation of new deep-sea terminals.
otheR geneRAL cARgo And RoLL on / RoLL off
Other general cargo and roll on / roll off (roro) increased by 10.5% to 24.8 million
tonnes. Throughput of other general cargo fell by 4.0%. 2007 also saw the end of
LASH shipping between the south of the United States and Rotterdam. LASH ships
lifted large floating containers on board with their own cranes for transport across
the ocean. These vessels had reached the end of their useful life and investment in
new vessels was not economically worthwhile due to falling transport costs for ordinary
containers. Because of the phasing out of LASH shipping during the year
under review, throughput of other general cargo also fell, although steel, metal and
paper showed a positive trend.
Forecasts for the segment of other general cargo are favorable. Steinweg will obtain
the use of part of the filled-in Hartelhaven for handling steel slabs from Thyssen-
Krupp. Handling will begin in 2009. A site at the Britanniëhaven has been let out to
Gevelco for handling ferrous and non-ferrous metals, which will also get underway
in 2009. Both site allocations cover slightly less than 20 hectares and will generate
a throughput volume of more than 5 million tonnes. Another significant development
is the construction of a 20,000-m2 warehouse at Interforest.
Globalization
and economic
growth generate
a structural increase
in goods transport.
The three distriparks in Rotterdam are operating well. Each of them has its own
specialism. Distripark Eemhaven specializes in high-value products. Distripark
Botlek focuses on chemicals, while Distripark Maasvlakte focuses on containers.
The first two are full. No large companies in the distribution sector have moved into
the third.
eneRgy
The 2006-2010 Business Plan identifies the opportunities offered by a rapidly
changing energy market. The Port Authority wants to raise Rotterdam’s profile more
explicitly as an energy port. The effects have become clearly visible in the past
year. It was decided to let out the Papegaaiebek at the Maasvlakte for the construction
of the Gate’s LNG terminal. The most northwesterly point of Europoort has
been reserved for a LionGas terminal.
Five new power stations will be built in Rotterdam. Last year the allocation of sites
for EnecoGen, Electrabel and Maasstroom was finalized. An agreement was signed
with Eneco Netbeheer for a high-tension cable through the Leidingentunnel Oude
Maas, for the new PerGen power station which Air Liquide completed on the Shell
site in 2007. E.on starts in 2008 with the construction of a new powerstation.
A projected route in principle was awarded to BritNed for an electricity interconnector
which will be rolled out between the United Kingdom and the Maasvlakte. The
undersea power cable will have a capacity of 1,000 MW and is expected to be
ready for operation in 2010. This linking of networks will promote market forces.
A start was made in 2007 with the construction of three biofuel plants: Biopetrol,
Dutch Biodiesel and Abengoa. A 23-hectare site, most of which had been taken
back from Caldic, was allocated for this to Abengoa in Europoort in 2007. The first
two will begin production in 2008. In addition, the DCMR Rijnmond Environmental
Agency issued environmental licenses in 2007 for a further three new biofuel plants:
Wheb Biofuels, European Biofuels and Bio-Ethanol Rotterdam. The joint production
capacity of these 6 plants will be 2.2 million tonnes per annum. Several of these
will involve co-siting: the plants will be accommodated on the sites of companies
already established there.
All these new developments together will lead to a substantial growth in the flow of
LNG, coal and biomass cargo from 2011/2012 onwards, and to a more reliable and
affordable energy supply for the port, region and the Netherlands.
20 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 21

mARitime indUstRy, seRvices And the cRUising indUstRy
As a consequence of the growth in global trade and seagoing shipping, the market
for ship repairs and maintenance has grown substantially since mid-2005. Agreement
has been reached with Damen Shiprepair on taking back the Van Brink site at
Pier 8 in the Waalhaven. At Balck ship repair company at Pier 2 in the Waalhaven,
Koole removed 76 tonnes of asbestos from the Otapan under strict supervision of
the DCMR Rijnmond Environmental Agency.
Plans are well advanced at the European Commission for making low-sulfur diesel
compulsory for inland shipping. This concerns EN 590, lorry diesel with less than
10 ppm (parts per million) of sulfur. At present 2,000 ppm is the statutorily permitted
upper limit for fuel for inland shipping. Bunkering firms in the port of Rotterdam
are making the necessary preparations to supply this low-sulfur fuel.
The Port Authority, together with a number of nautical service providers in Rotterdam,
has set up a ‘low-sulfur fuel pool’. Participants are the Seaport Police, the
Directorate-General for Public Works and Water Management, the Royal
Boatmen’s Club Eendracht, Smit, Kotug, Fairplay, the Pilotage Service
and Spido. They have all agreed that their vessels, a total of 130, will
only use low-sulfur diesel from 1 January 2008.
The number of visiting passenger ships was stable at 20 vessels. Cruise
shipping is important for the regional economy because each call into
port generates a turnover of about € 500,000 (provisioning, services,
personal expenditure). Furthermore, the Cruise terminal right next to
the Erasmus Bridge is an excellent business card for the port city of
Rotterdam.
seRvices foR the BUsiness sectoR
For clients in the various market segments, the Port Authority is developing
a number of services such as real estate, a port community system
and a fiber optics network. The aim of these initiatives is to make the Rotterdam
port area more attractive for doing business, and with it to strengthen its competitive
position.
ReAL estAte
The Port Authority has been active since 2006 in the development of new portrelated
real estate and the redevelopment of existing buildings. This will allow it to
respond better to the wishes and needs of existing and potential clients.
Increasing productivity
in the existing port area
and creating new land
give businesses space
in which to grow.
PoRt infoLinK
Port infolink B.V. is a full subsidiary of the Port Authority. The company was set up
in 2002 in close consultation with the port business sector and Customs. Port infolink
has grown to become a strategic company for the functioning of the port.
The business sector and government authorities can benefit from a port community
system with seventeen different services, all contributing to more effective and
efficient business processes. The number of users rose from about 2,500 in 2006
to 3,000 in 2007. At the end of 2007 these parties sent roughly 1.25 million electronic
messages each month, an increase of 25% compared to 2006.
In September last year the ‘cargo information’ service was introduced. This service
clearly meets a need in the market. More than 55 container shipping companies
and agents have signed up to the service and the number of participating freight
warders is now in excess of 150. The end of 2007 saw the market introduction of
three new services: ‘notification dangerous goods’, ‘notification waste disposal’,
and ‘statement harbor dues’. New services are also in the pipeline for 2008.
Port infolink makes the chain information available to all relevant parties in a fast
and user-friendly way. In view of globalization and the increasing complexity of
logistics processes, careful planning becomes even more important. For this
reason, the Port Authority is convinced that a well-functioning port community
system is a major success factor.
fiBeR oPtics netWoRK
In 2007 the Port Authority laid its own fiber optics network with a total length of 190
km. This basic network will be used to provide the best possible support for data
exchange between all Port Authority locations, including the radar posts and Traffic
Centers. The Port Authority itself needs 50% of the network, while the remaining
50% is offered by BBned telecom company to other companies in the port area.
This will make it more attractive to a wide variety of companies too, including small
and medium-sized enterprises, to make use of fiber optics.
tARiffs
At the end of 2007 it was decided to increase most seaport tariffs by 1.7%, to take
effect from 2008. For crude oil handling the increase is lower (1.4%) and for container
ships slightly higher (1.8%). Quay fees will increase by 1.1% from 2008 and
inner harbor dues by 0.8%. Tariffs have been differentiated since 2006, depending
on market conditions and investment levels. In addition, inner harbor dues will rise
only slightly in order to stimulate inland shipping in preference to road transport.
The first office project to get off the ground is Port City in the Waalhaven, where a
start was made in 2007 to fill in its southeastern part. Port City comprises four
high-quality office buildings and a car park especially designed for maritime companies.
Evergreen and the Broekman Group will be the first companies to move into
the new buildings.
Redevelopment is taking place above all in the Waalhaven and Eemhaven area,
where last year a total of about 30,000m² of outdated real estate was acquired.
The largest redevelopment is taking place at the former RDM site, where the Hogeschool
Rotterdam and the Albeda College will be occupying about 16,000 m² for
practical education.
mARKeting
The website www.portofrotterdam.com attracted almost 1.2 million visitors in 2007,
almost 5% more than the preceding year. Just over half of all visitors (56%) are
from abroad. The tool, in combination with account management, is becoming
increasingly important in the process of attracting new goods flows and clients.
The range of brochures, from general to segment-specific, has been expanded.
The Port Authority took part in several trade fairs including MIHAS Kuala Lumpur,
Coaltrans, the European Commodities Exchange, the Annual Breakbulk Conference,
Transport Logistics München, Intermodal Sao Paulo and Transrussia. The
Port Authority is working closely in this area with the Rotterdam Port Promotion
Council (RPPC).
22 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 23

tRAffic
The port of Rotterdam is readily accessible from all sides: by sea and inland waterways,
road, rail and pipeline. The Port Authority has always played an essential role
in the smooth and safe handling of shipping. This task is laid down in the Harbour
Master’s Covenant between the Municipality of Rotterdam, central government and
the Port Authority. This covenant imposes requirements on such things as the way
in which traffic is managed on the water, with smooth and safe traffic
being the basic principles. In view of increasing congestion and the
NUMBER OF OCEAN-GOING VESSELS 2003-2007
expected growth in throughput in the coming decades, the Port
Authority is focusing more and more on the smooth handling of hinterland
transport by road, rail, inland waterways and pipeline.
38,000
oceAn shiPPing
smooth
The number of ocean-going vessels calling at the port of Rotterdam
in 2007 increased by almost 3% to 37,097. This increase is the result
above all of the growing number of tankers and container ships.
The rise in the number of ocean-going vessels in Rotterdam has
placed more pressure on the handling of shipping. In 2007 the average
time taken by a ship to reach its berth from the sea, having
improved by several minutes in 2006, has now fallen back to the 2005
level again.
For the first time in the 10 years that the Maeslant and Hartel flood
barriers have been in existence, high water levels led to their closure.
Spring tides, storms and above all the wind direction caused sea
levels to surge and initiated the closure process. Shipping on the
Nieuwe Waterweg (New Waterway) and Hartel canal was brought to
a halt for a good 24 hours. The Port Authority worked closely with the
nautical service providers to ensure that the consequences of the
closure for both inland and ocean shipping were managed in a safe
and controlled way.
sAfe
Despite the increasing volume of traffic on the water, the number of
incidents shows a falling trend. The most notable incident took place
at MOT in January. As already mentioned earlier, during a severe
storm a ship was blown loose from its moorings and rammed a jetty.
All other nautical accidents were without major consequences. There were a total
of 103 incidents, 23 of which were collisions between moving ships. There were 34
incidents involving a collision with an object, 15 cases of a collision with a moored
vessel, and a further 15 cases where the ship ran aground or against a bank. One
small working vessel sank. The remaining 15 accidents involved loosened moorings
and anchors and problems caused by suction and/or bow and stern waves.
After the rise in the number of nautical accidents in 2006, the falling trend has been
resumed. Compared to the rising number of shipping movements, Rotterdam is and
remains a very safe port.
37,000
36,000
35,000
34,000
33,000
2003 2004 2005 2006 2007
33,446 34,831 34,954 36,033 37,097
NUMBER OF OCEAN-GOING VESSELS 2007
(BY CATEGORY)
TANKERS
DRY BULK GOODS
GENERAL CARGO
CONTAINERS
OTHER
TOTAL
NUMBER
9,298
1,194
11,808
7,787
7,010
37,097
%
25
3
32
21
19
100
TOTAL NAUTICAL INCIDENTS 2003-2007
200
175
150
125
100
75
10
9
8
7
6
2003 2004 2005 2006 2007
169 128 99 117 103
INDEX TRANSPORT SAFETY 2007
5
J F M A M J J A S O N D
GENERAL CARGO 7,1 6,3 7,2 6,8 7,0 6,7 6,5 6,5 6,7 7,2 6,6 7,2
TANKERS 7,8 7,6 8,4 8,7 8,2 8,6 8,2 8,3 8,0 8,4 8,4 7,9
NORM 7,7 7,7 7,7 7,7 7,7 7,7 7,7 7,7 7,7 7,7 7,7 7,7
INDEX CLEAN HARBOUR 2007
10
9
8
7
6
5
J F M A M J J A S O N D
PORT ENVIRONMENT 8,3 7,8 8,5 8,9 8,3 8,5 8,2 8,4 8,1 8,5 7,9 7,9
MARITIME ENVIRONMENT 7,8 7,5 8,1 8,7 8,2 8,6 7,9 8,3 7,8 8,2 7,7 7,8
NORM 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0 8,0
The increase in the number of ships calling at the port also leads to extra activities
that entail risks, such as the cleaning of tanks containing hazardous substances.
Even so, the number of accidents in the port did not rise significantly. The Port
Authority recorded 289 spills that caused pollution of the surface water. There were
around 300 incidents during which the Port Authority took action to provide assistance
on the water.
Within the framework of risk management, the inspection of ships is one of the
means available for managing risks. In the Safety Environment Index (SEI), the
Port Authority measures the extent to which safety and environmental rules are
adhered to on board inland and ocean-going vessels. This is done
based on the findings during inspections on board ships, but also by
systematically checking whether shipping companies and agents
comply with their statutory administrative reporting obligations. In
accordance with the Harbour Master’s Covenant, the Harbour Master
has laid down norms for the SEI.
The index for tankers, with an average of 8.2, exceeded the norm of
7.7. The safety index for general cargo vessels remained below the
norm at an average of 6.8. The causes were above all deviations in
reporting the stowage position of containers with dangerous goods.
Precisely in order to improve the quality of these reports, extra attention
was given to this issue during inspections.
The Port Authority’s policy focuses on carrying out fewer but more
targeted checks. As intended, the number of infringements will
ultimately fall and there will be fewer interruptions to business
processes. The Port Authority carried out a total of 11,803 checks:
7
cLeAn
6
10
9
8
7
6
5
10
5,737 environmental checks and 6,066 safety checks. This is in line
with the intended number.
9
8
Apart from information on the level of safety, the SEI also provides a
5
picture of compliance with environmental regulations on board the
ships. The index differentiates between compliance within the port
and outside it. Both are largely stable and score above the norm. The
cause of the low result of the SEI at the start of 2007 is the introduction
of new worldwide regulations for ship’s waste. Thanks to good
preparation and provision of information by the Port Authority, compliance
quickly rose above the norm again.
All reports (including electronic reports) by ships carrying dangerous
goods are subject to administrative checks. In addition, 4,252
10
9
requests and reports of high-risk activities, such as repairs and alternative
unloading methods, were assessed. Where necessary the Port
8
Authority took appropriate action, such as demanding and approving
7
an Action Plan or extra supervision.
6
5
The Port Authority put a new, innovative vessel to deal with oil spills
into use: the OSR31. OSR stands for oil spill response. The vessel is
a catamaran and designed to clean up oil floating on the water.
The combination of ship and an oil collection tank that can be raised
provides an efficient, fast and readily maneuverable vessel.
24 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 25

otheR deveLoPments in oceAn shiPPing
The year 2007 saw the introduction of the ‘Guidelines on Port Entry’. This is nautical
information about the port that is available online, is up to date and presented in a
uniform, port-independent format. The information comes direct from the Harbour
Master. In the meantime the International Harbour Masters’ Association has decided
to introduce the format internationally. The Guidelines are one of the most visited
parts of the website.
In 2006 the Harbour Coordination Center, part of the Port Coordination Centre, was
set up. It is a one-stop-shop for nautical clients, its purpose being to deal efficiently
and uniformly with questions, requests and reports. In 2007 some 75,000 customer
contacts were handled in this way.
On 1 January 2007 the fully revised Port Regulations on Dangerous Substances
came into force. The new Port Regulations are designed in response to substantial
quality and safety improvements in shipping and the plea from the business sector
to reduce the administrative burden.
Cooperation with other inspection services, including the Transport,
Public Works and Water Management Inspectorate, improved in 2007.
Coordination was also sought with the Front Office for Transport by
Water and the Front Office for the Chemical industry, the aim being to
reduce the inspection burden for the business sector.
From the very first exploratory studies into the feasibility of LNG
handling, the central issue from a nautical point of view has been that
LNG tankers must be able to enter the port safely and smoothly, and that
other shipping must not suffer any disproportionate inconvenience. After
carrying out extensive nautical risk studies and in consultation with
stakeholders and the sector organization SIGTTO, it was concluded that
both objectives can be readily reconciled with each other. The methodology
followed and the ensuing policy have set the trend worldwide.
inLAnd shiPPing
Port growth must
go and in hand
with increasing
the sustainability
of logistics and
production processes.
The heavy pressure on the container terminals has led to longer waiting times for
inland shipping. The need for better coordination and planning was clearer than
ever in 2007. The first measures to turn the tide have been taken. Members of the
Association of Dutch Inland Terminal Operators (VITO) have equipped a number of
their ships with GPS equipment, which allows ships to be tracked continually and
reduces delays for loading and unloading at the container terminals. The Port
Authority has provided financial support for the purchase of equipment.
In the urban area, a new overview of mooring locations has been drawn up. A number
of locations in this area have been modified to allow ships with a length of up to
135 meters to moor. These changes have been made in consultation with the inland
shipping sector.
Because of the rise in throughput and the intense activity at the terminals, pressure
on public mooring locations has increased. The available buoys in the Waalhaven,
Botlek and Europoort are used very intensively. For this reason, it is essential to
retain public mooring locations in these parts of the port. At the same time, work is
going on to relocate and improve the existing mooring locations. In addition, a study
has been initiated, particularly for the western port area, into the need for waiting
and mooring locations. Forty inland skippers are working on this, all of them reporting
each quarter on how and why they make use of waiting and mooring locations. Their
vessels are also fitted with an AIS (Automatic Identification System) transponder, so that
their stay in the port can be monitored.
RoAd tRAffic
AccessiBiLity PLAn
Throughout the Netherlands traffic congestion is worsening, but traffic jams on the A15
highway, the artery for road transport to and from the port, grew faster in 2007 than the
national average. The Port Authority has therefore accelerated the implementation of the
Accessibility Plan drawn up in 2006, and together with the government and business sector
has initiated a series of projects to improve accessibility. These projects involve influencing
the form of transport used to move goods (modal shift), collective passenger transport,
dynamic traffic management, incident management and expanding the infrastructure.
A monitoring program measures the effects of the projects.
The Port Authority urges for an accessibility organization to be set up for the roads in the
Rijnmond region. Existing road operators such as the Directorate-General for Public Works
and Water Management, the provincial and municipal governments and the Port Authority
should combine the control of the roads they manage in this single company. The sole
objective of the new organization is to make the region as accessible as possible. To achieve
this, the company must also possess the necessary tools to allow the available asphalt to
be used as efficiently as possible.
Four projects make up the Randstad Urgency Program, with which the government wants
to achieve its ambition of making the Randstad conurbation a sustainable and competitive
European top region. These projects involve a container transferium, expansion of the
capacity of the A15 highway (Maasvlakte-Vaanplein), a second western shore-to-shore link.
The Port Authority has taken the initiative to develop a container transferium to the east of
the Rotterdam Ring Road. This transfer point for containers will promote accessibility and
limit the emissions of particulates. Trucks can converge on this transferium to load and
unload their containers, instead of having to drive to the Maasvlakte as they do at present.
Inland waterway shuttles will maintain the link with the sea terminals. At and around the
container transferium there must be sufficient space for additional facilities, such as empty
depots and distribution centers. Customs and other government bodies will be able to
carry out their work efficiently at the transferium. A suitable location is currently being
sought, and the operation of the container transferium is a task for the business sector
itself and will be put out to public tender by the Port Authority. More information can be
found at www.containertransferium.com.
The project to expand the capacity of the A15 highway between Maasvlakte and Vaanplein
is currently at the phase of drawing up the draft Planning Procedure (OTB). The Directorate-
General for Public Works and Water Management will contract out the work as a ‘DBFM
contract’. This means that the contractor will not only be accountable for the construction
of the infrastructure, but also the accessibility. The contract will contain agreements on
throughflow capacity and speed. The Planning Procedure is expected to be adopted at the
end of 2008, with work beginning in 2010. According to the schedule, the road will be
ready for use in 2015. Since a widening of the A15 is essential for the port, the Port
Authority together with the regional partners worked hard in 2007 to prevent any further
delays to this project.
The Port Authority, together with the business sector in the Rijnmond district, has carried
out a feasibility study into a second western shore-to-shore link. The results are positive.
A tunnel or bridge at Europoort would appear to be the most attractive alternative. As part
26 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 27

of the Randstad Urgency Program, the Minister of Transport has promised to study
the project. An extra shore-to-shore link will help the port be accessible at all times,
enhance air quality and improve safety in the event of emergencies.
AReA
RAiL tRAnsPoRt
On 16 June 2007 Queen Beatrix officially opened the Betuwe Route. This railway
connection is crucial to the further development of the port. Although the commercial
use of this dedicated freight railway line has been limited since its opening due
to teething troubles with the ERTMS safety system and the limited availability of
locomotives, these problems will be only temporary. Keyrail, the operator of the line
in which the Port Authority has a shareholding of 35%, expects the ultra-modern
freight railway to be in full use in 2008. Agreement was reached in November with
a number of major rail carriers on the rates to be charged for the coming five years.
This provides a stable basis for shippers, carriers and shipping companies to plan
their shipments by rail.
A more efficient use of the Port Railway is needed in order to handle the growing
volume of goods by rail. A program has been set up for this purpose and Keyrail will
coordinate the use of the Port Railway. Agreement has been reached with the Rail
Service Center Rotterdam on a western link to the Port Railway which will allow
trains to access the railway yard at the Eemhaven from both sides from 2009
onwards, which will produce major logistic benefits.
The Port Authority creates the conditions for a properly functioning and vigorous
port and industrial complex. It is therefore essential to have sufficient sites available
for the business sector, and is a matter that is given close attention.
sites 31-12-2007 31-12-2006
Industrial sites let out 4,583 4,572
Options 208 176
Reservations 10 22
Total options and reservations 218 197
Still available for allocation 301 334
Total industrial sites 5,102 5,103
The number of rail shuttles rose in 2007 from 253 to 281. This is in line with the
general trend of the past few years, in which not only the number of trains increased,
but also the number of destinations. Last year 22% more containers were transported
in and out of the Maasvlakte by rail. The Port Authority plays a facilitating
role in this development by bringing together shippers, rail operators and locomotive
providers. In the Botlek, Bertschi, one of the main logistic service providers for
the European chemical industry, has opened a railway terminal with a storage
capacity of 1,250 TEU. The company has started operating trains to Southern Germany
and Italy. 2007 saw the first with the Czech Republic. To other countries in
Central Europe too, particularly Austria, a strong growth in transport by rail shuttles
can be observed.
PiPeLines
There are more than 1,500 kilometers of pipeline linking companies in the port.
Each year some 60 million tonnes of a variety of oil and chemical products pass
through the pipeline network. The most important are crude oil and semi-finished
and finished products such as naphtha, kerosene, liquid petroleum gas and ethylene.
The ability to have sufficient space available well in advance for all new cables and
pipes is a major element of the vision drawn up in 2007 on the lack of underground
space in the port.
MultiCore has concluded two new contracts for pipeline rental. MultiCore is a joint
venture of the Port Authority (75%) and Vopak Chemie (25%). The joint venture
operates a bundle of four pipelines for the transport of liquids and gases. The pipelines
connect Europoort, Botlek and Pernis with each other. The unique thing about
MultiCore is that companies may rent pipelines in the bundle for a shorter or longer
period. MultiCore now has six clients, which together use three-quarters of the
pipelines. RVC2, the joint venture of the Port Authority and ARG for common carrier
transport of ethylene between Antwerp and Rotterdam, is also functioning well.
sites
At the end of 2007 the port and industrial area included 5,102 hectares of industrial
sites, of which 90% (about 4,583 hectares) is let out either for rent or in tenure.
Compared to the end of 2006, this represents an increase of 11 hectares. Allocations
were made for Abengoa (biodiesel plant), Van Doorn (empty depot containers)
and Nerefco (oil refinery). In addition, sites were taken back from various
parties including Caldic (chemicals). Of the remaining sites, options or reservations
rest on 218 hectares. A further 301 hectares are available for letting. The
available sites usually have their limitations in terms of size, accessibility by water
and road and environmental space. It requires considerable effort to provide enough
actual space to accommodate the growth in throughput until 2013, the year in which
the first part of Maasvlakte 2 will become available. It is therefore vital to increase
the handling capacity of existing terminals, restructure relatively little-used areas,
stimulate co-siting, and manage the letting of sites still available prudently. In 2007
parts of the Hartel Canal and the Yangtzehaven (to the south of MOT) were filled
in to create additional industrial land. The southeastern corner of the Waalhaven
has also been filled in. These sites will become available for industrial activity from
2008 onwards. In addition, the possibility of filling in parts of the Waalhaven and
Eemhaven area are being examined.
m A AsvL AKte 2
Immediately to the west of the existing Maasvlakte the Port Authority wants to start
in 2008 with the construction of Maasvlakte 2, a land reclamation project that will
increase the size of the port by 20%. 2007 was dominated by the preparations for
this project. Major steps have already been taken, both as regards spatial planning
procedures and in attracting clients and putting contracts out to tender. The project
is still on schedule and construction can begin in the second half of 2008.
28 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 29

Procedures and licenses
At the start of the year the 6,200-page Environmental Impact Reports (EIRs) (Construction
and Use) were submitted to the competent authorities (the Directorate-
General for Public Works and Water Management, the Ministry of Agriculture,
Nature and Food Quality and the Municipality of Rotterdam) and the EIR Committee.
After answering a number of questions in a supplementary memorandum, the
EIR Committee gave its positive recommendations on EIRs. The EIRs act as the
foundation for the various zoning plan procedures and permit applications.
In 2007 the zoning plan for the existing Maasvlakte was modified and the zoning
plan for Maasvlakte 2 underwent an initial public consultation round. At the same
time applications were submitted for the main licenses. These are the concession
under the Land Reclamation and Dykes Act, the license under the Earth Removal
Act (for sand reclamation), the license under the Public Works (Management of
Engineering Structures) Act, the license under the Environmental Protection Act
1998, and the exemptions under the Flora and Fauna Act. Public consultation
rounds have been held for these license applications too. The 60 responses to the
zoning plan and licenses have been incorporated in the draft zoning plan and the
licenses. These entered a second public consultation phase in January 2008.
Together with the draft zoning plan, the Air Quality Agreement was also made available
for consultation. This is an agreement between the Port Authority, the Municipality
of Rotterdam and central government, in which agreements are made about
achieving measures to compensate for the contribution Maasvlakte 2 will make to a
deterioration in air quality. This agreement is necessary because the measures
cannot be safeguarded in the zoning plan, since the effects and the measures are
to be found above all outside the area covered by the plan, particularly along the
hinterland connections.
In 2007, zero measurements were taken at the area covered by the plan and at the
sand reclamation location. These zero measurements are necessary in order to
record the starting situation in relation to the position of the seabed and the marine
life in the sea and on the seabed. Based on the licenses, the Port Authority will be
required to carry out a Monitoring and evaluation program, in order to identify and
record any changes compared to the starting situation.
Letting out of container terminals
The operation of the first container terminal at Maasvlakte 2 which must be up and
running in 2013 has been awarded by means of a public assessment procedure.
After receiving the tenders and negotiating with tenderers, the consortium Rotterdam
World Gateway (RWG) was selected as the winner. This consortium comprises
shipping agent DP World and the shipping companies of the New World Alliance
(MOL, Hyundai and APL) and CMA CGM. The bids were assessed based on four
criteria: finance, strategy and marketing, technology and sustainability. Within the
context of sustainability, firm agreements have been made in the area of emissions
at the terminal and the modal split on the hinterland connections. Together with the
APMT terminal already contracted and the future expansion of the Euromax terminal
at Maasvlakte 2, already more than 40% of Maasvlakte 2 has been let out.
Contracting the contractor
Negotiations were conducted with two consortia of dredging and construction companies
for the construction of Maasvlakte 2. This led in February 2008 to the award
of the contract for the construction of the outer contour (sea defenses), raising a
sandbank of roughly 600 hectares by hydraulic fill, the construction of the first
6,000
5,500
5,000
4,500
4,000
3,500
DREDGED VOLUME ESIMATED FOR 2007
(IN M 3 )
2003 2004 2005 2006 2007
4,115 5,132 3,771 3,715 6,300
deep-sea and inland waterway quay walls for the RWG and APMT terminals, the
construction of temporary shore protection and the construction of access infrastructure.
Relationship with PMR
Maasvlakte 2 is one of the three pilars of the Project Mainport Development Rotterdam
(PMR). The other two are the construction of a new, 750-hectare environmental
and recreation area around Rotterdam and a series of projects under the banner
‘Existing Rotterdam Area’. The aim of these is to use the existing port area more
intensively and improve the quality of the living environment.
Stadshavens Rotterdam
The Stadshavens (City Ports) Rotterdam project made a new start in 2007. The
Municipality and the Port Authority have made binding agreements on the phased
transfer of specific parts of this most eastern part of the port to the city for urban
development. The Port Authority will retain control of the entire Waalhaven and
Eemhaven area until at least 2050. Rotterdam and the Port Authority will work
together to improve the economic strength of this area. Specific agreements have
been made on the development of the RDM site, where a combination
of schools, innovative industry and port activities will be built.
Dredging work
The volume of dredging material in 2007 showed a substantial
change compared to previous years. This can partly be explained by
the heavy rainfall during the summer months in the Rhine catchment
basin.
Environment
Air quality
Air quality in and around the port must comply with all statutory
norms. The Port Authority is committed to achieving this, not only in
the interests of the health of the local population and employees, but also to create
environmental space for further economic development. The Port Authority’s aim is
to tackle pollution at source through regulations of the International Maritime
Organization (IMO) and EU.
The Port Authority will also be taking measures itself that lead to improvements in
air quality, above all as part of the Regional Action Plan for Air Quality. 2007 saw
the installation of shore-based power facilities for inland shipping in the Maashaven.
All of the Port Authority’s vessels, just as those of other service providers, have
switched to low-sulfur fuel (EN 590). The three new vessels which the Port Authority
put into use last year are also extra environmentally friendly thanks to soot filters
and NOx catalysers. A start will be made in 2008 with making the Port Authority’s
vehicle fleet greener.
4.114.962 5.131.955 3.770.684 3.715.139
6.300.000
When letting out terminals at Maasvlakte 2, agreements have been made on the
modal split: the share of road traffic in the transport of containers will be reduced.
The vehicles at the terminals themselves will be low-emission vehicles. In view of
the expansion of the port, the Port Authority, the Municipality of Rotterdam and
central government have drawn up the Agreement on Air Quality. This agreement is
coupled with a zoning plan for the existing Maasvlakte and Maasvlakte 2 and will be
signed by the parties involved in 2008. Measures contained in the agreement
30 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 31

include the introduction of environmental zoning for goods vehicles and (if necessary)
the installation of screens at tunnel mouths and/or specific road sections. For
inland shipping, measures have been formulated to make cleaner engines compulsory,
combined with a rise in harbor dues for ships that do not, or not yet, comply
with these requirements. This extra income from inland harbor dues will be earmarked
for subsidy schemes for cleaner engines. If necessary speed reductions for
inland shipping on certain sections of waterway may be introduced in the future.
The Municipality of Rotterdam, DCMR Rijnmond Environmental Agency, Deltalinqs
and the Port Authority were involved in the Rotterdam Climate Initiative (RCI) right
from its inception. The objective is to reduce CO2 emissions in Rotterdam by half
by 2025 compared to 1990. This works out as a reduction of 30 million
tonnes per annum and will be achieved by reducing energy consumption
each year by 2%, switching over to renewable energy (particularly biomass)
and by means of CO2 capture and storage. In order to reduce
industrial CO2 emissions, the Port Authority has begun drawing up a
business plan for a ‘Botlek Steam Pipe’, with which companies can
supply each other with steam. In addition, the Port Authority has
launched a biomass program and an agreement has been signed for
drawing up a business plan for CO2 infrastructure. This infrastructure is
needed for transport to the glasshouse district and/or future capture and
storage of CO2. Electrabel and E.on have declared themselves willing,
when constructing their new power stations, to begin trial projects for
CO2 capture until 2014, and then to do so on a large scale from 2015
onwards.
WAteR qUALity
Under the European Water Framework Directive, the Netherlands is required to set
new objectives for good water quality. In 2007 the Directorate-General for Public
Works and Water Management, which is responsible for water quality in the port,
laid down these objectives and translated them into (draft) measures. The Port
Authority was intensively involved in this process.
For all chemical problem substances (apart from TBT) the main sources are
upstream. For this reason, efforts continue to be made to tackle these largely foreign
sources. In addition, under the Pollution of Surface Waters Act discharge
licenses for industry are being modified in line with the new requirements of the
Water Framework Directive, in which the Port Authority, Deltalinqs and VNO-NCW
are also involved.
Fish are crucial for achieving a ‘good ecological state’, for which Brussels has laid
down a deadline of 2027. The Nieuwe Waterweg, as one of the few remaining open
connections with the sea, is an important migration route for fish. That is why the
Port Authority is studying the option of creating environmentally friendly banks with
the construction of the LNG terminal (Papegaaiebek) and Maasvlakte 2.
289 spills were recorded in the port in 2007, mostly of mineral and edible oil products.
This is virtually the same number as last year. However, these spills involved
the release of 316 m3 of products into the water compared to 51 m3 in 2006. This
large difference can be accounted for by the incident in January in the 8th Petroleumhaven.
In 99% of spills, a vessel of the Port Authority was on the scene within
the set period of time. In most cases the amount spilled was so small that it was not
worthwhile cleaning it up. Of the 316 m3, 307 m3 was cleaned up.
One of the
biggest challenges
is to keep the port
accessible by road,
water and rail.
soiL
Cleaning up polluted land has been a major challenge for many years. In the light
of national and European legislation and regulations, the Port Authority together
with the business sector and government authorities is working on a new approach
to tackling soil and groundwater pollution. This involves removing the pollution in
the upper soil layers for each case, and targeting specific areas in tackling pollution
in the deeper layers. A pilot is currently underway in the Botlek area to assess to
what extent tackling polluted sites jointly by the Port Authority, the polluter and the
government is effective and efficient. The pilot also involves collecting data on
existing pollution, as well as identifying and analyzing the spread and risks of such
pollution. It is expected that agreements will be made in 2008 with the parties
involved in the pilot.
noise
The Port Authority has had an effective set of tools for many years to prevent norms
being exceeded. The amount of noise that may be produced in the port and industrial
area is laid down in laws and agreements with the local area. The Port Authority
is the manager of the ‘noise space’ for industrial noise. Whenever land is to be
let out, the Port Authority checks to see whether the business’s move to the site fits
within the ‘noise space’ of the area. When the Port Authority lets out sites it provides
a ‘noise budget’ and the environmental license lays down how much noise the
business may make. This system of noise accounting has made the noise problem
manageable and it is integrated in the Port Authority’s letting-out process.
In 2007 the agreements made in the 1990s on industrial noise in the Waalhaven
and Eemhaven area, known as the ‘T+covenant’, were evaluated by government
authorities, the business sector and the Port Authority, who concluded that the covenant
is being adhered to and that industrial noise plays only a limited role in how
local residents perceive the noise levels in the area.
nAtURAL enviRonment
In 2007 a vision of the structure of the natural environment in the port was developed
as part of the Image Quality project. The aim is to use green structures (lines
of trees, ecological linking zones) as well as making the port and industry visible at
certain places. The desired quality and associated measures have been determined
for each area, and the green plan will be implemented during the coming
years.
The natterjack toad and the fen orchid are strictly protected species under the Flora
and Fauna Act and the Habitats Directive. The Ministry of Agriculture, Nature and
Food Quality (LNV) has issued generic exemption for the natterjack toad for the
entire port area. If work has to take place at a location populated by natterjack
toads, the animals may be relocated to one of the eighteen specially created toad
pools. The same exemption has been applied for in respect of the fen orchid. For
this rare plant too, the Port Authority wants to reserve a location so that the population
in the port is not put at risk and work can continue despite the endangered
status of the plant.
secURity
A total of 140 port facilities (terminals, public quays and sets of buoys) are certified
under the International Ship and Port Facility Security Code (ISPS) and the Port
Security Act. The number of inspections to check compliance with the security
32 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 33

plans of these port facilities was increased in 2007 by 21% to 418. During the last
few years the number of facilities that were judged to be unsatisfactory has gradually
declined. None of these inspections gave reason to close the facility.
enviRonment
Firm agreements were made in 2007 between all organizations that play a role in
managing disasters caused by terrorism. The Dutch Seaports are affiliated to the
Alarm System of the National Coordinator for Combating Terrorism (NCTb). All
potentially risky objects in the port are identified and are assigned a security plan.
The Minister of Transport, Public Works and Water Management has approved the
umbrella Port Security Plan ensuing from European Directive 2005/65/EC. The
entire port is now subject to a security regime with three security levels, which are
laid down on the recommendation of the NCTb by the Minister of
Justice, in consultation with the mayor of the municipality concerned.
NUMBER OF INSPECTIONS CARRIED OUT
Attention now focuses on chain security. Securing the goods flows
from A to Z brings with it opportunities to improve logistic efficiency.
The Port Authority is working together with Customs on the development
of a ‘cargo gate’ through which containers will pass and be
automatically checked for the presence of radioactive radiation. The
contents of the container will also be inspected using X-rays. In doing
500
400
300
200
100
0
so, the port of Rotterdam is looking ahead to future regulations which
2004 2005 2006 2007
will require that by 2012 at the latest only containers that have been
NUMBER OF INSPECTIONS CARRIED OUT 78 354 346 418
inspected in this way may be imported into the United States.
On 3 October the Voyager drill was held in the Rotterdam-Rijnmond
region. This was a multidisciplinary drill organized by the Ministry of
NUMBER UNSATISFACTORY 38 117 62 67
Internal Affairs and Kingdom Relations. All operational levels of the Port Authority
were involved, from sailors to the Harbour Master. The drill resulted in better coordination
between the organizations involved.
imAge qUALity
The Port Authority is committed to improving the appearance and perception of the
port landscape. To this end, at the start of 2007 six firms of architects presented
some inspiring examples showing how the ‘image quality’ of the port can be
improved further. Following on from this, the Port Authority drew up a vision and
implementation program. Central to the desired image of the port are sustainability,
innovation and enterprise. This has been translated into a number of principles for
architecture, green structure, outdoor space and the night image. In addition, there
will be greater focus on promoting attractive locations in the port and amenities for
the public. A range of projects on this theme will be carried out during the coming
years, in partnership with the business sector.
KnoWLedge, the LABoR mARKet & edUcAtion
Research and innovation are a high priority for the Port Authority, which presented
an innovation strategy for the port during the spring of 2007. At the heart of this
strategy is the extra investment the Port Authority will be making in research and
development projects in cooperation with research institutions and the business
sector. The strategy has been translated into 30 concrete projects, such as the use
of low-sulfur fuel among all nautical service providers in the port, shore-based
power in the Maashaven, virtual-reality images for emergency drills and tracking
containers with GSM. The Port Authority is working with Delft University of Technology,
the Erasmus University Rotterdam, the University of Wageningen and the Vrije
Universiteit Amsterdam in the area of research and innovation. The Port Authority
has also made an active contribution to the development of the Academic Centre
TransPORT in Rotterdam (ACTP). ACTP’s aim is to raise the innovative capacity
and standard of knowledge of business in the port to a higher level.
Because of shortages in the labor market, companies in the port and industrial
sector are finding it increasingly difficult to attract and retain well-qualified personnel.
Each year the port has about 1,200 vacancies at secondary vocational level
(mbo), half of which are filled by school-leavers. The Municipality of Rotterdam,
Deltalinqs, the Port Authority and a number of educational institutions signed a
covenant in which they agreed that the educational institutions will allocate more
time for the port in their curriculum. This happened on the initiative of the foundation
Knowledge Infrastructure Mainport Rotterdam. The link between education and
the labor market will also be improved. Partly thanks to the efforts made by the Port
Authority, the Process College in Brielle and the Maintenance College at the RDM
site will receive a subsidy from the Ministry of Economic Affairs’ Peaks in the Delta
Project.
The RDM Campus opened its doors in October. Under the motto Research, Design
& Manufacturing, the former engineering workshop will accommodate 800 students
of the Hogeschool Rotterdam and the Albeda College, while there is also space on
the campus for innovative businesses.
coRPoR Ate sociAL ResPonsiBiLit y
For many years Corporate Social Responsibility (CSR) has been an implicit part of
the Port Authority’s business operations. Many examples of CSR have already
been mentioned in previous paragraphs of this annual report. CSR is embedded in
the Business Plan. The Port Authority puts CSR into action by ensuring that the
activities are sustainable, involved and transparent. Sustainability means taking
account of the interests of others and future generations. Involvement means good
mutual relations with the local and wider community. And transparency means
being open and clear about the ambitions and being accountable for the results
achieved.
sUstAinABiLity
Projects designated as sustainable are those already described involving air quality
and climate change (RCI). These include projects such as shore-based power for
inland shipping, the use of low-sulfur fuel by nautical service providers, all parts of
34 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 35

the Air Quality Agreement and the activities to achieve a modal shift: more transport
by rail and water, less by road. Another important aspect is the way in which
the Port Authority manages the development of the environment.
In 2008 the Port Authority will be developing and calculating a sustainability index
and its associated criteria. The objectives and effects of the sustainability projects
related to the Port Authority’s own activities, activities in the port and industrial
area and in the transport chain will be quantified further.
invoLvement
The Port Authority’s involvement is evident from activities such as the redevelopment
of the RDM site. Another example is a trial project in which Port Authority
staff supervise pupils at the Zadkine College, and by doing so reduce changes
from them dropping out of school. Involvement is also apparent in the way in which
the Port Authority celebrated its 75th anniversary. Besides specific activities for
personnel and business relations, a number of large public events were organized.
For example, in April the Prix du Port was held, a prestigious and high-quality music
competition for final-year students at the Rotterdam Conservatory. During the
summer, football clinics for young people were offered with Feyenoord Football
Club and local football clubs in the region. A major international football tournament
was also held at De Kuip football ground between clubs from the port cities of
Liverpool, Oporto, Shanghai and Rotterdam. An exhibition of historic port photographs
was held in the autumn in Las Palmas. And finally, to round off the anniversary
year, a port gala was organized that raised € 500,000 for two new Ronald
McDonald houses in the region.
stAKehoLdeRs
RotteRdAm
The Port Authority enjoys good relations with the Rotterdam urban administration.
On the one hand the Municipality is the shareholder, and on the other hand the city
and port work together constructively on major issues involving accessibility,
strengthening the economic structure, the environment and the quality of the living
environment. The Municipality and the Port Authority together have developed the
Stadshavens (City Ports) implementation program, which includes the RDM site.
The municipality has worked hard and in close consultation with other parties on
modifying the zoning plan for the existing Maasvlakte and has developed a new
zoning plan for Maasvlakte 2.
Region
The Port Authority attaches great importance to good relations with the 25 municipalities
and submunicipalities around the port. In addition, the Port Authority is
investing in good relations with government authorities in the wider area between
Rotterdam and Antwerp, such as the municipalities and cooperating regions in the
area of Moerdijk, Dordrecht and Breda. The scarcity of industrial sites and congestion
on the roads mean that it is in the interests of all parties to seek solutions,
and so regional contacts have been enhanced with this in mind.
centRAL goveRnment
The parliamentary elections in November 2006 and the subsequent formation of
the fourth Balkenende government ushered in a new generation of political
administrators and representatives in The Hague. Many of the new ministers and
members of parliament have visited the port. An administrative milestone was
recognition of the importance of an accessible port of Rotterdam in the coalition
agreement and the Randstad Urgency Program.
eURoPeAn Union
The development of seaports is increasingly being determined by European legislation,
although there is still no specific European seaports policy in place. In
2007 the European Committee consulted all parties involved on the usefulness of
and need for an integrated seaport policy. The results have been laid down in a
document announcing more stringent environmental requirements and measures
to create a more level playing field on which seaports can compete with each
other. The Port Authority was closely involved in drawing up this document, focusing
its efforts above all on issues such as air quality, marine strategy and the new
soil directive. It was also closely involved in the development of a European network
of international transport corridors. The rail link between Rotterdam and
Genoa is one of the priorities. Finally, the Port Authority has been promoting
short-sea transport at a European level, as part of the Motorways of the Sea
program.
A large number of existing initiatives are of a more long-term nature. These are
projects to do with young people, education and work experience placements,
projects benefiting the quality of life in the Rijnmond district, as well as sponsoring
and donations to a range of good causes such as the Rotterdam Philharmonic
Orchestra, the Maritime Museum, the Ronald McDonald House at the Sophia Children’s
Hospital in Rotterdam, Blijdorp Zoo and the DeltaPORT Donation Fund.
For the very first time a separate CSR annual report will be drawn up for 2007. This
will be published on www.portofrotterdam.com.
inteRest gRoUPs
The Port Authority aims to maintain good relations with interest groups in the
same way as it does with the business sector, particularly with local residents
and environmental organizations. First and foremost the Port Authority seeks to
reach agreements that will benefit both the Port Authority itself and the interest
groups. This is done on the understanding that the port and industrial complex
depends on the environment for its license to operate, and from a sense of
responsibility for that environment.
organiZation
coRPoRAte goveRnAnce
The Port Authority acts as an independent company with a professional Executive
Board and a Non-Executive Board appointed on a commercial basis, as
described in the Netherlands Corporate Governance Code (Tabaksblat). The
shareholders exercise their influence within the Port Authority through the General
Meeting of Shareholders, which has the powers assigned to it as laid down
by law and in the articles of association.
On 1 July 2007 Mr. Van Tongeren stood down as director. On 1 January 2008 Mr.
Struijs stood down and Mr. Toet joined the Executive Board.
36 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 37

The European Commission approved the State becoming a shareholder of the Port
Authority. This was effected in May 2007 with the issue of € 50 million cumulative
preferential shares. A second payment of share capital amounting to € 450 million
will be made.
The Corporate Governance Code recommends that Dutch companies adopt the
best practice principles set out in the code. The code is applicable to companies
with their registered office in the Netherlands, whose shares are officially admitted
to the official listing on a stock exchange recognized by the Government. This code
is not applicable to the Port Authority, but the Port Authority has nevertheless
decided to apply these principles in so far as it is relevant. Provisions that the Port
Authority cannot meaningfully apply, such as those relating to listed shares, will
naturally not be applied. A summary of the application of the code in accordance
with the principle of ‘apply or explain’ can be found on the Port Authority’s website:
www.portofrotterdam.com. A description of the corporate governance structure of
the Port Authority is contained in the articles of association and the regulations of
the Non-Executive and Executive Board, which can also be found on the website.
Risks and risk management
Shipping handling
With nautical processes, risks are to do with achieving clean, smooth and safe
handling of shipping and a well-secured port. The level of risk is affected, amongst
other things, by a steady increase in the number of ship movements, as well as
developments such as Maasvlakte 2 and the arrival of LNG. For the Maasvlakte 2
EIR, research and simulation exercises showed that the effects of Maasvlakte 2 on
nautical safety and accessibility (ease of access) are acceptable. A risk analysis
was also carried out which demonstrated that the risks of LNG transport will remain
at an acceptable level if the right measures are applied. On this basis, the admission
policy for LNG tankers will be developed in greater detail in 2008.
The existing information systems of the Harbour Master will be replaced. Measures
were taken in 2007 to carry this out in a phased and controlled way from 2008
onwards, as this will considerably reduce the risks inherent in the introduction of
the new system.
The damage caused by the southwesterly storm on 18 January, particularly at MOT,
emphatically raised everyone’s awareness of these types of natural disasters. In
order to limit these risks, the Port Authority is tightening up its storm policy.
During the past year the Port Authority has continued to develop its risk management
policy based on the COSO-ERM model. It was examined what larger and
smaller risks are involved in its line activities. All the risks identified were assessed
as to the chance of them occurring and the maximum impact they would have on
the annual accounts.
Financial
The interest and refinancing risks relating to the investments in the coming years,
both in the existing port area and Maasvlakte 2, will be largely covered (at least
60% of total finance needs). The Port Authority aims to minimize the interest risks
until 2014.
Commercial activities
With commercial activities, risks are those normal business risks arising from the
construction and operation of port infrastructure. Income must be examined in the
perspective of long-term contracts. Part of the income depends on the volumes of
cargo handled. In 2007 the Port Authority tightened up its policy on reaching agreements
on these volumes with tenants. The identity and antecedents of contracting
partners are subjected to a more thorough inspection than in the past.
Space
Construction of Maasvlakte 2 is expected to begin in the autumn of 2008. The Port
Authority has done everything in the past year to make this port expansion possible.
Contracts have been signed with three operators of container terminals, and
the main contractor has been selected. The Environmental Impact Reports (EIRs)
for construction and designated use were made available for inspection in the
spring of 2007 and ultimately received glowing recommendations from the EIR
Committee. A positive recommendation is required if the necessary licenses are to
be obtained and planning decisions taken. These recommendations have paved the
way for the competent authorities to get construction underway in good time. The
draft decisions were made available in December for inspection and comments in
accordance with the plans, and there is a chance that these views may ultimately
lead to administrative court actions. The Port Authority has sufficient confidence in
the outcome of these proceedings, but it cannot be ruled out that one or more decisions
will be deferred pending the appeals. However, in view of the care within
which the port expansion has been prepared, the positive recommendations
received and all the efforts made by the competent authorities, The Port Authority
is confident that these proceedings will be concluded swiftly and successfully.
A number of companies are disputing the sea harbor dues that the Port Authority
charges for oil tankers. This dispute has let to the tax proceedings (for the period
up to and including 1997) and civil proceedings (from 1998). In the tax proceedings,
following a ruling by the Supreme Court in favor of the Port Authority in May
2004 the case was referred to another Appeal Court. The interim ruling of the
Appeal Court in the civil proceedings stated that parties would be given the opportunity
to express their views and reach agreement on the way in which the oil sector
could be given an explanation of the Port Authority’s tariffs. To this end, in the
fourth quarter an independent third party was provided with an explanation of the
port tariffs.
Two banks applied to the Port Authority, making a claim under an alleged guarantee
given by the former CEO. A settlement was reached in 2006 with one of the banks,
which meant that the Port Authority did not need to pay the € 19 million that had
been claimed. The second case is being heard by the District Court of Rotterdam.
In January 2007 the Court in these proceedings disallowed a claim of € 20 million
by the second bank on the grounds of competition law considerations. The bank
concerned lodged an appeal, and so the judgment does not affect the provisions
made.
The Executive Board is of the opinion that, with regard to the financial risks, the
management and control systems provide a reasonable level of certainty that the
financial reports contain no inaccuraties of material significance. There are no indications
that the risk management and control systems will not perform satisfactorily
in the current year
38 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 39

Human Resources
The main focus of activity in 2007 was to ensure that the organization, management
and staff are properly focused and equipped to achieve the objectives of the
more rigorous business plan. Three cornerstones of this strategy are: the quality of
the company (organizational structure & system), the quality of the
manager and the quality of the staff.
Quality of the company
During the summer of 2007 it was decided, partly as a consequence
of the announced departure of two members of the Executive Board,
to change from a four-member to a three-member Executive Board. It
was also decided to use the moment to carry out other desired
changes, based on indications from clients and stakeholders and
from within the Port Authority organization itself.
This reorganization focuses on increasing the commercial efficiency
and decisiveness of the Port Authority, and with it raising the quality
of the organization and its staff. It has been decided to go for a flatter
organization that is able to respond fast and effectively to market
demand, changing regulations, discussions with its surroundings and
ideas from within the organization itself. Bringing marketing activities under the line
management and merging the CEO/CCO responsibilities are the results of this.
The reorganization has also led to more focused attention on controlling finances,
ICT and procurement by deciding to manage these processes centrally.
The reorganization was supervised and carried out by a Port Authority-wide project
team and the Human Resources department. Proper care with regard to staff was
central, partly through constructive dialogue with the Works Council.
As a result of the reorganization, about 30 FTEs have been shed. The past five
years have seen a declining trend in the number of staff due to the retirement of a
group of staff aged 58 years and older, and an increase in the efficiency of a
number of business processes. The reorganization focused on reducing staffing
levels for efficiency reasons; at the same time the reorganization must create room
for talent. Recruitment of talented staff will be the biggest challenge for HR in the
coming years, while at the same time attention will be given to increasing the diversity
of personnel. At present, partly because of the number of jobs in round-theclock
services, only 18% of the workforce are women.
1,400
1,300
1,200
1,100
1,000
900
NUMBER OF EMPLOYEES
(EXCLUDING CONSOLIDATED PARTICIPATING INTERESTS)
2003 2004 2005 2006 2007
1,304 1,316 1,268 1,245 1,186
6.5
6.0
5.5
5.0
4.5
ABSENCE DUE TO SICKNESS
(IN PERCENT)
4.0
2003 2004 2005 2006 2007
REALISATION IN % 5.3 5.3 4.8 4.8 5.3
TARGET FIGURE IN % - - 5.3 5.2 5.0
Quality of the management
Besides the changes in the organizational structure, a start has been made in
improving the quality of the managers. Twenty managers with employment contracts
that do not come under the Collective Labor Agreement were assessed by an
external agency and their colleagues for their leadership qualities. In addition, each
year the Executive Board appraises the entire management in order
to obtain an understanding of the available potential. The conclusion
is that the management possesses the necessary qualities. Based on
this information, targeted development activities for and by the management
will be undertaken in 2008.
Quality of the employees
The quality of the employees is crucial for the Port Authority to function
well, and is encouraged by means of development activities.
Quality is monitored during the annual performance interviews, with
the information from the personal development plans (PDPs) providing
input for further development activities that are organized by the
internal advisory and development center AanZ. Since June 2007
this center has concentrated on the development of aspects such as
position, career and employee self-development. AanZ provides tools,
literature, magazines, tests and education and training opportunities,
also via the Intranet. More than 100 employees received individual support with
career and development activities in 2007, and 200 employees attended workshops.
In 2007 a program for young potentials was started up. For six months the participants
follow a program aimed at examining their own ambition, so that they are
given the necessary tools as employee to be even more aware of their own ability
to work on their development. The central theme of the program is working on
increasing one’s self-awareness and self-development, with further development of
the competences of vision, initiative and independence.
During the past year a specific development program for specialists was also
started up, as these fulfill a crucial role for the long-term success of the Port
Authority. The specialists receive, in addition to a broadening of their development
capabilities, the opportunity to achieve certain goals in their field of activity and by
doing so to receive extra remuneration.
During the past three years there has been a net outflow of personnel thanks to
efficiency improvements, a cautious recruitment policy, outsourcing of ICT and the
retirement of employees older than 58 years.
The number of employees at the end of 2007 was 1,186 (excluding consolidated
participating interests).
Sickness absence rose to 5.3%. The number of work-related symptoms increased,
partly as a result of the reorganization.
In order to find out whether such organizational changes in fact make the organization
more attractive to work for, the Port Authority uses the ‘Best Employer Survey’
published by the weekly magazine Intermediair. Last year the Port Authority rose to
39th place from a mere 51th place in 2006. Our competitive conditions of employment
and the opportunities for staff development were the reason for this rise. The
Port Authority is working hard to move up few more places in the coming years.
The implementation of the SAP system introduced in 2006 received a great deal of
attention in 2007. Not only did problems with the system itself have to be solved,
but staff also needed time to get used to the necessary changes in process- oriented
working practices. The first visible results are improved reporting opportunities, so
that managers can now work better towards achieving their objectives.
Terms of employment
Since the privatization of the company in 2004, the Port Authority has had its own
company-wide Collective Labor Agreement. At the start of 2008 the Port Authority
reached agreement with its consultation partners on a Collective Labor Agreement.
This Collective Labor Agreement entered into force on 1 January 2008 and has a
term of 2 years. The employer and employee organizations have succeeded on
agreeing a package of employment conditions that is up to date and on market
terms. The Port Authority is investing in broadening the package and creating
scope for more personalized conditions, such as improving the continued payment
of wages in the event of illness, a tax-friendly bicycle, extending the scope of variable
remuneration elements, accelerated accrual towards a thirteenth month and the
further development and implementation of a life phase-aware personnel policy.
40 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 41

Employee participation
The role of employee participation has traditionally been very important at the Port
Authority. In 2007 the Works Council continued to make a valuable contribution in
this area on issues such as the reorganization in the broadest sense (from preliminary
study to re-employment), the outsourcing of Health & Safety services and
medical check-ups, and developing a life phase-aware personnel policy.
fiNaNcial performaNce iNcrease 2007 2006 2006 2006
in peRcent noRmalized exceptional
not
items noRmalized
foReign Activities
The Port Authority has set up a separate department for its foreign activities: Port
of Rotterdam International (PORint). This department concerns itself with entering
into new port participations abroad. The starting point is to form a port management
company with local partners. PORint will also carry out consultancy activities,
provided these offer the prospect of participation.
A study of the long-term plans for the twelve major Indian ports was successfully
completed in 2007.
In Oman, the Port Authority has a 50% shareholding in the Sohar Industrial Port
Company (SIPC), a joint venture that was set up in 2002. It has been agreed with
Oman to extend the concession to 2042. These new agreements allow for investment
in port-related projects. Projects with potential in this area are the development
and construction of a new bulk terminal with a jetty, and the development of
a Special Economic Zone (SEZ) covering 4,000 hectares. The development of the
port of Sohar is proceeding well. 558 ships put into the port in 2007 and more than
6 million tonnes of goods were handled. Of the total area of 2,000 hectares available,
70% is already let. Several companies are already operational and there is
building activity on most of the plots. Turnover was about € 8 million. SIPC concluded
the year with a positive result. Due to the favorable economic developments
in the Middle East, business activity in Sohar is expected to increase rapidly.
Harbor dues 278 256 256
Contract income 196 187 187
Other income 14 12 12
Operating income 7.3 488 455 455
Salaries, wages, social charges 87 88 6 82
Other operating expenses 133 138 22 116
Operating expenses -2.7 220 226 198
Earnings before interest and
depreciation and amortization
(EBITDA) 17.0 268 229 257
Depreciation and amortization 87 83 83
Income from normal
operations (EBIT) 24.0 181 146 174
Financial income and expense -57 -55 -55
Income from
participating interests -10 1 1
Net income 23.9 114 92 120
finAnciAL deveLoPments
net income
Net income in 2007 was € 114 million. Compared to the normalized income for
2006 (which excluded one-off items of income due to the release of provisions),
this represents an increase of € 22 million. The main developments are:
• an increase in income from harbor dues and contract income (+ € 31 million);
• control over the operating expenses (- € 5 million);
• a negative income from participating interests (- € 10 million).
Compared to 2007, € 31 million more in harbor dues and contract income was realized.
Partly as a result, the conditions for making an earn-out payment of € 50
million to the Municipality of Rotterdam, as laid down in 2005 in the Investment
Agreement between the State, the Municipality of Rotterdam and the Port Authority,
were met. Net income is developing better than stated in the 2006-2010 Business
Plan.
Operating income rose by € 33 million (7.3%). € 21 million of this increase was
accounted for by harbor dues (8.6%), caused on the one hand by growth in throughput
volumes (€ 14 million) and on the other hand by the tariff structure and limited
tariff increases (€ 7 million). Net income per tonne rose by 3.0% compared to
2006.
The total area of sites let out rose from 4,572 hectares to 4,583 hectares. Contract
income rose as a result of the increase in the total area of sites let out and indexation
of the prices (1.5%). Rents and ground rents usually keep in step with inflation.
Operating expenses in 2007 fell by € 6 million compared to 2006 (normalized) and
salaries, wages and social charges by € 1 million. Partly through ICT outsourcing
in 2007, the number of employees at the year end fell from 1,245 to 1,186 (excluding
consolidated participating interests).
Other operating expenses fell in 2007 by € 5 million compared to 2006 (normalized),
partly as a result of significant depreciation. The high level of investment led
to an increase in depreciation (€ 4 million) and interest charges (€ 2 million).
42 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 43

Cash flow statement 2007 2006 2006 2006
NORMALIZED EXCEPTIONAL
NOT
ITEMS NORMALIZED
key figures 2007 2006
IN PERCENT
NORMALIZED
Income from normal operations (EBIT) 181 146 -28 174
Depreciation and amortization and changes
83 79 28 51
in provisions etc.
Changes in working capital -4 33 33
Interest Coverage 3.2 2.6
Total debt/EBITDA 3.7 4.4
Capital adequacy 64 67
Return on capital employed 8.2 7.3
Cash flow from ordinary activities 260 258 258
Interest income/expense -62 -56 -56
Dividend income from participating interests 1 1 1
Cash flow from operating activities 199 203 203
Cash flow from investing activities -231 -206 -206
Cash flow from financing activities 8 -37 -37
Net cash flow -24 -40 -40
Cash flow
Cash flow from ordinary activities increased by € 2 million compared to 2006.
Investment volume continued to increase due to a number of large infrastructure
projects. In 2007 the Port Authority repaid € 103 million of the loan portfolio and
new loans were taken out up to an amount of € 164 million. The entry of the State
as a shareholder meant that € 50 million in shareholders’ equity was received. For
2006, in addition to the earn-out of € 50 million, € 32 million was paid out as a final
dividend, and for 2007 an interim dividend of € 21 million. On balance liquidity
decreased by € 24 million.
Financing
Since its privatization on 1 January 2004 the Port Authority has met its external
financing needs through long-term subordinated loans given by the municipality of
Rotterdam. These municipal facilities are gradually being repaid and refinanced on
the private market. In January 2008 long-term credit facilities were agreed with the
European Investment Bank, the Bank Nederlandse Gemeenten, ING, Rabo and
Fortis for an amount of € 1.8 billion. This sum will be used both for investment in
the existing port area and to finance the construction of the first part of Maasvlakte 2.
Due to the high level of investment and the gradual external refinancing of subordinated
loans the ratios of capital adequacy and return on capital employed will fall
in the short term. The fall was therefore in line with expectations. The ratio of interest
coverage, on the other hand, improved due to the considerable increase of the
EBIT. The other ratios showed considerable improvement compared to the normalized
ratios of 2006. The ratios amply fulfill the standards imposed by external financiers.
Participating interests
To support its primary processes, the Port Authority has a shareholding in a limited
number of participating interests. The Port Authority uses a number of criteria
when entering into participating interests. The activities, for example, must be an
extension of its own core tasks, be profitable, and the Port Authority must be able
to actually exercise influence on the policy of the participating interest.
In accordance with the Stadshavens (City Ports) Cooperation Agreement between
the municipality and the Port Authority, the liquidation of Ontwikkelings Maatschappij
Stadshavens Rotterdam N.V. (Development Corporation CityPorts Rotterdam)
was begun. This liquidation is expected to be completed in the first quarter of 2008.
For further development a consultative structure has been set up between the
municipality and the Port Authority, supported by the Stadshavens Project Bureau.
At the start of 2006, Warmtebedrijf N.V. was founded by the Municipality of Rotterdam,
the province of Zuid-Holland and the Port Authority. The purpose of the
Warmtebedrijf is to transport residual industrial heat to the nearby urban areas to
be used as domestic and industrial heating. This saves fuel and reduces emissions,
including CO 2 . In 2007 the company, together with its shareholders, concluded that
the objectives of the projects based on the current business model could not be
realized. Partly for this reason, the shareholder structure has been changed and
the Port Authority has offered its interest to the Municipality of Rotterdam. The sale
and transfer will take place in 2008. During the first half of 2007 the Port Authority
wrote off € 8.7 million on this participating interest.
The Port Authority is 100% shareholder of Port infolink B.V., the company which
further develops the port community system.
The Port Authority works together with Zeeland Seaports in the Exploitatiemaatschappij
Schelde Maas (ESM) for the development of the ports of Vlissingen and
Terneuzen. The structure of this cooperation was improved in 2007 and has led,
amongst other things, to the further development of the Scaldiahaven.
44 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 45

The Port Authority is part of a joint venture, named SIPC, with the Sultanate of
Oman for the development of an industrial port in Sohar. The Port Authority provides
mainly knowledge, while Oman provides the resources for developing the
infrastructure. It has been agreed with Oman to extend the concession to 2042.
These renewed agreements allow for investment in port-related projects. As part of
this change, the parties will be setting up a new company in 2008 which will develop
the port area further.
In 2006 the Betuweroute Exploitatiemaatschappij B.V. was set up in cooperation
between the Port Authority, ProRail and the Port of Amsterdam. The name of this
company was changed to Keyrail in 2007.
On 16 June 2007 phase 1 was started. During this phase, Keyrail is the point of
contact for clients and is responsible for the management of the Betuwe Route, but
does not yet bear any of the financial risks. Any exceeding of the costs in this
phase is the responsibility of central government. Phase 2, which will see the realization
of a properly functioning transport system, is expected to begin in mid-2008.
This operational phase will be at the account and risk of Keyrail, with the proviso
that a (maximized) contribution from central government has been provided for
during the operational period.
Operating expenses are expected to rise only slightly in 2008. In response to cost
inflation and autonomous growth in the wage bill, a restrictive recruitment policy
and focus on cost control is being pursued.
The level of investment in 2008 will be substantially higher than in previous years.
Investment in the existing port area will remain at the same high level of approx. €
250 million. Major investments will be made above all in the container (Euromax
terminal, infraplus for the Delta peninsula), neobulk (steel slab terminal, Gevelco),
dry bulk (EBS), energy (Abengoa) and tank storage (LNG terminal Gate, Odfjell)
sectors. Large, non client-related projects are the traffic guidance system for shipping,
the maintenance of quay walls and the construction of waiting locations for
inland shipping. In addition to all of this is investment in the Maasvlakte 2 land
reclamation project, which is planned to start in the autumn of 2008. Expenditure
for this project has reached about € 100 million this year.
The available credit facilities and operational cash flow are sufficient to meet the
need for finance.
The net income for 2008 is expected to exceed the net income for 2007.
The participating interests together represent a total value (Financial fixed assets)
of €12.5 million (consolidated).
A full list of group companies and participating interests can be found in Appendix
C.
Rotterdam, march 6, 2008
H.N.J. Smits
T. Menssen
A.G.F. Toet
oUtLooK foR 2008
For 2008, the Port Authority expects a further growth in throughput by about 4% to
420 million tonnes. The growth will be achieved above all in the container (approx.
10%) and dry bulk goods (approx. 5%) sectors.
The Port Authority anticipates further growth in throughput in the medium term too,
although the lack of space will limit opportunities. In the container sector, some
breathing space will be created when the Euromax terminal and the Delta Barge &
Feeder Terminal in particular (both from the second half of 2008) are put into operation.
Maasvlakte 2 will ensure that from 2013 onwards there will once again be
ample throughput capacity available on deep water.
The combination of a rise in throughput and a slight increase in tariffs will generate
a rise in income from harbor dues of more than 5%. Incidentally, as from 1 January
2008 the Port Authority will introduce systematic changes in the periodic awarding
of handling fees and harbor dues. This will entail a one-off downward adjustment
in 2008. The Port Authority is expected to let out sites of several dozens of hectares.
Land prices are usually adjusted in line with inflation, so that the income from
contracts will also rise, albeit less than income from harbor dues.
46
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 47

goods tRAnsPoRt
BetWeen RotteRdAm And hinteRLAnd
Seaports are hubs in worldwide transport. Goods are transported around the
world by ship, and from the seaports they are transported to their final
destinations. And vice-versa, of course. The port’s hinterland connections
determine to a very great extent the success of that port.
goods
on
the
move
Rotterdam is centrally located in densely populated Northwestern Europe,
right on the coast at the point where the river Rhine flows into the North Sea.
Short-sea vessels plying the North Sea operate scheduled services between
dozens of ports in mainland Europe, the British Isles and Scandinavia. From
Rotterdam, the Rhine is the most important transport artery to the major
concentrations of population and industry in Germany and Central Europe.
Inland shipping is ideal for transporting large volumes of cargo such as coal,
ores and containers between destinations situated along inland waterways.
In areas not accessible to inland shipping, railways are usually well developed.
The year 2007 saw the opening of the Betuwe Route, a special freight railway
line between Rotterdam and Germany. For door-to-door transport there are
the roads: these extend into every village or industrial estate in Europe.
Underground, pipelines link Rotterdam with the chemical industry, such as in
Antwerp and Germany. This allows large volumes of liquid cargo to be transported
fast, safely and in an environmentally friendly way. In order to safeguard
this form of transport the pipeline routes are regularly inspected from
the air.
All five transport modalities are of extremely high quality. It is absolutely vital
for the Port Authority to maintain this infrastructure at such a high level,
extend it further and improve its utilization by optimizing logistics processes.
Not only in the port, but outside it too. Because ultimately the port is merely
a link in the chain. No more, but certainly no less either.
48

inland shipping

departure
arrival
departure from Rotterdam January 22, 2008, 02:15
arrival at Duisburg January 23, 2008, 06:10

oad

departure
arrival
departure from Rotterdam December 17, 2007, 11:00
arrival at Mönchengladbach december 17, 2007, 15:50

ail

departure
arrival
departure from Rotterdam february 21, 2008, 10:30
ARRival at Emmerich february 21, 2008, 14:30

pipelines

departure
arrival
Inspecting the pipelineroute, departure from Rotterdam march 10, 2008, 10:00
end of inspection, arrival in the Ruhr march 10, 2008, 14:50

short sea

departure
arrival
departure from Rotterdam january 28, 2008, 23:30
arrival at Hull january 29, 2008, 14:00

annual
accounts
2007
71

Consolidated Balance Sheet
(before appropriation of net income, amounts in thousands of euros)
Consolidated Statement of Income
(amounts in thousands of euros)
Ref. 31/12/ 2007 31/12/ 2006
assets
Ref. 2007 2006
Fixed assets
Tangible fixed assets 1 2,438,693 2,290,817
Financial fixed assets 2 24,339 26,780
2,463,032 2,317,597
Current assets
Inventories 478 394
Accounts receivable 3 73,101 85,709
Cash and cash equivalents 4 11,509 26,482
85,088 112,585
Total assets 2,548,120 2,430,182
LIAbilities
Group equity 5 1,032,581 971,246
Net turnover 10 473,987 443,178
Other operating income 10 14,355 12,426
Total operating income 488,342 455,604
Salaries, wages and social charges 11 87,591 81,975
Amortization and depreciation on 1 87,050 83,161
tangible fixed assets
Other operating expenses 12 132,708 116,211
Net operating expenses 307,349 281,347
Income from normal operations 180,993 174,257
Financial income and expenses 14 - 57,103 - 55,603
Income from participating interests 2 - 9,650 922
Net income 114,240 119,576
Provisions 6 87,522 78,400
Long-term debt 7 1,139,355 1,080,265
Short-term debt 8 288,662 300,271
Total liabilities 2,548,120 2,430,182
72 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 73

Consolidated Cash Flow Statement
(amounts in thousands of euros)
Notes to the Consolidated Balance Sheet
and the Consolidated Statement of Income
Ref. 2007 2006
Income from normal operations 180,993 174,257
Adjustments for:
Amortization and depreciation 1 87,050 83,162
Changes in provisions 6 3,880 - 25,353
Withdrawal of equalization ground 7 - 8,235 - 7,379
lease buy-off
Impairment of financial fixed assets 2 - 1,400
82,695 51,830
Changes in working capital
Accounts receivable 3 12,608 1,712
Inventories - 84 - 69
Short-term debt (exclusive of bank 8 - 16,175 31,248
overdraft)
-3,651 32,891
Cash flow from ordinary activities 260,037 258,978
Interest income 14 498 111
Dividend income from 2 973 738
participating interests
Interest expense 14 - 62,224 - 56,601
-60,753 - 55,752
Cash flow from operating activities 199,284 203,226
Investments in:
Tangible fixed assets 1 - 225,656 - 224,001
Participating interests 2 - 7,107 - 2,423
Long-term receivables 2 - - 447
Disposals of:
Tangible fixed assets 1 - 17,632
Participating interests 2 1,170 2,575
Repayments on long-term receivables 2 497
General
Operations
The operations of the Port of Rotterdam Authority (the Port Authority) and its group
companies (the Group) mainly comprise:
• promoting the effective, safe and efficient handling of vessel traffic and arranging
for nautical and maritime order and safety, as well as operating as the competent
port authority for the Rotterdam port area; and
• developing, constructing, managing and operating the Rotterdam port area and
industrial zone in the broadest sense.
Structural regime
Under the provisions of Section 153 of Book 2 of the Netherlands Civil Code, on
July 20, 2005 the Port Authority filed a statement at the office of the Trade Register
that since December 31, 2004 it has complied with the requirements laid down by
law for a ‘large’ company. This means that as from July 21, 2008 the Port Authority
will be a statutory two-tier company.
Accounting policies for drawing up the financial statements
The consolidated financial statements have been drawn up in accordance with the
statutory provisions of Title 9, Book 2 of the Netherlands Civil Code and the firm
pronouncements in the Guidelines for Annual Reporting in the Netherlands, as
issued by the Raad voor de Jaarverslaggeving (Dutch Accounting Standards
Board).
Consolidation
The financial information of the Port Authority and its group companies is consolidated
in its entirety. Group companies are legal entities in which the Port Authority
has either direct or indirect decisive control, because it holds a majority of the
voting rights or can otherwise control the financial and operating activities. Potential
voting rights that can be exercised on the balance sheet date are also taken into
account.
Cash flow from investing activities -231,593 - 206,167
Cash flow before financing - 32,309 - 2,941
Repayments on long-term debt 7 - 103,096 - 99,579
Loans contracted 7 164,139 54,382
Paid-in surplus 20 - 91,200
Paid-up capital stock 20 50,000
Dividend paid out 20 - 102,904 - 82,631
Cash flow from financing activities 8,139 - 36,628
Net cash flow - 24,170 - 39,569
Cash at beginning of year 4 - 57,653 - 18,084
Cash at end of year 4 - 81,823 - 57,653
Intercompany transactions, income, receivables and payables are eliminated. Unrealized
losses on intercompany transactions are eliminated as well, unless such
losses qualify for impairment. The financial information on group companies was
recalculated where necessary, in order to align it with the valuation principles applicable
in the Group.
Reference is made to Appendix C for a list of the Company’s participating interests.
Acquisitions and disposals of group companies
The income and identifiable assets and liabilities of an acquired company are
included in the consolidated financial statements from the acquisition date. The
acquisition date is the moment on which decisive control may be exercised in the
company concerned.
Movement in cash - 24,170 - 39,569
74 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 75

The acquisition price consists of the cash amount or cash equivalent agreed upon
for the acquisition of the company, increased by any directly attributable costs. If
the acquisition price exceeds the net amount of the fair value of the identifiable
assets and liabilities, the excess is capitalized as goodwill and disclosed under
intangible fixed assets.
Group companies are consolidated until they are sold. Group companies are deconsolidated
as soon as decisive control is transferred.
Notes to the consolidated cash flow statement
The cash flow statement is prepared using the indirect method. The cash disclosed
in the statements consists of cash and cash equivalents and the bank overdraft
included under short-term debt. Interest income and expense, and dividends
received are included in cash flow from operating activities. Dividends paid are
included in cash flow from financing activities.
Investments in group companies are recognized at acquisition price, less the cash
and cash equivalents present within the acquired company.
System changes
There were no system changes in 2007.
Subsidies received for capital expenditure are deducted from the acquisition or
manufacturing price of the assets to which the subsidies relate.
Financial fixed assets
Group companies and other participating interests in which the Port Authority may
exercise significant influence are carried at net asset value. Financial information
from participating interests is recalculated where necessary to bring it in line with
the applicable valuation principles for the Group. Significant influence is assumed
to be present if the rate of participation is more than 20% of the voting rights
attached to the shares.
The net asset value is calculated using the policies applied in these financial statements.
For participating interests about which insufficient information is available
for adjustment to these policies, the valuation principles of the participating interest
concerned are followed.
If a participating interest’s net asset value is negative, it is stated at nil. If and in so
far as the Port Authority fully or partially guarantees the debts of the participating
interest or has the firm intention to allow the participating interest to pay its debts,
a provision is formed.
Participating interests acquired are initially valued based on the fair value of the
identifiable assets and liabilities upon acquisition. Any subsequent valuation is
based on the net asset value thus determined.
Accounting policies for the
balance sheet
Participating interests in which no significant influence can be exercised are stated
at the lower of acquisition price and recoverable value (in this case the higher of
the present value and the realizable value). The dividend is accounted for in the
statement of income as income from participating interests.
General
The financial statements are denominated in € 1,000 unless indicated otherwise.
The financial statements are prepared on the historical cost basis of accounting.
Unless a different valuation principle is stated, assets and liabilities are stated at
nominal value. Notes to the line items of the balance sheet, statement of income
and cash flow statement have been numbered in the financial statements.
Receivables included under financial fixed assets are carried at face value less
provisions where necessary.
The line item other securities consists entirely of bonds that are retained until the
date of maturity. These bonds are valued at the amortized cost price. If there is a
premium or discount with the acquisition of bonds, this will be credited or debited
to the result during the term of the bonds.
Tangible fixed assets
Fixed asset impairment
Tangible fixed assets are stated at acquisition or manufacturing price inclusive of
directly attributable costs, such as construction period interest, less straight-line
depreciation based on estimated useful life, or lower present value. The manufacturing
price consists of the costs of acquisition of raw materials and consumables
and costs directly attributable to the manufacturing process, inclusive of the costs
of installation. Preliminary expenses for investment projects are capitalized from
the moment it is certain that these projects will actually be executed. Land and
tangible fixed assets under construction are not depreciated.
On each balance sheet date, the Port Authority tests whether there are any indications
of an asset being subject to impairment. If there are such indications, the
realizable value of the asset is determined. If it is not possible to determine the
realizable value of an individual asset, the recoverable amount of the cash generating
unit to which the asset belongs is identified. An asset is subject to impairment
if its carrying amount is higher than its recoverable value; the recoverable value is
the higher of realizable value and present value. Any impairment loss is directly
taken to the statement of income.
76 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 77

Inventories
Leasing
Inventories concern mainly spare parts and consumable materials for vessels and
technical systems. Inventories are carried at cost, where necessary adjusted by a
provision for long-term impairment.
Accounts receivable
Accounts receivable trade are stated at face value. A provision is deducted for
potential non-collectability.
Cash and cash equivalents
Cash and cash equivalents represent cash in hand, bank balances and deposits
with terms of less than twelve months. Current account overdrafts at banks are
included under debts to credit institutions under the heading ‘Short-term debt’.
Provisions
Financial lease
Assets financed through financial leases are capitalized in the balance sheet from
the moment on which the lease is concluded, at the lower of the fair value of the
asset and the present value of the minimum lease installments. The lease installments
payable are broken down into repayment and interest components, on an
annuity basis and based on a fixed interest rate. The lease commitments are
recognized under long-term debt exclusive of interest. The interest component, as
part of the lease installments, is taken to the statement of income. The relevant
assets are depreciated over their remaining useful lives.
Operating lease
Liabilities resulting from operating leases are taken to the statement of income on
a straight-line basis, over the term of the respective contract. The obligations from
2008 are included in the commitments and contingencies not included in the
balance sheet.
General
Provisions are formed for legally enforceable or constructive obligations existing on
the balance sheet date, the settlement of which is likely to require an outflow of
funds whose extent can be reliably estimated. If applicable, provisions are recognized
at their present value.
Accounting policies for the
statement of income
Pensions and other employee benefit plans
The group has a defined benefit scheme. According to Guideline 271 this scheme
may be recognized as a defined contribution scheme. Apart from the payment of
premiums, under the terms of the pension scheme the Group is not obliged to pay
additional contributions. For that reason, no provision has been formed for this.
However, provisions have been formed for future payments relating to early retirement,
health insurance costs and other deferred remunerations. Each year the
liabilities relating to these employee benefit plans are calculated by independent
actuaries. The value of the liability is calculated by converting the estimated future
cash flows into cash, taking account of expected salary developments and mortality
and invalidity risk, assuming interest rates that apply to high-quality corporate
bonds.
Long-term debt
Ground lease buy-off
Leaseholders may buy off their ground leases at present value. The amounts thus
received are included under long-term debt. Each year, interest is accrued on the
outstanding balance and the proceeds for the year concerned are added to the
contract proceeds.
General policy
Net income represents the difference between the proceeds generated by the operations
and the services rendered, and the costs and other charges incurred during
the year. Income from transactions is recognized in the year in which it is realized.
Income recognition
Income represents the revenue from services rendered to third parties during the
year. This income mainly concerns harbor dues and income from sites provided to
third parties.
Costs
Costs are determined on an historical basis and allocated to the year to which they
relate.
Employee benefits
Periodically payable benefits
Salaries, wages and social charges are taken to the statement of income by virtue
of the conditions of employment.
Pensions and other employee benefit plans
The Group pays for the defined benefit scheme, which according to Guideline 271
may be recognized as a defined contribution scheme, premiums to pension funds
and insurance companies. The premiums are recognized as personnel costs when
these are payable. Premiums paid in advance are included as prepayments and
accrued income if they lead to a repayment or a reduction in future payments.
78 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 79

The allocations to the provision for employee benefit plans are recognized as
personnel costs.
the Port Authority incurs risks in relation to the market value. No financial derivatives
for interest rate risks are contracted in relation to the receivables and debts.
Exceptional items
This item relates to income or expense resulting from events or transactions coming
under income from normal operations for which, for the purpose of comparison,
separate notes are included based on the nature, extent or incidental character of
these items.
Government grants
Credit and currency risk
The Port Authority does not have any significant concentrations of credit and currency
risks.
Corporation tax status
All shares in the Port Authority are held by legal entities under public law. Pursuant
to Articles 2(b) and 7 of the Corporation Tax Act the (current) activities of the Port
Authority are therefore exempt from corporation tax.
Operating grants are recognized as income in the statement of income in the year
in which the subsidized costs were incurred, income was lost or a subsidized operating
deficit occurred. The income is recognized if it is likely that it will be received
and the Port Authority can demonstrate the conditions for receipt.
Subsidies for additions to tangible fixed assets are deducted from the asset concerned
and taken to the statement of income as part of depreciation.
Depreciation
Depreciation on tangible fixed assets is based on the acquisition or manufacture
price. There is no depreciation on sites and on tangible fixed assets under construction.
Depreciation is on a straight-line basis, based on the estimated useful
life.
Financial income and expense
Interest income and expense
Interest income and expense are recognized on a pro rata basis, taking account of
the effective interest rate of the assets and liabilities concerned.
Dividends
Dividends to be received from participating interests not carried at net asset value
and on unquoted securities are recognized as soon as the Port Authority has
acquired the right to these dividends.
Capitalization of interest charges
Interest charges are capitalized for qualifying assets during the period of their
manu facturing. The interest to be capitalized is calculated based on the internally
weighted average interest rate of the long-term loans of the Port Authority. If a
project is being financed, the interest to be capitalized is calculated based on the
interest rate applicable to this finance.
Interest charges entered as liabilities
Interest charges are added to provisions and long-term debts, of which the balance
sheet value is determined based on a cash value calculation or based on relevant
statutory regulations.
Interest rate risk
The Port Authority incurs interest rate risks on the interest-bearing receivables (in
particular under financial fixed assets and cash) and interest-bearing long-term
and short-term debt (including ground lease buy-off and debts to credit institutions).
For variable interest rate receivables and debt, the Port Authority incurs
risks in relation to future cash flows. For fixed interest rate receivables and debt,
80 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 81

1) Tangible fixed assets
(amounts in thousands of euros)
2) Financial fixed assets
(amounts in thousands of euros)
land and
INFRAPLUS
December 31, 2006
public port
infrastructure,
basins and
waterways
Quay walls,
slopes, jetties
and other
mooring
facilities
tangible fixed
assets under
construction
equipment and
other assets
TOTAL
Cost ¹ 889,324 496,038 758,136 153,051 227,772 2,524,321
Accumulated depreciation ¹ - 44,600 - 65,011 - 84,289 - - 39,604 - 233,504
participating
other loans to
Other
Total
interests securities participating
interests
long-term
receivables
January 1, 2007
Carrying amount 14,277 6,649 1,832 4,022 26,780
Movements in 2007
Carrying amount 844,724 431,027 673,847 153,051 188,168 2,290,817
Movements in 2007
Investments 970 - - 232,404 1,552 234,926
Disposals - - - - - -
Reclassifications - 20,329 - 20,329 - - -
Depreciations - 13,475 - 23,894 - 33,272 - - 16,409 - 87,050
Commissioning 7,861 32,572 82,718 -156,317 33,166 -
Investments 7,026 - - - 7,026
Loans granted - - 23 58 81
Installments on loans - - - 735 - 435 - 1,170
Amortization - 448 - - 448
Income from participating
interests - 9,650 - - - - 9,650
Reclassification to provision 1,797 - - - 1,797
Dividend on participating
interests
- 973 - - - - 973
-24,973 8,678 69,775 76,087 18,309 147,876
- 1,800 448 - 712 - 377 - 2,441
December 31, 2007
December 31, 2007
Carrying amount 877,826 528,610 861,183 229,138 262,490 2,759,247
Accumulated depreciation - 58,075 - 88,905 - 117,561 - - 56,013 - 320,554
Carrying amount 12,477 7,097 1,120 3,645 24,339
Carrying amount 819,751 439,705 743,622 229,138 206,477 2,438,693
Depreciation periods in years ¹
n/a up to
30 years
25 - 50
years
25 - 40
years
n/a 5 - 50
years
Reference is made to Appendix C for a list of participating interests.
A corporate bond portfolio was included in the other securities for a carrying amount
of € 7.1 million. The market value of this portfolio as at December 31, 2007 is
€ 7 million.
During the financial year, an amount of € 9 million in construction period interest was
capitalized for tangible fixed assets under construction. The present value at the end
of 2007 does not deviate significantly from the value of the tangible fixed assets.
Government grants
In 2007 a total of € 1.5 million was recognized as government grants (national and
European). This sum was deducted from the investments.
The beneficial ownership of the port sites was contributed into the Port Authority at
the time of the Company’s incorporation. The Municipality of Rotterdam holds the
legal title to these sites, on which a ground lease was established to the benefit of
the Port Authority. At the end of 2007 this was realized for about 99% of the total
area of 10,667 hectares, of which 30% is under a suspensive condition.
¹ In 2007 the purchase values and cumulative depreciation were corrected after not having been correctly entered in
2006. The depreciation periods have been adjusted to take account of any reclassifications, if applicable. The effect of
these movements on the carrying amount is nil.
82 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 83

3) Accounts Receivable
(amounts in thousands of euros)
The guarantee capital or liability capital of the group comprises the following:
31/12/2007 31/12/2006
Accounts receivable from the Municipality of 1,985 3,529
Rotterdam
Accounts receivable trade 48,439 56,487
Other short-term receivables 22,677 25,693
31/12/2007 31/12/2006
Group equity 1,032,581 971,246
Subordinated loans from the Municipality of Rotterdam 589,325 681,725
Total guarantee capital 1,621,906 1,652,971
73,101 85,709
The total result of the group is equal to the consolidated result.
Other short-term accounts receivable
Other short-term receivables mainly comprise items unbilled and BTW (Dutch VAT)
to be received.
6) Provisions
(amounts in thousands of euros)
Movements in the provisions were as follows:
4) Cash and cash equivalents
(amounts in thousands of euros)
emloyee
future soil
allegedly
negative value
Total
31/12/2007 31/12/2006
benefit plans
clean-up
furnished
guarantees
of participating
interests
Cash and cash equivalents 11,509 26,482
Short-term debts to credit institutions -93,332 -84,135
Balance of cash according to cash flow statement -81,823 -57,653
January 1, 2007 29,482 23,008 21,895 4,015 78,400
Allocations 4,911 3,590 - 1,797 10,298
Withdrawals - 4,610 - - - - 4,610
Interest allocated 1,258 1,316 860 - 3,434
December 31, 2007 31,041 27,914 22,755 5,812 87,522
Cash is at the Port Authority’s free disposal.
5) Group Equity
(amounts in thousands of euros)
Movements in shareholders’ equity are set out in paragraph 20 of the notes to the
company balance sheet. There is no difference between shareholders’ equity
according to the unconsolidated annual accounts and group equity according to the
consolidated annual accounts.
Provisions for employee benefit plans
Provisions were formed for obligations to (former) personnel in relation to early
retirement, future contributions in health insurance premiums and other deferred
employee remuneration:
31/12/2007 31/12/2006
Early retirement 27,464 25,965
Health insurance premiums after retirement 2,654 2,532
Other deferred remuneration 923 985
Total garantee capital 31,041 29,482
84 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 85

Provisions for future soil clean-up
Of the provision for future soil clean-up an amount of € 23 million concerns residual
pollution accepted by the Port Authority upon termination of the lease of sites.
This will be largely covered from the lump-sum payouts received in relation to this.
Annual interest is added to this sum. The remaining € 4.9 million concerns the
cash value of the expected clean-up expense at sites where actual clean-up has
been agreed with the competent authorities.
No provision is included in the financial statements for soil pollution at the other
sites. Any clean-up of these sites will usually take place in the very long term. Due
to continuing technological advances as well as amendments to legislation and
regulations, the amount to be spent on associated future clean-up can only be estimated
at present with a high degree of uncertainty. Furthermore, the standard contract
provisions of the Port Authority with the lease or issue under (sub)lease state
that when the contract is terminated the soil must be delivered to the Port Authority
in its original condition. It is therefore expected that much of the future clean-up
expenses can be recovered from the polluter.
7) Long-term debt
(amounts in thousands of euros)
31/12/2007 31/12/2007 31/12/2007 31/12/2007 31/12/2006
term
term
term
Total
Total
< 1 year 1-5 years > 5 years
Subordinated loans from 92,400 462,000 34,925 589,325 681,725
the Municipality of Rotterdam
Other loans from 6,713 125,380 82,085 214,178 220,503
the Municipality of Rotterdam
Ground lease buy-off 8,750 43,750 84,977 137,477 135,291
Finance lease commitments 233 1,119 23 1,375 1,599
Debts to credit institutions 6,928 38,445 151,627 197,000 39,000
Other long-term debt - - - - 2,147
At present a pilot is underway in the Botlek district to assess to what extent a joint
tackling of polluting locations by the Port Authority, the polluter and the government
is effective and efficient.
Total 115,024 670,694 353,637 1,139,355 1,080,265
Provision for allegedly furnished guarantees
In 2007 only interest has been added to the provision for allegedly furnished guarantees.
On January 24, 2007 the District Court of Rotterdam gave its judgment in
proceedings between Commerz (Nederland) NV and the Port Authority, refusing the
claims of Commerz. In the meantime Commerz (Nederland) NV has lodged an
appeal against this judgment. Because of this, the provision formed for this was
maintained with effect from 31 December 2007. The investment agreement that
was concluded on September 2, 2005 between the State of the Netherlands, the
Municipality of Rotterdam and the Port Authority lays down that any future release
of the provision will accrue to the Municipality by means of an extra dividend.
Subordinated loans
These loans are subordinated to all of the Port Authority’s other existing and future
creditors. The annual interest on these loans is 5.72%.
Other loans from the Municipality of Rotterdam
The annual interest on these loans ranges between 5.03% and 6.14%.
Financial lease commitments
The Port Authority leases a vessel for representative purposes.
Provision for negative value of participating interests
This provision relates to guarantees furnished by the Port Authority to the external
financier for one of the participating interests
Currency
All debt is denominated in euros.
Long-term debt facilities
The Port Authority has 2 long-term credit facilities of € 200 million and € 100 million
respectively from the European Investment Bank (EIB). Furthermore, it was
agreed with the Municipality of Rotterdam that the Port Authority may request additional
loans.
86 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 87

8) Short-term debt
(amounts in thousands of euros)
31/12/2007 31/12/2006
Debts to credit institutions 93,332 84,135
Debts to the Municipality of Rotterdam 29,474 33,039
Advance on investment grant for 16,799 21,941
Traffic Guidance System
Accounts payable trade 41,461 52,327
Payroll tax 2,720 2,728
Social security charges 308 551
Vacation pay and vacation entitlement not taken 5,934 6,006
Other debt, prepayments and accrued income 98,634 99,544
Total short-term debt 288,662 300,271
Long-term liabilities have been assumed for the rent of office buildings, as well as
the (operating) lease of vehicles. The Company has a lease on an office building
until 2015 with a renewal option. The annual rental charges total € 7.8 million. For
vehicles, the Port Authority usually concludes four-year operating leases with a
total annual charge of approximately € 2 million.
Pending disputes and claims
A number of companies backed by several oil companies are disputing the rates
charged by the Port Authority for harbor dues for oil tankers. This resulted in tax
proceedings (for the harbor dues collected up to October 1997), and civil proceedings
(for the harbor dues charged after October 1997) between the Port Authority
and the above-mentioned companies. Based on the judgments in both the tax and
the civil proceedings, it was decided not to form a provision.
The investment contract concluded on September 2, 2005 between the State of the
Netherlands, the Municipality of Rotterdam and the Port Authority contains an
indemnity clause in this respect. The investment contract, however, does contain a
number of suspensive conditions.
Short-term debt facilities
The Port Authority has a short-term debt facility of € 150 million.
Other debt, accruals and deferred income
This item mainly comprises interim billing for contracts and harbor dues, and costs
entered as liabilities.
Other commitments
Upon the incorporation of the Company on January 1, 2004, staff was guaranteed
work for a five-year period.
Other rights
In 2004, one of the participating interests was sold. An earn-out scheme was
agreed upon for any surplus profits to be realized by this participating interest in
the period from 2004 up to and including 2007. The earn-out is capped at € 1 million.
This scheme will be settled in 2008 at the latest.
9) Off-balance sheet commitments
and contingencies
Contingent liabilities
Contingent agreements have been concluded with several market players about
future capital expenditure, restructuring operations etc. The Group stands surety for
a loan (€ 0.7 million) and a guarantee of the residual value of plants (€ 1.4 million).
Guarantees have been issued for a number of group companies and participating
interests for the fulfillment of lease, rental, repayment and interest obligations
toward third parties up to the amount of € 34 million. The company guarantees a
minimum yield of a participating interest for the co-shareholder. In addition, the
Company has payment obligations for a number of participating interests if it decides
to carry out future projects with a certain minimum expected yield (€ 55 million).
Multi-year financial obligations
The multi-year financial obligations toward market players totaled € 3.4 million at
year-end 2007, of which € 0.5 million will be settled in 2008. The Port Authority has
committed itself to a maximum of € 129 million in investments, whereby the future
lessees of the infrastructure concerned can determine the moment of investment.
88 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 89

Notes to the consolidated
Statement of Income
12) Other operating expenses
(amounts in thousands of euros)
EXPENSES 2007 2006
10) Total operating income
(amounts in thousands of euros)
Operating expenses 117,117 104,100
Other operating expenses 15,591 33,049
Exceptional items - - 20,938
2007 2006
132,708 116,211
net turnover
Harbor dues (seagoing vessels) 265,381 244,485
Harbor dues (inland vessels) 12,568 11,400
Rent, ground lease, quay fees 196,038 187,293
Total net turnover 473,987 443,178
Other operating income 14,355 12,426
Total other operating income 488,342 455,604
The item operating expenses includes the regular charges for vessel guidance
services, development, management and maintenance of the port infrastructure,
the maintaining of equipment and nautical information systems, information and
communication technology, customer acquisition and account management and
overhead expenses.
Other operating expenses concern restructuring costs, development costs of the
Port Community System, as well as an operating contribution to a participating
interest and an allocation to the provision for bad debts.
The item other operating expenses relates largely to the contribution for the
Traffic Guidance System.
Exceptional items concern the release of provisions formed for the allegedly
furnished guarantees and related charges.
11) Salaries, wages and social
charges
(amounts in thousands of euros)
2007 2006
Salaries and wages 68,520 67,218
Pension charges and redundancy payments 14,198 8,698
Other social security charges 3,551 4,428
Other personnel expenses 1,322 1,631
13) Other notes to the Statement
of Income
Operating lease
During the financial year € 2 million (2006: € 1.8 million) in lease installments was
recognized in the statement of income for the operating lease of vehicles.
Research and development costs
Research and development costs charged against income for 2007 totaled € 5 million
(2006 € 5 million).
87,591 81,975
The increase in pension charges compared to 2006 is caused mainly by the release
of the provision for health insurance premiums in 2006.
90 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 91

14) Financial Income and Expense
(amounts in thousands of euros)
16) Remuneration of directors
(amounts in euros)
2007 2006
Non-executive directors
Income from long-term receivables
448 341
and securities
Other interest income 498 217
Total financial income 946 558
Interest expense - 67,319 - 62,991
Capitalized interest on tangible fixed 9,270 6,830
assets under construction
Total financial expense - 58,049 - 56,161
Total financial income and expense - 57,103 - 55,603
The percentage used for the construction period interest to be capitalized is 3.7 %.
This is the weighted average of the interest rate for loan capital, corrected for the ratio
loan capital/total capital. The capitalized interest on the investment expense for the
Euromax project equals the 3-month Euribor plus a surcharge of 113 basic points.
The remuneration of the Chairman of the Non-Executive Board is € 30,000 a year.
For the members, remuneration is € 25,000 a year. In addition, non-executive directors
who are members of the audit committee or the remuneration committee receive
an annual payment of € 5,000.
Remuneration for the non-executive directors is as follows:
2007 2006
non-executive board
A.J. Scheepbouwer 35,000 35,000
R.P.M. van Slobbe 35,000 27,500
R.J.N. Abrahamsen 30,000 30,000
J.M. Kroon 30,000 30,000
R.M. Smit 12,500 -
C.P. Vogelaar 4,192 30,000
Total remuneration of Non-Executive Directors 146,692 152,500
15) Workforce
At the end of 2007 the Group employed 1,186 (2006: 1,245). Of these persons, 551
employees worked at the Harbour Master’s Division (2006: 563).
During the course of 2007 Ms. Vogelaar resigned from the Non-Executive Board
and Mr. Smit joined it. The remuneration stated is on a time-proportional basis.
Directors
Remuner ation policy
The remuneration policy as it has been applied since January 1, 2005 for the members
of the Executive Board was adopted by the General Meeting of Shareholders
in December 2004 after advice from the external consultancy firm HayGroup.
The Port Authority’s remuneration policy is established at the median level of comparable
positions in the relevant remuneration market. The remuneration policy
allows the Company to offer remuneration that in terms of its amount and structure
is such that it will attract, motivate and retain qualified and expert directors. For this
purpose the Port Authority offers a competitive package of employment benefits,
consisting of a regular income and a variable short-term income, as well as a variable
long-term income.
The variable short-term income is 20% of the applicable regular income and is
awarded if predetermined performance criteria have been met. Because of the
specific nature (strategic, long-term) of the Port Authority the remuneration of the
directors is also based on long-term performance (4 years): if these long-term
objectives are achieved, after four years a bonus of 60% of the total-cash income
is paid out.
92 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 93

The members of the Executive Board of the Port Authority have an employment
contract for an indefinite period. However, they are appointed to their position as
member of the Board for a period of four years. After these four years an extension
of another four years is possible. If the appointment of a member of the Board
ends on the initiative of the Company, a notice period of up to 6 months will be
observed and the severance pay will amount to no more than half of the fixed
annual salary.
smooth shipping operations and the development of operating expenses. A proportional
amount of the maximum attainable bonus has been reserved and charged to
the year 2007.
2007 2006
basic salaries 2007
The following basic salaries were awarded in 2007:
H.N.J. Smits 53,213 50,640
P. Struijs 43,882 41,582
T. Menssen 39,160 25,781
G.J. van Tongeren 20,921 39,591
2007 2006
157,176 157,593
H.N.J. Smits 287,520 281,330
P. Struijs 240,470 231,008
T. Menssen 208,832 143,226
G.J. van Tongeren 114,571 219,950
851,393 875,514
The above-mentioned amounts are inclusive of vacation pay and exclusive of
employer’s insurance contributions and suchlike. Mr. Van Tongeren ceased to be an
executive director in July 2007. Ms. Menssen took up her appointment as a member
of the Executive Board on 15 March 2006.
Variable short-term income (annual bonus)
Standards have been set for a number of performance criteria for determining the
variable short-term income. These performance criteria relate to net result, gains in
efficiency and progress at Maasvlakte 2.
Pension costs and other emoluments
The members of the Executive Board participate in the General Pension Fund for
Public Employees (Algemeen Burgerlijk Pensioenfonds, abbreviated to ABP). The
pension scheme for the directors is the same as the scheme for employees of the
Port Authority under the CAO (collective labor agreement) The table below shows
the costs incurred in 2007 with the employer’s contribution for the ABP pension
premium and the fixed cost allowance.
2007 2006
H.N.J. Smits 56,251 48,150
P. Struijs 45,486 39,892
T. Menssen 31,867 25,217
G.J. van Tongeren 20,974 38,078
154,578 151,337
2007 2006
H.N.J. Smits 43,126 56,270
P. Struijs 36,068 46,202
T. Menssen 20,910 28,645
G.J. van Tongeren 17,176 43,990
117,280 175,107
total renumeration of directors 2007 2006
Basic salaries 851,393 875,514
Variable short-term income (anual bonus) 117,280 175,107
Variable long-term income 157,176 157,593
Pension costs and other emoluments 154,578 151,337
total renumeration of directors 1,280,427 1,359,551
Variable long-term income
For the long-term bonus of up to 60% of the annual basic salary a period of 4 years
applies: from the start of 2005 to the end of 2008. Since Mr. Struijs will reach the
age of 65 years in 2008, his long-term bonus will be a maximum of 45%. For Mr.
van Tongeren en Ms. Menssen the long term bonus will also be paid out at the end
of 2008 and the bonus will be related to their years of service. The performance
criteria for the long-term bonus relate to customer satisfaction, space, safe and
Severance pay
Upon the departure of Mr. Van Tongeren, severance pay amounting to € 228,970
was agreed.
94 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 95

17) Related parties
All group companies and other participating interests as listed in Appendix C, as well
as the Municipality of Rotterdam and the State, qualify as related parties. Intercompany
transactions have been eliminated in the consolidation. An amount of € 48.3
million for the Municipality of Rotterdam is included in the interest charges.
Company Statement of income
(amounts in thousands of euros)
Ref. 2007 2006
Net turnover 473,987 443,178
Other operating income 13,500 12,426
Company balance sheet at 31-12-2007
(before appropriation of net income, amounts in thousands of euros)
Ref. 31/12/2007 31/12/2006
assets
Fixed assets
Tangible fixed assets 2,438,877 2,290,015
Financial fixed assets 19 27,855 29,135
income 487,487 455,604
Salaries, wages and social charges 86,046 80,176
Amortization and depreciation of
86,966 82,940
intangible and tangible fixed assets
Other operating expenses 133,500 118,237
Total operating expenses 306,512 281,353
Income from normal operations 180,975 174,251
Financial income and expenses - 57,295 - 55,681
Income from participating interest 19 - 9,440 1,006
2,466,732 2,319,150
Net income 114,240 119,576
Current assets
Inventories 478 394
Accounts receivable 72,484 84,624
Cash and cash equivalents 7,795 22,102
80,757 107,120
Total assets 2,547,489 2,426,270
Notes to the Company Balance
Sheet and the Statement of Income
liabilities
Shareholders’ equity
Subscribed capital stock 20 650,000 600,000
Paid-in surplus 20 241,200 291,200
Other reserves 20 46,730 -
Statutory reserves 20 1,247 1,026
Appropriation of net income 20 93,404 79,020
1,032,581 971,246
Provisions 87,522 78,400
Long-term debts 1,139,355 1,080,265
Short-term debts 288,031 296,359
Total liabilities 2,547,489 2,426,270
18) General
Accounting policies for drawing up the financial statements
The company accounts have been drawn up in accordance with the statutory provisions
of Title 9, Book 2 of the Netherlands Civil Code and the firm pronouncements
in the Guidelines for Annual Reporting in the Netherlands, as issued by the Raad
voor de Jaarverslaggeving (Dutch Accounting Standards Board).
Principles for valuation and determining the net income
The principles for valuation and determining the net income for the company financial
statements and the consolidated financial statements are the same. Participating
interests are valued at net asset value in accordance with the paragraph on
consolidation of the consolidated financial statements.
For the principles for valuation of assets and liabilities and determining the net
income, reference is made to the consolidated balance sheet and statement of
income contained therein
96 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 97

System changes
There were no system changes in 2007.
20) Shareholders’ equity
(amounts in thousands of euros)
In so far as no explanation is given of any line items shown below, reference is
made to the consolidated balance sheet and statement of income.
Capital stock
The Company’s authorized capital stock totals € 3 billion and is divided into 3 billion
consecutively numbered common shares of € 1 par value each.
19) Financial fixed assets
(amounts in thousands of euros)
The subscribed and paid-up capital stock totals € 650 million and is divided into
650 million common shares of € 1 par value each.
Movements in shareholders’ equity in 2007 were as follows:
An overview of movements in the financial fixed assets is shown below:
participating other other loans to other Total
interests
Group
companies
participating
interests
securities participating
interests
long-term
receivables
january 1, 2007
Carrying amount 15,216 2,514 6,649 735 4,021 29,135
Movements in 2007
Investments - 7,026 - - 58 7,084
Installments - - - -735 - 434 - 1,169
Amortization - - 448 - - 448
Income from participating 1,047 - 10,487 - - - - 9,440
interests
Reclassification to
provision
- 1,797 - - - 1,797
subscribed
paid-in statutory income to be
other
Total
capital stock
surplus
reserve appropriated
reserves
December 31, 2006 600,000 291,200 1,026 79,020 - 971,246
Net income for the year - - - 114,240 - 114,240
Paid-in capital stock 50,000 - 50,000
Final dividend paid out in 2006 - - 50,000 - - 32,290 - - 82,290
Interim dividend 2007 paid out - - - - 20,615 - - 20,615
Appropriation of net income 2006 -46,730 46,730 -
Contribution to statutory reserve - - 221 - 221 - -
Total movements 50,000 - 50,000 221 14,384 46,730 61,335
December 31, 2007 650,000 241,200 1,247 93,404 46,730 1,032,581
1,047 - 1,664 448 - 735 - 376 - 1,280
December 31, 2007
Carrying amount 16,263 850 7,097 0 3,645 27,855
Paid-in surplus
An extra dividend was paid out in connection with the earn-out scheme and charged
to the paid-in surplus. Due to non-distributed income from participating interests,
the statutory reserve totals € 1 million.
Rotterdam, march 6, 2008
For a list of participating interests reference is made to Appendix C.
Executive Board,
Non-Executive Board,
H.N.J. Smits
A.J. Scheepbouwer
T. Menssen R.J.N. Abrahamsen
A.G.F. Toet
J.M. Kroon
R.P.M. van Slobbe
R.M. Smit
98 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 99

Other information
Appropriation of net income under the articles of association
The provisions contained in the articles of association and in the Investment agreement
that was concluded on September 2, 2005 between the State of the Netherlands,
the Municipality of Rotterdam and the Port of Rotterdam Authority, as well as
that stated in this respect in the (draft) Shareholders’ agreement between the
above-mentioned parties, are important for the appropriation of net income.
On 23 May 2007 the State joined as co-shareholder and paid up € 50 million in
share capital. The investment agreement as well as the accompanying shareholders’
agreement contain resolutive conditions in respect of the actual start of construction
of Maasvlakte 2 and the associated licensing and approval procedures.
Until these conditions have been met, the State will not be required to pay up the
second installment of € 450 million.
Article 3 of the Shareholders’ agreement states that from January 1, 2006 the
shareholders will receive 4% each year of the capital they have invested, with an
indexation of 2% starting with the dividend for the 2007 financial year. Article 11.1
of the Investment agreement sets the amount of capital paid-in by the Municipality
of Rotterdam on January 1, 2006 at € 1 billion. Article 3 also refers to Article 3.5.2
contained in the Investment agreement.
Article 3.5.2 of the Investment agreement also states that the entire net income for
2004 and 2005 will be paid out to the Municipality, and that the Municipality will
receive an additional dividend payment of € 20 million. This payment will be made
as far as possible from the profit on the 2006 and 2007 financial years (€ 10 million
each).
Following a resolution by the General Meeting of Shareholders on 9 October 2007,
an interim dividend was paid out of € 20.4 million to the Municipality of Rotterdam
and € 0.2 million to the State (totaling €20.6 million). This means that a further
€ 31.4 million for 2007 remains to be paid out to the shareholders.
Withdrawals from/deposits into paid-in surplus
Earn-out
Article 11.4.1 of the Investment agreement states that if the net sea harbor dues
for 2007 are € 257 million or more and the (specifically defined) net income for
2007 is € 90 million or more, the Municipality of Rotterdam will receive a payment
from the paid-in surplus of € 50 million. Both conditions have been met, and it is
therefore proposed paying out € 50 million to the Municipality, to be charged to the
paid-in surplus. The earn-out scheme was also realized in 2006 with the conditions
applicable for that financial year, and payment was made in 2007.
Indemnification of guar antee affair
Article 12.1 of the Investment agreement states that the Municipality of Rotterdam
will repay the Port Authority the costs incurred by the Port Authority in relation to
the guarantee affair. Article 14.1 states that in that case the State is entitled to
submit a claim. In that case, the Municipality of Rotterdam will pay an amount to
the Port Authority in the form of a deposit into the paid-in surplus.
A total of € 0.2 million in costs was charged to the net income for 2007 in relation
to the guarantee affair. In accordance with the provisions of the investment agreement,
it is proposed that the Municipality of Rotterdam pay in an extra paid-in surplus
of € 0.2 million.
Events after the bal ance sheet date
Proposed appropriation of net income
Net income totals € 114.2 million. In accordance with that stated in the Investment
agreement and the shareholders’ agreement, it is proposed that the following dividend
be paid out to the Municipality of Rotterdam and the State.
DESCRIPTION AMOUNT
IN MILLIONS OF EUROS
1 Dividend payment to the Municipality of Rotterdam
40.8
of 4% on the contributed capital (indexed)
In January 2008 credit facilities were taken out with the European Investment Bank,
Bank Nederlandse Gemeenten, ING, Rabo and Fortis for an amount of € 2 billion.
This will enable, in addition to investments in the existing port area, the construction
of the first part of Maasvlakte 2 to be financed.
During the coming year the present preparations and necessary conditions for the
start of construction of Maasvlakte 2 will be completed further. During the first
quarter of 2008 the first major contract for the construction of Maasvlakte 2 was
finally awarded to a consortium of Boskalis and Van Oord. It is expected that a start
can be made with the actual construction of Maasvlakte 2 in the second half of
2008, so that the first sites on Maasvlakte 2 will be ready and operational in 2013.
The Port Authority is however dependent on the time required to obtain the spatial
planning decisions and permits.
2 Additional dividend payment to the Municipality
of Rotterdam
10.0
3 Dividend payment to the State of 4% on the
contributed capital (indexed)
1.2
Total 52.0
100 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 101

To:
the general meeting of shareholders and the supervisory board of Havenbedrijf Rotterdam N.V.
AUditoR’s RePoRt
appendices
RePoRt on the finAnciAL stAtements
We have audited the financial statements 2007 of Havenbedrijf Rotterdam N.V., Rotterdam,
which comprise the consolidated and company balance sheet as at December 31, 2007, the
consolidated and company profit and loss account for the year then ended and the notes.
mAnAgement’s ResPonsiBiLity
Management of the company is responsible for the preparation and fair presentation of
the financial statements and for the preparation of the director’s report, both in accordance
with Part 9 of Book 2 of the Netherlands Civil Code. This responsibility includes:
designing, implementing and maintaining internal control relevant to the preparation and
fair presentation of the financial statements that are free from material misstatement,
whether due to fraud or error; selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
AUditoR’s ResPonsiBiLity
Our responsibility is to express an opinion on the financial statements based on our audit.
We conducted our audit in accordance with Dutch law. This law requires that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
oPinion
In our opinion, the financial statements give a true and fair view of the financial position of
Havenbedrijf Rotterdam N.V. as at December 31, 2007, and of its result for the year then
ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.
RePoRt on otheR LegAL And RegULAtoRy ReqUiRements
Pursuant to the legal requirement under 2:393 sub 5 part e of the Netherlands Civil Code,
we report, to the extent of our competence, that the director’s report is consistent with the
financial statements as required by 2:391 sub 4 of the Netherlands Civil Code.
Rotterdam, March 6, 2008
for Ernst & Young Accountants
J.T. de Hek RA
102 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
103

A
PeRsonAL detAiLs
non-execUtive BoARd
A.J. scheePBoUWeR
• Chairman of the Executive Board of Koninklijke KPN N.V.
• Non-Executive Director of the Port Authority since 6-9-2005, Chairman of the
Board since 1-1-2006, member of the Remuneration Committee
• Chairman of the Non-Executive board Medisch Centrum Rotterdam-Zuid
• Non-Executive Director and Investor in RFS Holland Holding B.V. Zwolle
• Member of Advisory Council ECP.NL
• Chairman of Economic Advisory Council Dordrecht
R.J.n. ABRAhAmsen
• Non-Executive Director of the Port Authority since 1-1-2004, vice-chairman of
the Board, Chairman of the Audit Committee
• Non-Executive Director of PON Holdings B.V.
• Non-Executive Director of Fluor Daniel B.V.
• Non-Executive Director of TNT Post Group
• Non-Executive Director of ANP
• Non-Executive Director of Madurodam B.V.
• Chairman of the Non-Executive Board of Optimix Vermogensbeheer N.V.
• Non-Executive Director of Koninklijke BAM Groep N.V.
• Chairman of the Non-Executive Board of Trans Link Systems
• Non-Executive Director of Vitens N.V.
• Non-Executive Director of N.V. Bank Nederlandse Gemeenten
J.m. KRoon
• Chairman of the Executive Board of Tennet
• Non-Executive Director of the Port Authority since 21-6-2005, chairman of the
Remuneration Committee
• Non-Executive Director of Diamond Tools Group
• Non-Executive Director of Revalidatietechniek Het Dorp
• Non-Executive Director of APX B.V.
• Member of Steering Committee ETSO
• Member of the Board of EnergieNed
• Non-Executive Director of ENDEX European Energy Derivatives Exchange B.V.
R.m. smit
• Chairman of the Executive Board of VU-Windesheim group
• Non-Executive Director of the Port Authority since July 2007
• Advisor Kloosterboer Groep B.V.
• Chairman of Committee Grote or St. Laurenskerk Rotterdam
• Member of Supervisory Board of Isalaklinieken
execUtive BoARd
h.n.J. smits
• Chief Executive Officer of the Port Authority since 1-1-2005
• Non-Executive Director of Sohar Industrial Port Company SAOC
• Non-Executive Director of KLM Nederland N.V.
• Non-Executive Director of Keyrail B.V.
• Chairman of the Non-Executive Board of Janssen de Jong Groep
• Chairman of Program Committee ‘Pieken in de Delta’ (Peaks in the Delta) for the
South Wing
• Chairman of the Supervisory Board of Stichting de Ombudsman (the Ombudsman
Foundation)
• Chairman of the Advisory Board of Arthur D. Little Benelux N.V.
• Chairman of the Board of Ronald McDonald Huis Sophia Rotterdam
• Member of the International Advisory Board (IAB), Municipality of Rotterdam
• Member of the Advisory Board of Rotterdam Airport
• Former Director of Arthur D. Little Nederland
t. menssen
• Chief Financial Officer of the Port Authority since 15-3-2006
• Member of the Supervisory Board of the Maritime Museum
• Former Finance Director of Unilever Nederland Home and Personal Care
(2005-2006)
A.g.f. toet
• Chief Operational Officer of the Port Authority since 1-1-2008
• Chairman of the Non-Executive Board of Port infolink B.V.
• Member of the Advisory Board of Maritime Economics and Logistics (MEL),
Erasmus University Rotterdam
• Non-Executive Director of Sohar Industrial Port Company SAOC
• Member of the Policy Board of Cruise Rotterdam B.V.
• Member of the National Ports Council
• Former CEO of Maersk Central Europe
R.P.m. vAn sLoBBe
• Non-Executive Director of the Port Authority since 1-1-2006, member of the
Remuneration Committee, member of the Audit Committee since 20-2-2007
• Member of the Advisory Board of MPC Steamship GmbH
• Member of the Supervisory Board of Koninklijke Nederlandse Redding Maatschappij
(KNRM)
• Member of the Governing Committee of Scheepvaart & Transport College (STC)
• Non-Executive Director of MPC Shipping & Logistics B.V.
• Non-Executive Director of Scheepvaartmaatschappij Eendracht B.V.
• Non-Executive Director of Dockwise Ltd
104 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007 105

B
ten-year summary
Consolidated from 2003; adjusted in 2004 in accordance with the Dutch Accounting Standards Board RJ 271 (2005);
other years not consolidated; adjusted as far as possible for comparative purposes (amounts in millions of euros)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PER 1-1-2004
Balance sheet Balance sheet
Fixed assets 1,288 1,378 1,513 1,591 1,744 2,135 2,147 2,187 2,318 2,463 Fixed assets
Current assets 176 101 58 106 112 151 183 106 113 85 Current assets
Shareholders’ equity 92 118 155 173 188 800 801 843 971 1,033 Shareholders’ equity
Long-term debt 1,145 1,127 1,214 1,314 1,479 1,290 1,218 1,127 1080 1,139 Long-term debt
Capital invested 1,237 1,245 1,369 1,487 1,667 2,090 2,019 1,970 2,051 2,172 Capital invested
Provisions 26 41 56 55 40 42 99 100 78 87 Provisions
Short-term debt 201 193 146 155 149 154 212 223 300 289 Short-term debt
Total assets 1,464 1,479 1,571 1,697 1,856 2,286 2,330 2,293 2,430 2,548 Total assets
Statement of income PROFORMA Statement of income
Total operating income 350 354 372 384 397 402 442 440 455 488 Total operating income
Personnel expenses 52 55 58 64 70 78 86 89 82 87 Personnel expenses
Other operating expenses 112 112 116 131 131 131 204 133 116 133 Other operating expenses
Earnings before interest and depreciation/amortization 186 187 198 189 196 193 152 218 257 268 Earnings before interest and depreciation/amortization
Depreciation and amortization 64 64 64 68 75 78 78 79 83 87 Depreciation and amortization
Earnings before interest 122 123 134 121 121 115 74 139 174 181 Earnings before interest
Income from participating interests -2 -1 -4 -2 -6 -2 -1 1 -10 Income from participating interests
Financial income and expenses -62 -56 -54 -56 -63 -53 -67 -65 -55 -57 Financial income and expenses
Net income 60 65 79 61 56 56 5 73 120 114 Net income
(NORMALIZED,
92)
Key figures Key figures
Goods throughput (in millions of tonnes) 313 303 322 314 321 328 353 370 * 382 407 Goods throughput (in millions of tonnes)
Sites allocated (in hectares) 4,095 4,207 4,239 4,245 4,330 4,344 4,378 4,528 4,572 4,583 Sites allocated (in hectares)
Number of calls of seagoing vessels 33,167 33,972 34,598 33,987 33,635 33,434 34,831 34,954 36,033 37,097 Number of calls of seagoing vessels
Capital expenditure (in millions of euros) 194 120 164 203 156 112 115 135 231 235 Capital expenditure (in millions of euros)
Return on capital employed (in %) 9.7 9.7 9.9 8.2 7.4 6.5 3.4 6.6 ** 7.3 8.2 Return on capital employed (in %)
Total debt/EBITDA 5.7 5.6 5.7 6.6 7.1 6.2 7.2 4.6 ** 4.4 3.7 Total debt/EBITDA
Interest coverage 2.1 2.3 2.5 2.2 1.9 2.2 1.1 2.1 ** 2.6 3.2 Interest coverage
Net profit margin as percentage of operating income 17.1 18.4 21.2 15.9 14.1 13.9 1.7 16.4 ** 20.3 23.4 Net profit margin as percentage of operating income
Number of employees at year-end
(excluding participating interests)
1,172 1,163 1,182 1,207 1,254 1,304 1,316 1,268 1,245 1,186 Number of employees at year-end
(excluding participating interests)
* With effect from 2007, roll on/roll off in Hoek van Holland and Vlaardingen will be included in the throughput figures for Greater Rotterdam. The throughput figures
for 2006 have been adjusted accordingly (originally 378.2 million tonnes).
** figures normalized.
106 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 107

C list of participating interests
D OrganiZation
The following companies have been included in the figures for the Port of Rotterdam Authority.
consolidated companies shareholding domicile
Mainport Holding Rotterdam N.V. 100% Rotterdam
Port infolink B.V. 100% Rotterdam
Cruise Port Rotterdam B.V. 100% Rotterdam
MHR Commanditaire Vennoot B.V. 100% Rotterdam
BOARD OF DIRECTORS
MHR Silent Partner B.V. 100% Rotterdam
Mainport Foreign Investments B.V. 100% Rotterdam
Mainport Rotterdam Properties B.V. 100% Rotterdam
EXECUTIVE BOARD
Mainport Project II B.V. 100% Rotterdam
Mainport Project III B.V. 100% Rotterdam
Mainport Project IV B.V. 100% Rotterdam
Mainport Project V B.V. 100% Rotterdam
Mainport Project VI B.V. 100% Rotterdam
CHIEF EXECUTIVE OFFICER
H. SMITS
STRATEGY
HUMAN RESOURCES
COMMUNICATION
INTERNATIONAL AFFAIRS
Non-consolidated companies shareholding domicile
Exploitatiemaatschappij Schelde Maas Beheer B.V. 50% Vlissingen
Exploitatiemaatschappij Schelde Maas C.V. 50% Terneuzen
Ontwikkelingsmaatschappij Stadshavens Rotterdam N.V. 50% Rotterdam
FINANCE
PORT TARIFFS
INFORMATION MANAGEMENT
PROCUREMENT
CHIEF FINANCIAL OFFICER
T. MENSSEN
CHIEF OPERATING OFFICER
A. TOET
SITE LEASE
PORT PLANNING AND DEVELOPMENT
INFRASTRUCTURE
REAL ESTATE
Warmtebedrijf N.V. 45% Rotterdam
Keyrail B.V. 35% Rotterdam
Koninklijke Scheepsagentuur Dirkzwager B.V. 46% Maassluis
Ontwikkelingsmaatschappij Noordoever B.V. 50% Schiedam
HARBOUR MASTER DIVISION
J. LEMS
Northcoast Properties Zevenmanshaven C.V. 50% Schiedam
Multicore B.V. 50% Rotterdam
MultiCore C.V. 75% Rotterdam
RC2 B.V. 50% Rotterdam
RC2 C.V. 50% Rotterdam
MAASVLAKTE 2
CONTAINERS, BREAKBULK
& LOGISTICS
INDUSTRY & BULK CARGO
Sohar Industrial Port Company SAOC 50% Sohar, Oman
Northcoast Investment Vulcaanhaven Beheer B.V. 50% Schiedam
Northcoast Investment Vulcaanhaven C.V. 50% Schiedam
Northcoast Properties Wiltonhaven Beheer B.V. 50% Schiedam
Northcoast Properties Wiltonhaven C.V. 50% Schiedam
Northcoast Real Estate Schiedam Beheer B.V. 50% Schiedam
Northcoast Real Estate Schiedam C.V. 50% Schiedam
Northcoast Real Estate Wilhelminahaven Beheer B.V. 50% Schiedam
Northcoast Real Estate Wilhelminahaven C.V. 50% Schiedam
Northcoast Properties Mathenesse Beheer B.V. 50% Schiedam
Northcoast Properties Mathenesse C.V. 50% Schiedam
Capital shareholdings < 20% shareholding domicile
Scheepvaartmaatschappij Eendracht B.V. 11,7% Rotterdam
108 HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2007 109

E
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110 HAVENBEDRIJF ROTTERDAM N.V. AnnUAL RePoRt 2007
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