Annual report 2008 - Port of Rotterdam

annual report
2008

Working together on a world-class port
The Port of Rotterdam Authority is developing in partnership
the leading world-class European port. Our main partners
are the businesses and service providers located in the port.
Or better: the people working there.
‘Rotterdam, your world-class port’: a world port of enormous
dimensions and with an unique industrial character. Where
economic strength is combined with international standing and
maritime prestige. Where enterprise is combined with innovation
and sustainability. Rotterdam: not a single port, but a variety of
ports. For the largest seagoing vessels. For the storage and handling
of dozens of products. With distribution facilities, general industry,
process industry and chemicals and an extensive network of rivers,
railways, pipelines and roads to ensure the efficient movement
of goods into and out of the port.

annual
report
2008
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
1

Contents
Report of the Supervisory Board 4
Report of the Executive Board 8
Foreword 10
The port and Port Authority in brief 14
• The port in brief 16
• The Port Authority in brief 18
• Key figures 21
Space for growth 22
• Maasvlakte 2 25
• Intensifying the existing port area 28
• - Process industry and bulk cargo 29
• - Containers, Breakbulk, Logistics 30
• Overview map of ‘Space for growth’ projects 32
Accessibility 34
• From the sea 37
• - Ocean shipping 37
• Hinterland 38
• - Road 38
• - Rail 39
• - Inland shipping 41
• - Cables and pipelines 42
• Overview map of ‘Accessibility’ projects 44
Sustainability 46
• Overview map of ‘Sustainability’ projects 52
Harbour Master: Safe and Secure, Efficient and Clean 54
Port of Rotterdam Authority: a great employer 60
Finance and Outlook for 2009 66
• Finance 68
• Outlook for 2009 74
2
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

financial statements 2008 76
Consolidated balance sheet 78
Consolidated statement of income 79
Consolidated cash flow statement 80
Notes to the consolidated balance sheet and the consolidated
statement of income
81
Accounting policies for the balance sheet 82
Accounting policies for the statement of income 85
Notes to the consolidated balance sheet 88
1 Tangible fixed assets 88
2 Financial fixed assets 89
3 Accounts receivable 90
4 Cash and cash equivalents 90
5 Group equity 91
6 Provisions 91
7 Long-term debt 92
8 Short-term debt 94
9 Off-balance sheet commitments and contingencies 94
Notes to the consolidated statement of income 96
10 Total operating income 96
11 Salaries, wages and social charges 96
12 Other operating expenses 97
13 Other notes to the statement of income 97
14 Financial income and expense 98
15 Workforce 98
16 Remuneration of Directors 98
17 Related parties 101
Company balance sheet 102
Company statement of income 103
Notes to the company balance sheet and statement of income 103
18 General 103
19 Financial fixed assets 104
20 Shareholders’ equity 104
21 Auditors’ expenses 106
Other information 106
Appendices 110
A Ten-year summary 112
B List of participating interests 114
C Throughput figures 2008 and market share 115
D Organization 121
E Personal details Supervisory Board and Executive Board 122
F Flow chart of Port and Industrial Complex 124
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
3

eport o
the super
board
4
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

f visory
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
5

Report of the
Supervisory Board
The Supervisory Board once again
discussed in depth a range of strategic
issues in 2008. Important subjects were
the position of the Port Authority in the
various segments, a number of investment
proposals, cooperation with
Dutch and foreign ports, space for the
development of terminal capacity (in
a range of segments), communication
with stakeholders, potential international
activities (including foreign
participating interests) and optimization
of hinterland connections in the various
modalities. We were also kept regularly
updated on the progress of important
projects such as the container transferium,
LNG (Liquefied Natural Gas)
terminals, the Traffic Management
Company and the RCI (Rotterdam
Climate Initiative).
Two particularly noteworthy subjects
are Maasvlakte 2 and the credit crisis.
Maasvlakte 2
Subjects of discussion were the
tender results and the award of the
first construction contract. In addition,
progress in obtaining the necessary
licenses, approval of the zoning plan
and the accompanying planning
decisions were discussed at length.
Furthermore, potential developments
for the business case and the start of
construction of Maasvlakte 2 were
discussed for decision making. The
financing of this project is secured by
means of a Port Authority-wide financing
arrangement, which was also
approved in 2008. We are satisfied with
the start of construction and the way in
which the risk management of Maasvlakte
2 is being implemented; this
approach gives us confidence.
Credit crisis
The potential impact of the credit crisis
on the port business community and
the Port Authority was regularly a topic
of discussion. Together we considered
how we can proceed in the best way
through the crisis, but also to act on it.
We believe that, particularly in times
of crisis, we can and must create
opportunities to allow us to continue
to grow in the long term, increase our
market share and reinforce our competitive
position. In view of stagnating
throughput, we will be closely monitoring
the effects and since October we
have been receiving monthly updates
which will continue for the time being.
Finally, on 1 January 2009 Mr. Smits
was reappointed by the General
Meeting of Shareholders as Chairman
of the Executive Board and Chief
Executive Officer. The Supervisory
Board held seven regular plenary
meetings during the course of 2008.
On one occasion a meeting was held
partly in the absence of the Executive
Board. During this meeting, apart from
6
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

our own performance, the performance
of the Executive Board as a whole and
its members individually (including
remuneration) were discussed.
Financial Statements 2008
The financial statements for 2008 have
been prepared by the Executive Board.
Net income for 2008 is € 151 million.
In accordance with existing agreements
with shareholders, of this amount
€ 43.7 million will be paid out as
dividend. The Supervisory Board has
approved the Executive Board’s proposal
to pay an interim dividend of
€ 21.8 million to the shareholders for
2008. On 3 March 2009 the financial
statements, provided with an unqualified
auditor’s report by Ernst & Young,
were signed by the Executive and
Supervisory Boards. We have approved
the Financial Statements and recommend
that they will be adopted by the
General Meeting of Shareholders.
Composition of the
Supervisory Board
The composition of the Supervisory
Board remained unchanged in 2008.
All its members are independent
within the meaning of the Corporate
Governance Code. Our members are:
• A.J. Scheepbouwer
(Chairman of the board, member
of Remuneration Committee)
• R.J.N. Abrahamsen
(Vice-Chairman of the board,
chairman of Audit Committee)
• J.M. Kroon MBA
(member of Audit Committee)
• R.P.M. van Slobbe
(member of Audit Committee)
• R.M. Smit
(chairman of the Remuneration
Committee)
On 1 September 2008 we said farewell
to our secretary Mr. C. Smits. We would
like to thank him for his commitment
and professional support over the
years. Ms. S.A. Timmermans succeeded
him on 1 October 2008.
Committees
The Supervisory Board has two advisory
committees: the Audit Committee
and the Remuneration Committee.
Audit Committee
The Audit Committee met three times in
2008. Regular subjects on the agenda
included the 2007 annual report and
financial statements, the quarterly
reports and the financing of the Port
Authority. The internal auditors’ studies
and results, the risk landscape, procurement
policy and ICT projects were
also discussed.
Remuneration Committee
The Remuneration Committee met twice
during the course of 2008, where it
discussed the organization of the Port
Authority, the performance of the
Executive Board and the 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 Remuneration Committee made
a start with the evaluation of the
remuneration policy as adopted by the
General Meeting of Shareholders in
2004.
Works Council
A representative of our Supervisory
Board was present on one occasion in
2008 during a consultative meeting of
the Works Council. We felt that this
meeting was positive and constructive,
and conducted in a good and open
atmosphere.
finally
A word of thanks is due here to the
Executive Board and all Port Authority
staff. Thanks to their hard work and
commitment, the Port Authority has
continued to develop and the year 2008
was rounded off successfully.
Port of Rotterdam Authority,
March 3, 2009
The Supervisory Board
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
7

eport o
the exec
board
8
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

f
utive
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
9

Foreword
10
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

We can state that, despite a poor last quarter due to
the first signs of the global credit crisis, 2008 was a
good year for the port of Rotterdam.
2008 a good year
Throughput of goods in the port
increased in 2008 to reach a record
level of 421 million tonnes, 2.9% more
than in 2007. Appendix C contains the
main throughput figures for each
segment. Imports increased by 4.1%
to more than 313 million tonnes, while
exports fell by 0.3% to 108 million
tonnes. In units, throughput of containers
remained stable at 10.8 million
TEU. Investments in existing port areas
came to approximately 135 million euro.
A start was made in September with
the construction of Maasvlakte 2,
an historic land reclamation project
(approx. € 55 million in 2008).
Our income from normal operations
continued to rise in 2008. Net income
was € 151 million. However, cash flow
was € 70 million negative. € 190 million
was invested. During the coming years
our outgoing investment cash flow
will increase because of substantial
investments in both the existing port
area and in Maasvlakte 2. An explanation
of the figures is given in the
financial paragraph.
The turbulent economic developments
during the last few months of 2008
have had a clear impact on the results
of the port of Rotterdam. Throughput
volumes have been shrinking rapidly
since October, and this has caused
falls in income from harbour dues. The
figures show clearly the extent to which
the port of Rotterdam moves with the
global economy. Rotterdam is one of
the most important hubs for world trade.
If world trade declines, we decline too,
and vice-versa. There was still growth
over the year as a whole, but this was
considerably less than the 5.5 per cent
that the port has achieved on average
for each of the past five years.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
11

Working together on a
world-cl ass port: Space
for Grow th, Accessibility
and Sustainability
To maintain and strengthen Rotterdam’s
competitive position, we work hard,
together with our partners, to continue
building a world-class port. In these
lean economic times, which also
demand the utmost of our customers in
their aim to pursue efficient business
operations, ‘working together’ is more
vital than ever. The photography in our
annual report reflects this ‘working
together’. For each theme a project is
portrayed that illustrates this
cooperation.
In our Annual Report 2008, following a
brief introduction entitled ‘The Port and
Port Authority in Brief’, we will describe
the main projects from our crucial
themes of ‘Space for growth’, ‘Accessibility’
and ‘Sustainability’. Despite the
temporary economic downturn, ‘space
for growth’ remains crucial. We therefore
continue to work unrelentingly to
restructure and intensify the use of
industrial sites. Major projects were the
start of construction of Maasvlakte 2,
filling-in work for Gate’s LNG terminal,
the construction of a sea harbour wall
for the Euromax terminal and quay
walls for Odfjell and Steinweg.
We are also continuing to work on
solutions beyond Rotterdam’s limits.
Think, for example, of projects such
as the Container Transferium and new
transport pipelines.
The fact that a port is part of a Supply
Chain is supported by our efforts
and investments to keep the port of
Rotterdam as accessible as possible
for ocean and inland shipping, road
and railway transport and pipelines.
To this end we have taken the initiative
in projects such as the Traffic Management
Company, the Rail Program and
the Container Transferium.
A sustainable port is a precondition for
our ‘license to operate’ and ‘license to
grow’. In order to transport
more goods by water and
rail and less by road, we
have made relevant agreements
with our customers in
our allocation contracts for
Maasvlakte 2. Major sustainability
projects included
our initiatives for the World
Port Climate Conference,
the Rotterdam Climate
Initiative, the sustainability index and
our CO 2
footprint. This year as well
we will also be publishing an annual
report of all our activities with regard
to Corporate Social Responsibility on
our website.
Dialogue with customers
It is absolutely essential for the Port
Authority to know what is going on in
the market and with our customers.
Following a customer satisfaction
survey in 2007, which we will repeat
in 2009, the Executive Board literally
entered into dialogue with our customers
in eight meetings, which took place
in the port area. In the answers to
concrete questions from our customers,
a number of elements of our Business
Plan were brought up for discussion.
The primary objective of the ‘(Dial)Oog
op de Haven’ (Dialogue in the Port)
meetings, which will be repeated in
June 2009, was to increase our mutual
understanding of the challenges and
problems facing us and to reach
concrete agreements.
Safe, Secure,
Efficient, Clean
The fact that ‘Safe’ and
‘Secure’, besides ‘Efficient
and Clean’, continue to be
so important for our port is
evident from the chapter
on ‘The Harbour Master’.
On our website
www.portofrotterdam.com,
a film portrait of ‘The
Harbour Master’ shows what
this means in practice.
12
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Future
The outlook is characterized above all
by uncertainty. At present, it is virtually
impossible to make any unequivocal
estimates of throughput volumes for
2009. Even so, we remain positive
about the future for the medium and
long term, as our planned investments
show: the Port of Rotterdam Authority
is investing four billion euro until 2020
(equally divided between Maasvlakte 2
and the existing port area), and
companies more than ten billion.
Virtually none of these companies
have withdrawn their commitments.
We are not pessimistic either regarding
throughput, which will probably initially
drop sharply in 2009. This means that
there will probably be a fall in throughput
for the year as a whole, for the first
time since 2001.
It is a challenge in a shrinking market to
not only retain market share but also
gain it wherever possible. We will be
keeping a keen eye on cost control by
using the resources more cleverly and
efficiently. Clear choices have been
made to create space for new initiatives
in support of our business plan objectives
for our priorities of Space for
growth, Sustainability and Accessibility.
Examples of this are Maasvlakte 2, the
Traffic Management Company and the
Rail Program.
Port of Rotterdam
Authority as an attr active
employer
We are confident that this annual report
once again demonstrates the exciting
and challenging environment in which
the Port Authority operates. The flow
chart of the port and industrial complex
(see Appendix F) shows at a glance our
position in this logistics and industrial
force field.
The quality and motivation of our
workforce are essential. This annual
report also underlines our position
as an attractive employer. The Port
Authority offers its present and future
employees great challenges. A biennial
Employee Satisfaction Survey has given
us further insight into the opportunities
for increasing our employee’s enjoyment
of their work and their loyalty to
the company. The reorganization that
was completed in 2007 bore fruit last
year: we are now a flatter organization,
with faster decision-making lines, and
responsibilities are placed as low as
possible in the organization.
word of Thanks
We conclude with a word of thanks to
our staff and the Works Council who
have demonstrated enormous commitment
during the past year and striven to
‘Working together on a world-class port’.
Executive Board from left
to right: André Toet, Thessa
Menssen, Hans Smits.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
13

Port and Port Authority
in brief
14
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Working together with the Directorate
for Public Works and Water Management, the Urban
Region and Municipality of Rotterdam.
Accessibility by road: The Traffic Management Company
From left to right: LAURENS SCHRIJNEN (MIN. of TRANSPORT), WOUTER LOKKER (PORT AUTHORITY), ESTHER ZONNEVELD (PORT AUTHORITY),
HARRY SMIT (PORT AUTHORITY), PAULIEN VAN NOORT (PORT AUTHORITY) AND KEES ABRAHAMSE (MIN. of TRANSPORT). READ MORE ON PAGE 38.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
15

The port in brief
Position
Competition
1
source: www.havenraad.nl,
data for 2007 and 2008
not yet known
The port of Rotterdam is a hub for the
international flow of goods, as well as
an world-class industrial complex
(see Appendix F). With throughput of
more than 421 million tonnes of goods,
Rotterdam is by far the largest seaport
in Europe. Its share of the petrochemical
and energy sector is roughly 20%
of the total production capacity in
Northwestern Europe. The added value
of the port and industrial complex of
Rotterdam was about € 12.3 billion in
2006 1 . About 86,500 persons were
directly employed in the port complex
in 2006.
In order for the port of Rotterdam to
develop, it is crucial to attract goodflows
and industrial activity. The port
of Rotterdam competes with other ports
in the Hamburg-Le Havre (HLH) range
in attracting such flows. These ports all
serve the hinterland of Northwestern
Europe. A few of them are also major
transshipment ports for good-flows
to and from the United Kingdom and
Ireland, as well as the Scandinavian
and Baltic ports. Rotterdam occupies
an increasingly important position in
this area. We distinguish nine market
segments, divided between throughput
and industry.
16
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Throughput
The competition varies strongly from
segment to segment. In the container
segment, Antwerp and Hamburg are the
main competitors, whereas in the coal
segment it is Amsterdam, and for crude
oil Le Havre and Wilhelmshaven.
Industry
For the chemical sector, the competition
is worldwide. Antwerp is the main
competitor in Northwestern Europe,
but both chemical complexes are also
complementary. Together they form the
largest chemical complex in Europe.
Major factors in the competitive battle
are their deep-water location, worldclass
terminals, the availability of
space, good access due to a range of
hinterland connections (roads, inland
waterways, railways and pipelines),
the quality of service, costs and an
attractive business and living climate.
Market share
After a long period of declining market
share since 1998, based on total
throughput in tonnes at the eleven most
important ports in the Hamburg – Le
Havre range, the port of Rotterdam’s
share has gradually been increasing
again since 2006. Our position has
strengthened in the segments of crude
oil, ore and scrap and Roll-on/Roll-off
(RoRo), whereas the other segments
have shown a slight fall in market
share. A very slight rise in total
throughput was achieved in 2008,
reaching 35.1%. An overview of total
goods throughput and associated
market share of the eleven relevant
ports can be found in Appendix C.
Market share in Hamburg-Le Havre range
1998-2008, in percentages
ANTWERP
HAMBURG
LE HAVRE
AMSTERDAM
WILHEMSHAVEN
DUNKIRK
BREMEN
ZEEBRUGGE
ZEELAND SEAPORTS
GHENT
40
35
30
25
20
15
10
5
0
1998
1999 2000 2001 2002
2003 2004
2005 2006
2007 2008
ROTTERDAM
37.7
36.9
36.4 35.5 35.5
35.1 35.1
35.4 34.7
35.0 35.1
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
17

The Port of Rotterdam
Authority in brief
Objectives and mission
The Port of Rotterdam Authority
(also referred to as the Port Authority)
has two objectives in promoting the
competitive position of the port of
Rotterdam. Firstly, the development,
construction, management and
operation of the port area. We focus
on encouraging sustainable economic
development. Secondly, promoting
the safe, secure, efficient and clean
handling of shipping in the port of
Rotterdam and in the offshore
approaches to the port.
Our mission is: ‘the Port Authority
develops in partnership the leading
European port of world stature’.
Our most important partners are the
businesses and service providers in the
port itself. The Port Authority is a public
limited company with two shareholders:
the Municipality of Rotterdam and the
Dutch State. We attract businesses that
strengthen the port and the industrial
complex, our spearheads being the
throughput of containers, chemical
industry and energy.
18
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Core activities
In order to achieve our mission and
objectives, we have four core activities:
Customer Management, Traffic Management,
Area Management and
Environmental Management.
Customer management
Customer management involves
facilitating our existing customers’
development and attracting new
customers. We often do this in close
cooperation with partners such as the
Rotterdam Port Promotion Council
(RPPC) and delegates of the Municipality
of Rotterdam and Deltalinqs
(employers’ organization in the port
of Rotterdam).
Customer satisfaction with our service
and value for money are essential. We
are a business partner that supports
cargo acquisition, contributes to setting
up new hinterland connections (rail,
road, inland shipping and pipeline),
offers a port community system through
its subsidiary Port infolink 2 , and
provides fiber optics services and
pipelines in partnership. We also focus
on existing and potential customers of
businesses established here. Our focus
is on nine market segments. Appendix
C gives a diagram of the market
segments.
Through PORint – Port of Rotterdam
International – we focus on promoting
Rotterdam in the world market as a
‘port developer’ and ‘port manager’,
looking at cargo trends, access to new
markets, retaining cargo flows, and
investments by Rotterdam businesses.
We do this through international
participation in new ports in countries
of strategic interest to Rotterdam and
through boardroom consultancy. The
initiatives we develop should be in line
with the preconditions of profit and
sufficient control.
Traffic management
We are responsible for the smooth,
safe, clean and secure handling of
2
To be named Portbase from
March 2009, merged with the
Amsterdam port community
system
shipping in the port. This task is laid
down in the Harbour Master’s Covenant,
which confers all the relevant
powers on the Harbour Master of the
Port Authority. 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. Our organization is increasingly
active in the traffic management
of landside flows. For example, we
participate in Keyrail (the operator
of the Betuweroute) and in 2008 we
established the Traffic Management
Company, responsible for traffic
management in the port area and the
A15 motorway. By taking on this active
role we contribute to the competitiveness
of the port and industrial complex,
because the scarce transport infrastructure
between the port and the
hinterland is put to more effective use.
Area management
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. We ensure that the port area is
efficiently organized, with good transport
infrastructure, high standard
environmental quality and good facilities.
Furthermore, in view of the
fast-growing international flow of
goods, we aim to provide space for
existing clients to expand their operations
and for new clients to set up
businesses. The construction of
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
19

Maasvlakte 2 is therefore crucial to
the further development of the port
and industrial complex. Apart from
Maasvlakte 2, we are 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.
Environmental management
Working in partnership to invest in the
best possible preconditions for the
business community is essential for our
environmental management. We
support educational initiatives in our
role as intermediary to improve harmonization
between demand (business in
the port and industrial complex) and
supply (employees). In addition, we
encourage collective transport facilities
and work on improving the 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 to achieve this goal
is by pursuing a policy of Corporate
Social Responsibility (CSR). Environmental
management also involves
closely following relevant regional
(Rijnmond), national (The Hague) and
European (Brussels) issues that are
important for the development of the
port of Rotterdam. Finally: the physical
port is gradually shifting further away
from the city, towards the west. Mutual
understanding between the port and its
stakeholders, (local residents, jobseekers,
administrators, politicians, the
business sector) is vital if the port is
to continue to develop. The World Port
Days, attracting some four hundred
thousand visitors every year, are a
living platform on which the port and
its surroundings can get to know each
other better and strengthen ties. Our
contribution to the Rotterdam Port
Experience which opened at the end of
2008 also represents our ongoing
commitment in this area.
Themes
Running through all these core activities,
three crucial themes will play a
major role during the coming years:
Space for growth, Accessibility and
Sustainability.
20
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Key figures
2008 2007
Financial performance (x € 1 million)
Total operating income 525 488
Income from normal operations (EBIT) 208 181
Net income 151 114
Balance sheet data (x € 1 million)
Group equity 1,080 1,033
Long-term debt 1,102 1,139
Invested capital 2,183 2,172
Total assets 2,678 2,548
Ratios
Return on capital employed * (in %) 9.2 8.2
Capital adequacy (in (%), incl. subordinated loans) 59 64
Total debt/EBITDA ** 3.2 3.7
Interest coverage rate *** 3.7 3.2
Net income in % of operating income 28.7 23.4
Operational data
Investments (x € 1 million) 190 235
Goods throughput (x 1 million tonnes)**** 421 409
Number of visits by seagoing vessels 36,415 37,097
Market share Hamburg – Le Havre Range
Total (in %) 35.1 34.9
Liquid bulk goods (in %) 47.8 47.8
Dry bulk goods (in %) 34.5 33.8
Containers (in %) 26.1 26.4
General cargo (in %) 23.1 23.8
Workforce
Number of employees at year end (excl. participating interests) 1,207 1,181
* Income from normal operations/average balance-sheet total less short-term debt
** interest-bearing capital/income before interest, depreciation and amortization
*** Operating income/balance of interest income/expense
**** With effect from 2008, roro throughput in Hook of Holland and Vlaardingen will be reported based on gross tonnage (as with
all the other throughput segments) instead of net tonnage. For a proper comparison, the 2007 figures for Roll on/Roll off have
been adjusted accordingly. Total throughput is therefore 409 million tonnes (originally 407 million tonnes). This has also affected
the market share figure for general cargo in 2007. The Port Authority also introduced a systematic change in 2008. Up to and
including 2007, throughput figures were based on the date of arrival of vessels in the period of review concerned. With effect from
1 January 2008 this has been changed to the date of departure of the vessels. The effect on the result is marginal.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
21

Space for growth
22
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Working together with Gate
Space for growth: LNG terminal
From left to right: FRANK WOLKENFELT (PORT AUTHORITY), GUY MARIËN (GATE), BERNISSE PLUIM (PORT AUTHORITY), JANNIS GOSSIJE
(PORT AUTHORITY), WENDY CORNELISSE (PORT AUTHORITY), PADDY HUDIG (GATE) AND ED VAN LIGTEN (GATE). READ MORE ON PAGE 29.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
23

Space for growth
Space for growth is essential. That is why we are
constructing Maasvlakte 2, but also intensifying
the use of the existing Rotterdam port area and
redeveloping outdated and other plots and buildings.
This chapter describes a number of larger projects
which reached important milestones in 2008.
An overview map on pages 32-33 shows the locations.
24
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Maasvlakte 2
On 1 September 2008, immediately to the west of
Maasvlakte 1, the Port Authority began with the
construction of Maasvlakte 2, the land reclamation
project which – after almost two decades of
preparation – will increase the area of the port by
20% (2000 hectares, of which 1000 hectares will be
lettable sites). A number of major milestones were
reached in 2008, according to plan, particularly with
regard to procedures, the necessary licenses and
permits, and tendering for work. In 2013 the very
first container should be handled at Maasvlakte 2.
Maasvlakte 2 has the ambition to
become the most sustainable port area.
In doing so it is setting a new standard
for the sustainable and economically
successful development of port and
industrial areas. The new area to be
constructed and laid out offers plenty of
space for sustainable development. For
example, the most compact form has
been chosen in the design, the share of
inland shipping and rail (modal shift) in
the transport of containers will increase
substantially until the year 2033 by
making firm agreements on this in
contracts with customers, chemical
companies will use each other’s
residual heat, polluting goods vehicles
will be refused entry (Environmental
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
25

3
These are the concession
under the Land Reclamation
and Dykes Act, the license
under the Earth Removal Act,
the license under the Public
Works (Management of
Engineering Structures) Act,
the license under the Nature
Conservation Act 1998 and
the exemptions under the
Flora and Fauna Act.
4
The result of these
procedures is that three
licenses are irrevocable,
namely the license under
the Earth Removal Act, the
license under the Public
Works (Management of
Engineering Structures) Act
and the exemptions under
the Flora and Fauna Act.
5
It is now known that on
9 February 2009 a covenant
entitled ‘Sustainable
Maasvlakte 2’ (Duurzame
Maasvlakte 2) was signed,
which has led to the
withdrawal of a number of
appeals by this party. At
present there is just one
appeal in respect of the
license under the Nature
Conservation Act 1998. This
appeal is currently before the
court, but does not provide
any new insights. A decision
is expected in the spring of
2009.
Zone Maasvlakte 1 and Maasvlakte 2)
and inland vessels will be fitted with
cleaner engines. In short, an optimum
balance between environmental benefit
and economic development.
Procedures and licenses
The procedural landscape is tedious
and complex, and demands the greatest
meticulousness. At the start of 2008
the draft decisions for the necessary
licenses were made available for
inspection 3 . The licenses were granted
by the competent authorities in the
spring, following which the appeal
periods for the licenses lapsed in June
and July 4 . At the end of December
2008 a number of appeals were still
pending 5 . The draft Zoning Plan and
Article 19, Exemption of Zoning Plan
for Maasvlakte ’81 were available for
inspection at the same time as the draft
decisions for the licenses. Rotterdam
Municipal Council approved the Zoning
Plan in May for the construction and
development of Maasvlakte 2 and the
exemption decree. The Zoning Plan
was available for inspection during the
summer; a limited number of objections
were submitted, mostly related to
air and traffic. The State, Municipality
of Rotterdam and the Port of Rotterdam
Authority have entered into an
agreement aiming to implement the
measures necessary to compensate
for the problems of air quality. The
Provincial Executive of Zuid-Holland
approved the Zoning Plan in December
2008 and the appeal periods commenced
in mid-December 2008.
In May 2008 all the parties involved
in the development of Maasvlakte 2
(environmental organizations, business
umbrella organizations, ministries, the
provincial, municipal and urban district
authorities and the Port Authority)
signed the agreement framework
‘Vision and Trust’ (‘Visie en vertrouwen’)
in which it was agreed that during
the development of Maasvlakte 2 they
would together monitor compliance with
the agreements made.
The necessary nature compensation
projects for Maasvlakte 2 (soil protection
area and the dunes at Duinen
Delfland) were finalized in 2008.
The measures in the soil protection
area were approved by the European
Commission during the summer. The
Access Limitation Decisions for the
soil protection area and the quiet areas
entered into force in the summer 6 .
Additional baseline measurements were
taken in 2008 for future monitoring of
26
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

is the largest deed creating a ground
lease ever signed in the Netherlands.
Several Maasvlakte 2-related projects
were also carried out in 2008. These
involved the relocation of the MOT jetty
and the construction of a Maasvlakte 2
information center ‘FutureLand’
(completed in 2009),
the effects of sand reclamation. The
various licensing decisions contain
monitoring obligations for the Port
Authority 7 to measure the impact on
the environment.
and the start of a number of projects in
the preparatory phase, including the
laying of utilities and a pipeline tunnel
under the Yangtzehaven. An agreement
was concluded with Stedin on the
construction of the basic electricity
infrastructure.
Tenders
Rel ationship with PMR
6
Appeal proceedings are
currently pending before the
Council of State against the
Access Limitation Decisions
for the soil protection area
and the quiet areas.
7
On this basis, the
Competent Authorities are
evaluating the effects
compared to the initial
situation. The implementation
of these processes has been
elaborated on in the
Monitoring Plan for the
Construction of Maasvlakte 2
that has been approved by
the Competent Authorities
In February 2008 the construction
contract for Maasvlakte 2 was definitively
awarded to the Dutch companies
Koninklijke Boskalis Westminster N.V.
and Van Oord N.V., united in a consortium
named PUMA.
This contract concerns the construction
of the outer contour (sea defenses),
raising a body of sand of approximately
700 hectares, the construction of the
first quay walls for deep-sea and inland
shipping for the terminals of Rotterdam
World Gateway (RWG, comprising
DP World, Mitsui OSK Lines (MOL),
Hyundai Merchant Marine (HMM), APL
and CMA CGM) and APM Terminals
(APMT), the construction of temporary
bank protection and the construction of
connecting public transport (road and
rail). Of the 700 hectares to be raised
by hydraulic fill, more than 400 hectares
has already been let to a number of
terminal operators. Work began on
1 September 2008.
For the work to begin, it was important
for the seabed at the location where
Maasvlakte 2 is to be developed to be
granted to us on a ground lease. This
transaction was effected in the autumn.
The State has granted the Municipality
of Rotterdam the lease in perpetuity of
the Maasvlakte 2 area, and the Municipality
has in its turn leased the area to
the Port Authority. In terms of area, this
Maasvlakte 2 is one of the three
elements of Rotterdam Mainport
Development Project (PMR). The other
two are the construction of a new
750-hectare nature reserve and recreation
area around Rotterdam and a
series of projects entitled Existing
Rotterdam Area (Bestaand Rotterdams
Gebied). The purpose of this is to use
the existing port area more intensively
and improve the quality of the living
environment. In addition, as part of the
‘Existing Rotterdam Area’ liveability
program a salt-water transport pipeline
has been laid to connect the Hartel
Canal to the Oostvoornse Meer, bringing
salt water from the Hartel Canal into
the Oostvoornse Meer to improve the
water quality, and in particular the
visibility for recreational divers. There
is intensive cooperation between the
various PMR projects.
Communication
During the course of 2008 the Maasvlakte
2 project organization devoted
much attention to communication with
the surrounding area. As well as an
intensive dialogue with stakeholders
such as the surrounding municipalities
and residents’ organizations, information
was also disseminated through
various Maasvlakte 2 newsletters and
newspapers.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
27

Intensifying
the existing
port area
Besides Maasvlakte 2, investments in the existing
Rotterdam port area too are reinforcing the position
of Rotterdam as a European world port. They enable
new sites to be let out and growth in throughput to
be achieved.
Roughly 95% of the existing Rotterdam
port area has been let out to businesses.
Even so, a growth objective in
throughput was defined in 2008 for
the existing port area. More intensive
use of the sites and facilities in the
existing port is central to the running
of the port, and this includes projects
that focus on attracting or expanding
businesses in the port.
Existing port area
Intensification in an area that for the
major part is in use, demands creativity
and flexibility of the parties involved.
More throughput in the same area is
made possible, for example, by filling
in unused port basins, encouraging
dual land use, co-siting, increasing the
productivity of terminals, removing the
hidden reserves of unused sites from
the letting market and creating relocation
space by seeking solutions for
businesses outside the Rotterdam port
area. Discussions were held on this in
2008 with parties such as the Moerdijk
Port Authority, the Municipality of
Dordrecht and Zeeland Seaports.
There is also close cooperation with
the national government, such as in
developing alternatives for a business
park in the Hoeksche Waard. Intensification
also means devoting attention to
incorporating industrial activity in the
environment. Not only physical space
but environmental space too is scarce,
as also the traffic capacity of the roads.
Careful coordination with stakeholders,
municipalities and official bodies is
therefore essential.
Investments
Making areas and sites suitable for use
requires investment by the Port Authority
and the companies using the sites.
Our investments are closely linked to
the investments made by companies in
the port. The port business community
as a whole invests roughly double the
amount invested by the Port Authority.
28
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Process Industry
and Bulk Cargo
Gate
During 2008, filling-in work at the LNG
terminal was completed for
Gate. On new land created
for Gate they started
construction of storage
tanks for liquefied natural
gas immediately. For the
same LNG terminal, the
Papegaaienbek (situated at
the entrance to Maasvlakte
1) will be dug out to create
a safe location where Gate
will build mooring facilities for the LNG
ships. Gate expects to be operational
from the second half of 2011, with a
throughput capacity of approximately
12 billion cubic meters (BCM) LNG per
annum (8.4 million tonnes). < see photo page
22-23 >
LionGas
In December 2008 LionGas and the
Port Authority signed a lease for ‘De
Kop van de Beer’ and ‘Het Stenenterrein’,
two adjoining plots of land with
a total area of 25 hectares and a port
basin of 20 hectares. Together with the
Gate terminal, the LionGas terminal
makes a major contribution to the
security of natural gas supply in the
Netherlands and Northwestern Europe,
and supports the position of Rotterdam
as a leading energy port.
Neste Oil
Neste Oil will be building a biofuels
plant on Lyondell’s former option site.
Neste, Lyondell and the Port Authority
agreed on this in 2008 and building
began in the same year. The Port
Authority will facilitate a sea jetty for
Neste which will be completed during
the course of 2010.
Van Uden
For the site alongside Steinweg’s slab
terminal (see note page 30), Van Uden and the
Port Authority reached agreement last
November on letting out approximately
11.5 hectares of land for a bulk handling
terminal. The Port Authority will
construct a sea quay wall with a depth
of NAP -18.65 meters.
Odfjell
2008 saw the completion of the sea
quay of Odfjell terminals Rotterdam.
This quay wall forms part of a project
in which Odfjell has also built a jetty for
sea going and inland vessels, in order
to coordinate additional throughput
capacity with the expansion of throughput
capacity Odfjell is realizing on its
own site. From 2009 onwards Odfjell
will handle an additional volume of
approximately 1.4 million tonnes of
cargo.
MOT jetty
In December 2008 the new jetty 2 of
the MOT became operational, following
the collision with the old jetty in January
2007. We have made a financial
contribution to the construction of the
new jetty. The new jetty is built to take
account of future shipping from and to
Maasvlakte 2
Cables and pipelines
• In view of a large number
of expected additions to
cable and pipeline networks,
a bottleneck analysis has
been carried out. A new
pipeline corridor was completed
at the Hartelmond
during 2008.
• New pipeline tunnel under
the N15 trunk road: the Buisleidingenstraat
Nederland forms the main
hinterland connection with Moerdijk,
Antwerp and indirectly with Limburg and
Germany. The new pipeline tunnel is
build to cope with the rising demand for
hinterland transport by pipeline.
• The 380 kV (underground) high-tension
cable from the new Maas power station
to Abbenbroek.
NB: Our ‘Press Releases 2008’ on
www.portofrotterdam.com give an
overview of the other developments –
also those not involving direct invest-
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
29

ment by the Port Authority - in respect
of expansions, investments and
cooperation agreements between
businesses and organizations in the
Rotterdam Port and Industrial Area.
Read here about major investments of
E.ON (start construction of 1100 MW
coal/biomass-fired power station),
and Electrabel (start construction of
800 MW coal/biomass-fired power
station), amongst other things.
Containers, Breakbulk,
this purpose, the option site of APMT
located behind the E.ON power station
will be converted into a lease, which
means that a large number of the
barges will no longer be handled at the
deep-sea quays which will increase the
capacity of the APM terminal.
ECT
In September 2008 the Delta Barge
Feeder terminal was put into use on the
Delta peninsula, now giving ECT some
700,000 TEU of additional terminal
capacity.
Steinweg
Building started in 2008 on the construction
of a quay wall for Steinweg’s
future slab terminal , where cargo such
as steel for Thyssen Krupp will be
handled. The quay wall will be to a
depth of NAP -16.65 meters. From
2009 onwards, approximately 4 million
tonnes each year will be handled at this
terminal.
8
A slab is the product of the
first processing of iron ore.
Slabs are the raw material
for a range of steel types
which are produced in the
second production line,
such as steel slabs and
sheets, tubes and steel for
the automotive industry.
Logistics
Euromax
Euromax put the first part of the new
container terminal into use in 2008,
building a sea quay wall with a depth of
16.65 meters and a site of 85 hectares.
This quay incorporates an innovative
system which records the load and
damage for maintenance purposes.
Thanks to this new container terminal
becoming operational, Euromax will
handle an estimated 2 million TEU for
the CKYH alliance. In the meantime we
are working with Euromax on the next
phase, an extension of this new sea
quay wall and which will become
operational in 2010.
APMT
APM Terminals Rotterdam will obtain
the use of a barge quay wall in 2011 for
the terminal at the Delta Peninsula. For
Broekman
At Brittaniëhaven to the south of
Rozenburg, preparations have begun
for the building of a quay wall for
Broekman (formerly Gevelco). This
quay wall forms part of a project that
will provide 2.5 million tonnes of
additional throughput capacity, for cargo
including steel and paper. As part of
this project the Broekman site will be
extended by approximately 8 hectares.
The quay wall will be completed in
2009. < see photo page 66-67 >
RDM, CityPorts
Other activities than the above referred
projects are our efforts as part of the
RDM program. This program is a part
of the CityPorts Rotterdam program,
in which we work closely together with
the Municipality of Rotterdam on the
transformation of the harbours close to
the city in urban areas. Our organization
entered into this cooperative
venture in order to contribute to an
attractive living and working climate,
where the port and city meet. On the
one hand the projects we work on as
30
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Space is also available here to work
together with other yacht builders and
suppliers. The interaction between
yacht building, the schools and innovative
pioneering businesses will give a
dynamic impetus to the area, which
will also be visible on the water where
floating initiatives will be created.
part of the CityPorts are all about
Corporate Social Responsibility. On the
other hand, this development also
contributes to the growth of the port.
For example, the labor market is an
important factor for businesses in
deciding whether to establish themselves
in the port. RDM contributes to
a healthy labor market by involving
students and pupils in the port at an
early stage of their education, thanks to
the schools in the former engineering
workshop (Machinehal), and soon also
in the former head office of RDM.
Briefly, the main projects are:
• Part of the former RDM shipyard has
been opened to the public, so that the
residents of Heyplaat can walk to the
old Dokhaven.
• From 2009 onwards, pupils of Albeda
college and students of Hogeschool
Rotterdam will arrive in the Dokhaven
by Aqualiner waterbus. Aqualiner
operates a frequent service between
the city and Heyplaat since May 2008.
From 1 February 2009 onwards the
students will be taught in the old Engine
Room of RDM, which we have completely
transformed in close cooperation
with Hogeschool Rotterdam.
• The second part of the hall will be
converted for use by innovative,
pioneering businesses, and will be
completed during 2009.
• To the rear of the engine room a cluster
will be created for the yachtbuilding
industry, comprising a number of
high-quality sheds (starting 2009).
Range of amenities
A proper range of amenities also gives
space for growth. The Port Authority
translates market demand into spatial
plans and achieves these together with
customers. Where necessary we invest
and participate in order to safeguard
the level of quality and range of
amenities.
Port City
The prestigious Port City office complex
will act as a central marketplace
between Waalhaven-south and east.
This area is important for many Port
Authority customers. We are investing
in the necessary filling-in (completed in
2008) of port basins no longer in use,
and in two of the four offices (each
8,000 square meters in size). The other
two offices are being developed by
customers of the Port Authority. Port
City provides accommodation for
port-related activities. Building started
in 2009.
Space for grow th:
redevelopment
The eastern harbours contain many
properties, often older than 40 years,
which no longer meet current requirements.
By critically monitoring property
transactions in the older port areas,
we aim to counter speculation and the
dereliction of port buildings. A number
of outdated logistics buildings in the
Waalhaven and Eemhaven area were
bought in 2008, where the plots were
no longer being used to their best
advantage and the use was becoming
less and less port-related. By purchasing
these properties we obtain control
of their use. This will considerably
improve the quality of the Waalhaven
and Eemhaven area in particular.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
31

This overview
map shows the
projects we
are currently
working on
to create Space
for Growth
Overview map of ‘Space for growth’ projects
6
13
2
9
1
7 8
3
14
15
4
5
16
10
PROJECT 1
Relocation of
MOT jetty
PROJECT 2
Pipeline crossing
Yangtzehaven
PROJECT 3
FutureLand
PROJECT 4
Rotterdam World
Gateway (RWG)
PROJECT 5
APMT
PROJECT 6
Euromax
PROJECT 7
Gate
PROJECT 8
LionGas
PROJECT 9
Neste Oil
PROJECT 10
Van Uden
PROJECT 11
Odfjell
32
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

PROJECT 12
Cables and
pipelines
PROJECT 13
Euromax
PROJECT 14
APMT
18
19
12
17
11
PROJECT 15
ECT
PROJECT 16
Steinweg
PROJECT 17
Broekman
PROJECT 18
RDM, CityPorts
PROJECT 19
Port City
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
33

Accessibility
34
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Working together with the Pilot Services, Coastguard
and the Association of Shipmasters of the Merchant Fleet
(NVKK) Accessibility by sea: Traffic separation scheme;
installation of sand buoy at 51°59, 8’ North, 003°54,6’ East
From left to right : RIK VAN MARLE (RIJNMOND PILOT SERVICE), JAN RICKEN (COASTGUARD), LAURA SNOEP (buoyage service),
ALEX VAN BINSBERGEN (ASSOCIATION OF SHIPMASTERS OF THE MERCHANT FLEET), RUUD ZWART (NORTH SEA PILOT SERVICE), WIM HOEBEE
(PORT AUTHORITY) AND BEN VAN SCHERPENZEEL (PORT AUTHORITY). READ MORE ON PAGE 37.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
35

Accessibility
The port of Rotterdam can accommodate the largest
ocean vessels. Thanks to excellent access to the
hinterland and the European market by inland
shipping, rail, road and pipeline, Rotterdam is an
important factor in the supply chain. With the present
capacity of the infrastructure, the expected growth in
throughput during the coming decades will lead to
severe congestion in the arrival and departure of goods
to the continental hinterland. That is why we are
working with the business sector to invest in
expanding the infrastructure, and in innovative
transport concepts. Objective: more goods by water
and rail, and less by road (modal shift). We have laid
down agreements with our clients on this in the leases
for Maasvlakte 2. This chapter describes a number of
larger projects that reached important milestones in
2008.
An overview map on 44-45 shows the locations.
Modal split in 2007 and target for 2035
MODAL SPLIT 2007 MODAL SPLIT TARGET 2035
59 ROAD
30 INLAND SHIPPING
11 RAIL
35 ROAD
45 INLAND SHIPPING
20 RAIL
36
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Accessibility
from the sea
OCEAN SHIPPING
Project for modification of Traffic
Separation Scheme
A crucial condition for the success of
a port is its accessibility. The port of
Rotterdam stands out due to its excellent
accessibility from sea, extremely
deep water and a wide port mouth.
The Traffic Separation Scheme
(Verkeersscheidingsstelsel, or VSS)
that was modified in 2008 is an essential
element for both good accessibility
and the safe and smooth handling of
incoming and outgoing traffic flows.
The VSS is a routing measure and
ensures that ships approaching each
other are kept safely separated. The
VSS is shown on official nautical maps.
The main reason for the modification is
the construction of Maasvlakte 2, which
will mean a shift in the coastline of
about 3.5 km to the west, and an
increase in the number of ships is
anticipated. In addition, risk studies into
the handling of LNG carriers provided
the reason to modify the VSS in such a
way that fewer ships will cross each
other’s path, therefore reducing the risk
of a potential collision amidships. In
addition, there was a need for ferry
traffic to and from England to be better
accommodated within the VSS. Finally,
there was the wish to increase or
relocate the number of anchorage
areas. Since the VSS is mostly in
international waters, approval was
required from the International Maritime
Organization (IMO). The new VSS has
now been incorporated on the nautical
maps and officially came into effect on
1 July 2008. Initial feedback from the
nautical sector is positive.
eurogeul
maasgeul
The new Traffic Separation Scheme.
Incoming traffic keeps to the south of the
Eurogeul and Maasgeul, while outgoing
traffic keeps to the north. The Eurogeul
and Maasgeul are used by tankers and
bulk carriers with a deep draught.
North-south traffic along the Dutch coast
is also kept separated. For pleasure craft,
a safe crossing point across the access
channel is indicated.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
37

Accessibility
hinterland
ROAD
Focus on Traffic Management
Company: supervision of integrated
traffic and mobility management
The A15 corridor is a crucial traffic
artery in the port of Rotterdam. Congestion
has become an urgent problem.
That is why we worked hard in 2008 to
improve accessibility along this corridor.
An unorthodox solution was needed.
At our initiative a major step was
taken with the formation of the Traffic
Management Company on 9 July 2008,
in which the Port Authority, the Directorate-General
for Public Works and
Water Management, the Municipality of
Rotterdam and the Urban region work
together closely. The Traffic Management
Company is a small, effective
management organization whose aim
is to reduce traffic on the A15 by 20%
during the rush hours. This is particularly
relevant too, as major road-widening
work will be
carried out during
the period from
2010 to 2015.
The Traffic
Management
Company brings
together all those
parties who can
exert influence
on the supply (of
infrastructure, public transport, traffic
lights etc.) and demand (for mobility,
certainly as regards commuting traffic)
in a single organization.
Quick Wins
In order to exploit the available road
capacity in the A15 corridor as effectively
as possible, a number of quick
wins were implemented. ‘Incident
Management’ speeds up the way in
which accidents are dealt with, because
road inspectors of the Directorate-
General for Public Works and Water
Management are also active on roads
other than
motorways in the
port area. In order
to prevent erratic
driving behavior,
the road markings
in the Botlek
tunnel have been
modified to make
approximately 7%
of extra capacity
available. The police conducts more
intensive speed checks in order to
reduce the number of accidents in the
Botlek corridor. In order to reduce the
problems of wrongly identifying excessively
high vehicles in the Botlek tunnel
and the Thomassen tunnel, the height
detection system is being modified.
Influencing demand
Influencing the demand for mobility is
also essential. In 2008 the tendering
process began for the major project
entitled ‘spitsmijden’ (avoiding the rush
hour), its objective being to get 5%
of drivers in the rush hour off the A15
by rewarding them for not using the
motorway. This three-year project will
38
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

start before the summer of 2009. As
part of the measures being taken in
each region to reduce mobility, employers
in the port and city have signed a
Regional Covenant Mobility Management
Rotterdam to achieve a structural
reduction of 5% of commuting and
business traffic.
Work is continuing apace in the port
area to improve collective personnel
transport. At present around 4,000
people make use of such schemes. A
survey carried out by the Port Authority
and Deltalinqs showed that 32 mediumsized
businesses are interested in
setting up a collective form of transport.
A transport agent deals with contracts
between businesses, business clusters
and the providers of collective business
transport. We also work closely with the
City on expanding public transport by
water. During the course of 2008 the
transport link between Hook of Holland
and the Maasvlakte came into service.
Container Transferium
customs clearance
and chain
security. Significant
steps were
taken in 2008 with
a Letter of Intent
between our
organization and
twelve major
parties in container
logistics
(sea terminals, shipping companies,
inland shipping terminals, shippers
etc.). The public side of the CT forms
part of the government’s Randstad
Urgent program. Although the Drecht
Towns region has still not given its
agreement, a choice in principle for the
Alblasserdam location was announced
in October. It is therefore important that
in 2009 greater general consensus can
be obtained in the Drecht towns for
establishing the CT at this location.
R AIL
Projects are also being implemented
to reduce traffic jams for goods traffic.
Under the supervision of the Traffic
Management Company, night transport
for goods traffic is being tested in pilot
schemes with hauliers and shippers. A
project has also been started to provide
truck drivers and planners at transport
companies with good travelling time
forecasts.
Container Transferium
In order to improve the accessibility
of the container terminals at the
Maasvlakte, and also to relieve the
pressure on the A15 in the port area
(reducing congestion and improving air
quality) the Container Transferium
(CT) concept was started. A CT aims
to transport container flows in groups
between the sea terminals and a
location in the immediate hinterland of
Rotterdam. Containers are transported
between the sea terminals and the CT
on an inland vessel. The CT is therefore
part of the port of Rotterdam in
the (nearby) hinterland, with integrated
information exchange (Port infolink),
Maasvlakte 2 means a significant
growth in goods transport by rail to and
from the port. In combination with the
autonomous growth of the existing port
area in relation to the existing limited
use of the Betuweroute, goods transport
will have increased sevenfold on
the Port Railway by 2035. The new line
offers ample space for further growth in
goods transport to and from Rotterdam.
In order to prevent traffic jams and
environmental pollution, we want to
bring about a modal shift from road to
rail and inland shipping. For the railways
this means an increasing share of
the modal split, from 11% at present to
20% in 2035 for containers. Part of the
growth will be accommodated by the
construction of extra rail infrastructure.
The major part of the growth will be
accommodated through more efficient
processes.
Rail service centers in the port are the
terminuses for container trains connecting
Rotterdam with Europe. Extra
capacity has been created with the
opening of the Euromax Terminal on
Maasvlakte 1 at the end of 2008.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
39

Rail connections
North Atlantic
Ocean
NORWAY
SWEDEN
ESTONIA
LATVIA
IRELAND
North
Sea
DENMARK
LITHUANIA
NETHERLANDS
GREAT BRITAIN
Rotterdam
POLAND
BELARUS
English Channel
BELGIUM
GERMANY
LUXEMBOURG
CZECH REPUBLIC
UKRAINE
FRANCE
Bay of Biscay
SWITZERLAND
AUSTRIA
HUNGARY
MOLDAVIA
ROMANIA
PORTUGAL
ANDORRA
CORSICA
ITALY
Adriatic
Sea
SERBIA
BULGARIA
SPAIN
BALEARIC
ISLANDS
MACEDONIA
SARDINIA
Tyrrhenian Sea
GREECE
Mediterranean Sea
SICILY
MOROCCO
ALGERIA
TUNISIA
This deep-sea terminal has its own rail
terminal with six tracks. In the future
the rail terminal will be extended to
twelve tracks.
R ail Progr am ‘R ailway
port of world-cl ass’
The main objectives of the Railway
Program are to improve quality and
handle the increasing rail volumes.
Conditioning:
cooperation with Keyrail and ProRail
ProRail and the Port Authority have
drawn up Terms of Reference. Subjects
include the ongoing opportunity for
goods transport on the mixed network
and infrastructure developments in the
port area. Keyrail plays a central role
as the manager of the Port Railway.
Infrastructure & Space:
conversion of Port Railway
Electric transport on the Port Railway
is now possible by using ProRail’s
25 kV (kilo Voltage) traction, making rail
transport more environmentally friendly,
cheaper and faster. In December 2008
25 kV was installed on the Pernis-Waalhaven-Barendrecht
line. In addition, the
Port Railway will be fitted with the ERTMS
European safety system, which will be
implemented on all major European
transport arteries to simplify crossborder
transport.
Logistics and Organization:
Pilot Chain Management and
new logistics concepts
We are participating in the Chain
Management pilot, headed by Keyrail
and working with market parties on
improving intermodal rail processes
in the port (operational rules and
integrated planning). Together with
the Erasmus University Rotterdam,
Delft University of Technology and
market parties, logistics concepts have
been developed. These concepts offer
opportunities to handle the expected
goods flows by rail. In 2009, an
analysis is been carried out into the
organizational, spatial and financial
consequences. This is part of the study
40
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Hinterland connections
NETHERLANDS
Amsterdam
Rotterdam
GERMANY
Brussels
BELGIUM
Bonn
Prague
LUXEMBOURG
Paris
CZECH REPUBLIC
FRANCE
SWITZERLAND
AUSTRIA
entitled ‘Integrated Analysis of Port
Railway’ (‘Integrale Verkenning Havenspoorlijn’)
that is been carried out by
ProRail in cooperation with us.
INLAND SHIPPING
Inland shipping is ideal for cost-effective
transport of large volumes to and
from the European hinterland. On the
rivers there is sufficient space for
further growth. During the last few
years congestion has increased,
particularly at the container terminals.
In order to achieve our container modal
split objective for 2030 (see diagram page 36)
the share of container inland shipping
in the modal split must increase.
More capacity
As well as in 2007 in 2008 we undertook
activities together with market
parties to promote and encourage
inland shipping. The opening of the
Euromax Terminal and the Delta Barge
Feeder Terminal also created extra
capacity for inland shipping. In order
to ensure that the container flows can
arrive and depart safely, efficiently and
sustainably, the logistics process in
relation to container inland shipping
must also be improved. In the logistics
chain, we are working on a set of
handling agreements for Inland Container
Shipping (ContainerBinnenVaart,
or CoBiVa). These are important
starting points for the Inland Container
Shipping Program (Programma
(Container)BinnenVaart) that started
in 2008.
Safe
In 2008 a Secure Lane Inland Container
Shipping pilot was carried out with
hinterland terminals, customs and
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
41

Pipelines
DUINKERKEN
VLISSINGEN
ZEEBRUGGE
MAASVLAKTE
ROTTERDAM
MONS
TERNEUZEN
GENT
FELUY
MAUBEUGE
BOTLEK
SCHIPHOL
DORDRECHT
MOERDIJK
ANTWERPEN
ZAVENTEM
GENK
CHARLEROI
LUIK
VENLO
GELEEN
WESEL
RHEINBERG
MARL
GELSENKIRCHEN
GODORF
WESSELING
CRUDE OIL / MINERAL PRODUCTS
ETHYLENE / PROPYLENE
INDUSTRIAL GASES
FRANKFURT
LUDWIGSHAFEN
inland operators to identify the bottlenecks
in order to achieve a safe
transport chain. Progress was made
on a Management Information System
for Inland Container Shipping
(MIS-CoBiVa), the precursor to a
Multi-terminal harmonization system
(‘MeerTerminal Afstemmingsysteem’).
should lead to a web-based solution
for the use of the waiting and mooring
sites, in which provision of services
to the sector, optimum use of space,
promotion of safety and reduction of
emissions are closely linked.
CABLES AND PIPELINES
Waiting and mooring locations were
also examined to see which ones need
to be modified for mooring ships with
a length of 135 meters. A new development
is the realization of locations
where inland vessels fitted with anchor
poles (spudpalen) at the bow and stern
can moor. Four locations have been
earmarked for this purpose. Finally,
preparations have begun for the
installation of 75 transponders on
inland vessels for the AIS (Automatic
Identification Services) pilot, to monitor
the level of occupancy of waiting and
mooring sites in the port area. This
With 1,500 kilometers of oil and
chemical pipelines, 1,200 kilometers
of mains services, 2,900 kilometers of
electricity cables and 4,000 kilometers
of data communication cables, the
underground infrastructure in the port
of Rotterdam forms – alongside the
roads, railways and inland waterways
– a usually invisible but extremely
important modality. Because of the
many interconnections, the petrochemical
companies form a close-knit cluster
with good connections to the hinterland.
Limburg, Moerdijk, Vlissingen, Amsterdam
(Schiphol), Antwerp and Germany
42
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

are linked to Rotterdam by pipeline.
Co-siting – making use of each other’s
raw materials, semi-finished and
finished products – is possible at both
a regional and international scale. It
contributes to sustainable working
practices. A number of special projects
from the past year are described briefly
below.
Steam pipe in the Botlek
A good example of co-siting as a mean
of achieving a sustainable use of
energy and raw materials is the Steam
Pipe project in the Botlek. In mid-2008
some ten companies in the Botlek
promised their cooperation in a Letter
of Intent. Companies that produce
steam – whether or not as a residual
product – are connected to companies
that need steam in their production
process. The purchase and sale of
steam and transport via the 7-kilometer
long communal pipeline is a logical
alternative in our endeavor to achieve
sustainable (energy-efficient, environmentally-aware)
business operations.
< see photo page 46 >
Fifth anniversary of MultiCore
(bundled pipelines)
Businesses are increasingly concentrating
on their core business. That is why,
in order to encourage further co-siting,
the MultiCore concept – four bundled
pipelines available for individual hire
– was implemented in 2003. With six
customers a capacity utilization rate of
75% has been achieved. The project is
a joint venture between the Port
Authority (75%) and Vopak Chemie
(25%). In 2008 the Koch refinery put
one of the pipelines into use for
transporting butane to Lyondell Botlek.
On the 1 st January 2009 a contract was
concluded with Abengoa for the transport
of bio-ethanol. In 2008 we started
with a feasibility study into a second
MultiCore bundle.
Oil product pipeline Rotterdam-
Antwerp
In June 2008, Vitol Rotterdam gave the
green light for the construction of a
common carrier oil product pipeline
from Rotterdam to Antwerp, in which
we have played a stimulating role. The
pipeline will be operational in 2011.
Port Community Systeem
for optimum information exchange in an accessible port
An efficient exchange of information is
increasingly important for the efficient
handling of inland shipping, trains and
trucks in the port. Rotterdam has a
sophisticated Port Community System
(Port infolink) with readily accessible
Internet services and EDI solutions, such
as Barge planning, Rail planning and
Road planning. The advantage of this is
that information already entered can be
reused. In 2008 it was decided that as
from 1 March 2009 the ports of Rotterdam
and Amsterdam would have a joint
port community system.
Port infolink and Amsterdam’s PortNET
will therefore be merged. The new
organization, named Portbase, will
offer customers of both ports an even
broader range of services for exchanging
information with each other as well as
with the port authorities and Customs,
all through a single port community
system. In 2008 the customers of Port
infolink sent almost 23 million electronic
messages, through 25 different services,
eight of which were newly introduced in
2008.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
43

This overview
map shows the
projects we are
currently
working on
to ensure
accessibility in
the port.
Overview map of ‘Accessibility’ projects
9
13
8
13
13
12
10
A
11
13
1
2
3
ROUTE A-B
Construction of
port railway from
point A to B
• Comprehensive
analysis of Port
Railway
• Conversion of
Port Railway
• Pilot chain
management
ROUTE C-C
Electrification
25 kV (2008)
Route A-C
Electrification
25 kV (2009)
44
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

PROJECT 1
Study of Multi-
Core expansion
PROJECT 2
Common carrier
Vitol
PROJECT 3
MultiCore
PROJECT 4
Botlek Steam
Pipe
PROJECT 5
380 kV underground
hightension
cable
13
13
13
13
PROJECT 6
Hartelmond
pipeline corridor
C
B
4
11
6
C
7
PROJECT 7
Pipeline tunnel
Stichting
Buisleidingstrook
Nederland
5
PROJECT 8
Euromax
PROJECT 9
VSS
PROJECT 10
BC 2nd western
cross-river
connection
PROJECT 11
Collective personnel
transport
PROJECT 12
ECT Delta Barge
Feeder Terminal
PROJECT 13
CoBiva: Handling
and planning
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
45

Sustainability
46
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Working together with Stedin
Sustainability: Steam Pipe
From left to right : RESIANNE DEKKER (PORT AUTHORITY), SANDRA PRENGER (PORT AUTHORITY), PETER DE BOER (STEDIN),
RUUD MELIESTE (PORT AUTHORITY) AND MONIQUE DE MOEL (PORT AUTHORITY). READ MORE ON PAGE 43 AND 50.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
47

Sustainability
Sustainability - the balance between people,
planet and profit - is an important theme for our
organization. Investments in sustainability are needed
to retain the public ‘license to operate’ and ‘license
to grow’ for port activities. This chapter describes a
number of larger projects that reached important
milestones in 2008.
An overview map on page 52-53 shows the locations.
The ever-increasing attention being
given to sustainability by the local
community, capital providers and port
users demands greater efforts in order
to improve the performance of the port
and industrial complex in this area. In
addition, attracting sustainable sources
of energy and industrial activity is a
clear growth opportunity which is
crucial for the development of the port
and industrial complex in the long
term. For a detailed explanation of our
Corporate Social Responsibility activities
we refer to the CSR annual report
at www.portofrotterdam.com.
Impact
Within the central theme of ‘sustainability’,
the focus for the coming years
will be on the following aspects:
• Optimum use of space:
Use existing space intensively within
certain preconditions by strengthening
clusters and further-reaching cooperation
between businesses and utilizing
opportunities for new, sustainable forms
of industry and energy carriers;
• Sustainable accessibility:
More transport by train and inland
shipping, less by truck;
• Air quality and climate:
Contribute to improving the living
climate of local residents, retain and
create environmental space for economic
growth and contribute to reducing
CO 2
emissions.
Port authority
business operations
influence: high
effect: limited
Port and industrial
complex activities
influence: fair
effect: fair
chain
influence: limited
effect: high
48
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Our organization can achieve improvements
on 3 fronts in respect of sustainability,
with a varying impact on the
accompanying effect.
Our efforts to make optimum use of the
space and keep the area sustainably
accessible are described in the themes
‘Space for growth’ and ‘Accessibility’.
Below, the emphasis is placed on the
overarching sustainability activities and
our efforts with regard to Air Quality
& Climate.
Own activities
SHARE OF CO2 EMISSIONS
Direct emissions (25%)
lease cars, service vehicles, own
fleet and use of gas for heating
buildings
Indirect emissions (20%)
electricity consumption by own
facilities, and in leased
buildings, and heat consumption
in leased buildings
Other indirect emissions
(55%) construction of quay
walls, dredging work, air travel
by employees, commuting travel
by employees
49 WEG
37 BINNE
14 SPOOR
We want to include sustainability as
a fully fledged element in our own
processes. The efforts we make in our
own activities have concentrated on the
following aspects in the past year.
Development
of own sustainability index
activities belonging to the 3rd category
are not required to be included in the
calculation of the CO 2
footprint.
In 2008 it was decided to develop our
own sustainability index that will allow
us to measure our efforts. In 2008
these concentrated on one of the three
P’s of sustainability: Planet (environment).
For the Planet element, the
following four elements are included:
our own CO 2
footprint (see explanation below),
sustainable purchasing, sustainable
building and sustainable letting of sites.
The first quantitative measurement of
the sustainability index will take place
in 2010. The Planet index aims to
measure how much CO 2
reduction has
been achieved, what percentage of our
purchasing conforms to sustainability
conditions, and to what extent our
organization has incorporated sustainable
building practices and the criteria
for sustainable letting in the contracts.
Our own CO 2
footprint
In July 2008 we delivered a CO 2
footprint for the activities in the year
2007 in accordance with the ISO 14064
standard for the very first time, based
on the Greenhouse Gas (GHG) protocol.
This standard distinguishes 3
categories: direct emissions, indirect
emissions and other indirect emissions.
According to the ISO standard, the
By drawing up the footprint, we now
have a much better idea of where we
can achieve CO 2
reductions. We have
expressed our ambition as an organization
to be climate-neutral in 2012, and
at the end of 2011 to reduce our CO 2
footprint by 35% compared to the
footprint for activities in 2007. Through
our efforts to achieve sustainable
mobility, sustainable purchasing and
energy management, we should already
see some initial reductions in our CO 2
footprint in 2009.
The port and industrial
complex
Electricity producers, refineries and
chemical companies in particular are
responsible for large volumes of CO 2
emissions. CO 2
is generally regarded
as the cause of the climate problem.
The Rotterdam Climate Initiative (RCI),
with the Port Authority as one of the
founding fathers, focuses on reducing
emissions by 50% in 2025 compared
to 1990. In concrete terms this means
reducing expected emissions in 2025
from 46 megatonnes to 12 megatonnes.
In order to contribute to this reduction,
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
49

we work together intensively with the
business sector on CO 2
-reducing
projects, such as CO 2
capture, transport
and underground storage and the
exchange of residual heat and steam in
the Steam Pipe project (see also page 43 article
Steam Pipe). By realizing these projects we
are also taking the first step towards
developing the port of Rotterdam as a
CO 2
hub. A start was made in mid-2008
in drawing up a business case for the
transport and storage of up to 20
million tonnes of CO 2
per annum from
2025, starting with 5 million tonnes per
annum from 2015. The project team
consists of OCAP, Wintershall, Gasunie,
Gaz de France Suez, EBN, Taqa,
DCMR and the Port Authority (the last
two on behalf of the Rotterdam Climate
Initiative).
The businesses themselves optimize
all their use of space by utilizing all the
available synergy options with other
businesses or choosing for co-siting.
For example, residual heat from the
E.ON power station is used for the
regasification of LNG. This is not only
good for the climate and energy costs,
but also positive for the amount of
space used by the LNG terminal.
Agreements could then be reached
between all the parties on the regional
input that had to be delivered for
national projects, such as the National
Air Cooperation Program (Nationaal
Samenwerkingsprogramma Lucht).
Assessment fr amework for air
quality measures
Despite the growth in industry and port
activities in the Rijnmond region and
the associated traffic intensity, air
quality has improved in the past few
years. This is a consequence of cleaner
industry and traffic. Despite this major
achievement, partly due to current and
future air quality legislation and spatial
projects such as Maasvlakte 2 it is clear
that we cannot rest on our laurels. We
must work actively and continually on
making further improvements to the air
quality. In order to do this in a proactive
and constructive way, in 2008 our
organization developed an assessment
framework for air quality measures.
As a result we are able to see what
opportunities projects offer for improving
air quality, to assist us in our
decision-making activities.
Shore-based power
In addition, the new coal-fired power
stations will also be required to reserve
space for a CO 2
capture installation in
the future. The CO 2
captured will be
stored underground through CO 2
pipelines. As part of the biomass/
biofuels program contained in the RCI,
we are actively contributing to the
development of sustainability criteria
for biomass at a national and European
level. We are also encouraging within
this framework the use of biomass in
coal-fired power stations, the local use
of biofuels and innovation with regard
to the next generations of biofuels.
Concerning air quality, last year we
worked together with regional parties
on the Regional Air Analysis and
Information Centre (Regionale Analyseen
Informatiecentrum Lucht). This gave
us a better idea of air quality and data.
The use of the assessment framework
led at the end of 2008 to the signing of
a declaration of intent with Stena Line
to gain an understanding, by March
2009 at the latest, of the legal and
financial conditions
for providing
shore-based
power at the Stena
Line terminal in
Hook of Holland.
If the outcome of
the business case
drawn up for this
purpose is positive,
this will be
the first terminal
in Rotterdam to
provide shorebased
power. The use of shore-based
power in Hook of Holland is an excellent
measure for improving the quality
50
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

of the adjoining protected areas of
natural beauty and local air quality.
Besides this initiative for shore-based
power at a ferry terminal, we also made
the necessary preparations in 2008 for
the phased roll-out of shore-based
power at public moorings for inland
vessels. Priority will be given here to
locations close to existing and projected
residential areas (inner-city locations),
because the use of shore-based
power here will contribute most effectively
to improving the living climate for
the local residents. In addition to the
132 connections in the Maashaven, a
further 125 connections will be provided
in 2009 close to Noordereiland, Koningshaven
and Feijenoord. The use of
shore-based power, however, is only
voluntary at present. The finishing
touches are now being made to a
review of the Municipal Port Bye-Law,
which will make it illegal to use ship’s
generators to generate electricity at
those locations where shore-based
power is available to inland vessels.
This means that the use of shore-based
power will no longer be ‘voluntary’, and
air quality will improve.
In 2007, together with 11 nautical
service providers active in the Port,
we signed a declaration of intent with
the aim of using sulfur-free fuel in their
vessels from 2008 onwards. Our fleet
had already changed over to using this
fuel before this date.
The chain
International cooperation with other
ports on the subject of air quality and
climate received an additional boost in
June 2008 with the organization of the
World Ports Climate Conference in
Rotterdam. We were actively involved in
organizing and funding this conference,
during which discussions were held on
the efforts that ports and businesses
can make to reduce air pollution and
CO 2
emissions. This is set down in a
declaration that was issued during the
conference to the 55 port cities represented
(see photo). The IAPH will further
support and promote the initiative.
From this conference some five projects
to improve air quality and reduce CO 2
emissions have emerged. One of these
is headed by us and involves the further
development of an Environmental Ship
Index. The index initially focuses on
reducing emissions of CO 2
, NOx, SOx
and particulates (PM10) and must lead
to an incentive for clean and cleaner
ships no later than the start of 2010.
Within the project headed by our
organization, we work intensively with
the IAPH, the Clinton Climate Initiative
and the ports of Antwerp, Bremen,
Le Havre, Hamburg and Amsterdam.
Towards the end of 2008 a basic
proposal with other ports, shipping
companies, shippers, shipping agents
and classification societies was developed
further and discussed in order to
arrive at a practical and globally
supported system.
Working together on
world-class sustainability!
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
51

This overview
map shows
the projects we
are currently
working on
to ensure
sustainability.
Overview map of ‘Sustainability’ projects
5
3
3
3
1
2
4
6
Project 1
Multifunctional
outer contour,
possibly with wind
power
Project 2
Environmental
zone for goods
vehicles
Project 3
Use of residual
heat
Project 4
Quality incentive
for Oostvoorne
Lake
52
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Project 5
Business case for
shore-based power
at Stena Line
Project 6
Business case
CCS
Project 7
Steam pipe
11
10
8
9
7
Project 8
Use of sulfur-free
fuel
Project 9
Sustainable
building
Project 10
Shore-based
power for inland
shipping
Project 11
• CO2 footprint
• Sustainability
index
• Sustainable
purchasing
• Environmental
Ship Index
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
53

Working together on
Safe and Secure, Efficient and Clean
From left to right : KOK GORLITZ AND PIETER VERWIJS
54
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Harbour master
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
55

Harbour Master
One of our main tasks is to take care of the safe,
secure, efficient and clean handling of shipping in
the port of Rotterdam and the offshore approaches
to the port. The Harbour Master Division plays a vital
role in achieving this. The basis of this task is the
Harbour Master Covenant between the Municipality
of Rotterdam, the State and the Port Authority.
This covenant sets out requirements on such matters
as the way in which traffic will be handled on the
water, the basic principles being efficiency and safety.
More information can be found in our
‘Presentation of Nautical Annual Figures 2008’
on our website www.portofrotterdam.com.
56
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

2008
2007
OCEAN SHIPPING IN ROTTERDAM 2004 - 2008
(NUMBERS X 100)
Efficient
The Turn Around
Time Rotterdam
(TAT Rotterdam),
the average time
a ship takes to
reach its berth
from the sea,
is an essential
element in
Rotterdam’s
competitive position. At 4:35, the TAT
is the same as in 2007.
The number of ships visiting Rotterdam
in 2008, a total of 36,415, declined
slightly for the first time in many years.
Although throughput expressed in
tonnes of cargo still rose, for the first
time in many years there were 682
fewer visits (2007: 37,097). Compared
to previous quarters, performance was
clearly worse in the fourth quarter. The
worldwide economic crisis has unmistakably
contributed to this result.
In the area offshore from the port
of Rotterdam, the traffic separation
scheme has been modified (see page
37), which has reduced the risk
of collision. Moreover, since ships
approach each other at a small collision
angle, the risk of consequential damage
is significantly reduced. As part of
the mooring policy, restrictive measures
have come into force in relation to wind
speed and wind direction. Specific
conditions are laid down for the mooring
configurations on mooring buoys
and supervision of the conditions
imposed was laid down.
The number of nautical accidents
increased this year. There were a total
of 126, compared to 103 in 2007. The
increase was largely accounted for by
accidents without major consequences
(‘parking damage’).
Safe transport
As well as nautical supervision of
shipping, supervision of the cargo and
cargo handling is an important measure
to reduce the risks as much as possible.
To do so, we undertake inspections
and checks and initiate corrective
measures.
2006
2005
2004
0
50 100 150 200 250 300 350
TANKERS DRY BULK GENERAL CARGO FULL CONTAINERS OTHER
Safety
Nautically safe
A high level of nautical safety in the
port of Rotterdam is absolutely vital for
the reliable handling of shipping. Safety
in the port of Rotterdam has traditionally
been of the very highest level. A
spearhead in 2008 was working on
improving safety levels for both moving
and moored ships in the port, certainly
in view of the increasing traffic intensity.
As part of the national program entitled
‘Vernieuwing Toezicht’ (Renewal of
Supervision), our organization, as
coordinating supervisory body for
the aspect ‘Ship’ and ‘Port Security’
devoted much attention in 2008 to the
development of cooperation between
supervisory bodies. As part of the
Quality Inspection project we evaluated
the inspection method, following which
a project was initiated to carry out
more system supervision and proactive
administrative and general inspections.
In 2008 all inspections coming under
the aspect of ‘Ship and Port security’
were analyzed. Agreements were made
in cooperation between the various
supervisory bodies, which will be
confirmed in 2009 in a covenant.
The year 2009 will be used to concretize
the first phase of the agreements.
As a result, the business sector will
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
57

increasingly notice that because of
greater cooperation the supervisory
burden they experience will be reduced.
Within the framework of risk management,
the inspection of ships is one of
the means available for managing risk.
In the Safety Environment Index (SEI),
a measurement is taken of the extent to
which ocean and other shipping abide
by safety and environment rules on
board. This is done based on the
findings during inspections on board
ships and the systematic control of the
extent to which shipping companies and
agents comply with their statutory
administrative duties to report. In
accordance with the Harbour Master’s
Covenant, we have established standards
for the SEI. Both the index for the
environment in 2008 and the index for
safety worked out at 8.1 and 7.9
respectively with regard to the target
values set for 2008.
By structurally monitoring compliance
behavior of ships and businesses, we
can carry out more targeted checks.
As a result, safety and environmental
standards can be maintained at the
desired level with fewer checks,
and tightened up where necessary.
The additional advantage is that the
business sector is less burdened with
inspections and checks. A total of
11,951 inspections were carried out:
5,552 environmental checks and 6,399
safety checks. This number has increased
(11,804) compared to last year.
It also corresponds, roughly speaking,
with the intended number of checks
(11,750).
Environmentally safe (clean)
The last component of ‘Safety’ we have
defined is active supervision in respect
of environmental safety. Supervision
focuses above all on compliance with
regulations and the behavior (‘human
factor’) of the port user.
The Port Authority worked actively in
2008 on developing the ‘Enforcement
Strategy for Shipping Waste’. One of
the conclusions is that the powers to
enforce the various environmental
legislation and regulations should rest
more with the port administrators.
In 2008 we were closely involved in
the development of legislation and
regulations in the area of the Shipping
Waste Treaty, the implementation of the
Shipping Waste Decree, communication
and training.
Apart from information about the level
of safety, the Safety Environment Index
(SEI) also gives a picture of compliance
with environmental regulations on board
the ships. Here a distinction is made
between compliance within the port and
compliance on ocean vessels outside
the port. De SEI for both the port and
marine environment are largely stable,
remaining around the norm of 8.1. In
addition, 3,878 applications and reports
of activities involving a raised risk, such
as repairs and alternative unloading
methods, were assessed and appropri-
58
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

ate action was taken where necessary,
such as requiring and approving an
action plan or extra supervision.
Secure
The Harbour Master of Rotterdam is
appointed by the mayors of Rotterdam,
Schiedam, Vlaardingen and Maassluis
as the port security officer, or PSO. In
this role he is responsible for compliance
with the Port Security Act at the
port facilities, and other objects with
a high terrorism risk in the port and
industrial complex. The PSO certifies
the security of port facilities and
high-risk objects, organizes supervision,
and if necessary acts in an
enforcing role. Preparations were
made in 2008 for recertification that
must take place in 2009/2010 and
include many points for improvement.
inspections could be reduced in 2008.
Since the introduction of the Port
Security Act, the standard average
score of 7.0 has been adopted. We are
succeeding in achieving this standard
more consistently.
Enforcement measures avail able to
the Harbour Master
We continue to keep our measures up
to date to maintain order and safety, so
that the present high level of maritime
and port safety continues to be safeguarded
in the future. To achieve this,
we work with three programs.
• Review and modernize the information
systems, aiming to create an integrated
Improvement of security along the
waterfronts is given particular attention:
port facilities can secure their
sites effectively as far as a land/land
boundary is concerned, but for a land/
water boundary this is harder for port
facilities to secure and the government
authorities have the obligation, certainly
in the case of a raised threat,
to provide security.
The security of port facilities that have
an approved security plan is inspected
on a regular basis. The quality of the
security observed by the inspectors is
expressed as a score between 1 and
10. The frequency of the inspections
will depend on the average of the
report figures awarded previously. For
2008 an inspection program was drawn
up, focusing increasingly on those
locations where security in the past was
judged to be inadequate. The consequence
is that because of the increasing
number of businesses that perform
well on security matters the number of
information system that enables us to
carry out our public tasks effectively,
efficiently and professionally in order to
optimize the handling of shipping.
• Replace and improve the technical
facilities such as the shore radar chain
and the traffic control centers. The
principles of the facilities will be
retained but the underlying technology
significantly improved.
• Introducing the developments to the
users. This includes organizing training
courses .This will ensure changes are
successfully implemented and communicated.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
59

Working together with CTT, VITO,
CBRB, ECT, Danser Group and SPB
Accessibility for inland shipping: Project Secure Lane
From left to right: TOM DEKKER (PORT AUTHORITY), DANNY OTTER (CTT: COMBI TERMINAL TWENTE), AAD ORGELIST (VITO:
ASSOCIATION OF DUTCH INLAND TERMINAL OPERATORS), MAIRA VAN HELVOIRT (CBRB: CENTRAL AGENCY FOR RHINE AND INLAND
SHIPPING), PAUL HAM (ECT), JOS HELMER (PORT AUTHORITY), CEES DEELEN (PORT AUTHORITY), BEN MEALISSA (DANSER GROUP),
NICO SCHOONEN (SPB: PROJECT AND INLAND SHIPPING FOUNDATION). READ MORE ON PAGE 41.
60
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

The Port Authority
a great employer
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
61

The Port Authority:
a great employer
Our organization works in a world-class port.
And this demands world-class managers, personnel
and contributors.
We have much to offer
In the largest port of Europe, we are
working on a number of significant
infrastructure, technical, commercial,
legal and financial projects. Project
leaders are given huge responsibility.
An international working environment,
in a flat organization that operates
where public and private business
overlap, with a business character
and focusing on innovation. And last
but not least, we offer an attractive
work-life balance.
During the coming years we will be
promoting and highlighting our business,
which at present is not sufficiently
well known and its role and work are
too vaguely understood. We started in
2008 with preparations for a campaign
in the employment market. Our recruitment
website has also been updated.
In short films, our own employees
describe in their own words the Port
Authority as an employer and their own
job.
Satisfaction:
inspiration and commitment
Our organization aims to inspire and
earn the commitment of our employees:
world-class work, for world-class
people, with worldwide conditions and
62
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

circumstances. That is why our main
aim is to achieve employee satisfaction
and maintain our position as an attractive
employer. In 2008 we carried out an
employee satisfaction survey for the
second time. Our personnel gave the
Port Authority, conform the earlier
survey and the National Satisfaction
Index, a 7.2. The employees are and
continue to be proud of the Port
Authority. The extra attention given in
the past two years to personal development
has borne fruit.
World-class work
Some 1200 people work in our organization,
in an enormous variety of jobs:
commercial staff, traffic managers, crew
on board patrol vessels, inspectors,
engineers, secretaries, HR and project
developers, business economists and
lawyers. Together with our partners in
the port, we are working on the safe
and fast transit of goods from around
the world, keeping in mind our commercial
and public interests.
Innovation
‘Together we are making Rotterdam the smartest port in the world’ is the creed in our
R&D agenda, which was published at the start of 2007. The following are just some
of the results that have been realized during 2008:
• Cooperation agreement with APMT Terminals (shortlist of possible joint projects and
the start of a study with Delft University of Technology and Siemens: the energyneutral
terminal).
• Tightening up and extending the cooperation agreement with Delft University of
Technology (four doctorate studies),
• Cooperation agreement with Wageningen University in order to carry out strategic
research in the area of Biobased Economy. New projects were defined and started in
2008.
• Cooperation with Brainport Eindhoven, High Tech Campus and Eindhoven University
of Technology (knowledge exchange, property management, Top Institute for Logistics,
appointment of Port Authority staff member Peter de Langen as part-time professor
of Goods Transport and Logistics.
• Development of cooperation venture for the Innovation Lab at RDM campus.
• Ideas competition for employees: PortIdea: ‘soil cleanup’, ‘reducing turn around time’
and ‘waiting and mooring berths for inland shipping’.
• Organization of ideas workshops with parties such as General Electric (GE)
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
63

In addition,
through the ‘Ideal
Port Lectureship’
and participation
in the RDM
campus we share
our knowledge
with others and
get to hear about
new ideas.
Gaining international
experience
World class is expressed not only in
terms of contents and challenges, but
also literally the location. Through a
number of the Port Authority’s cooperative
ventures exciting work is being
carried out in Oman, Malaysia, Brazil
and India. We do this based on the
preconditions of profit and sufficient
control.
(See also the explanation PORINT on page 19 and the text box
on the adjacent page)
Investing in world-cl ass
people
We encourage our employee’s development
in their jobs and careers, keeping
them and their managers informed of
the options open to them. With 242
training courses in 2008, this showed
a rising trend (2007: 190), a trend that
is expected to continue in 2009.
The management
development
program was
put into action
in 2008, during
which 85 managers
with the
assistance of
360-degree
feedback were
evaluated according
to a number
of competences. This evaluation then
leads to a proposal for tackling the
development of the individual manager.
World-cl ass conditions
and circumstances
Conditions
We do particularly well with the opportunities
we offer for a flexible working
week. A new collective agreement
(CAO) was concluded in 2008 for the
period 2008-2009. The main agreements
in this agreement comprise a
salary increase of 3% with effect
from the 1 st January 2008 and the 1 st
January 2009 and a rise in the yearend
bonus to 5.7%. Remuneration for
standby and night watch duty has also
been increased. The working week is
becoming more flexible. As part of the
life phase-aware personnel policy, it
has been agreed that the ‘workload
capacity’ study will be elaborated on
further. In addition, we are examining
how attractive the life-course scheme
still is, and whether the FLO (Job-related
early retirement) scheme is financially
feasible. Employees who are ill for
a prolonged period continue to receive
100% of their salary in the first year of
their illness, 90% from the 13th to the
18th month and 80% from the 19th
to the 24th month. The reintegration
bonus has been abolished. Finally, the
tax-friendly bicycle scheme has been
set up.
Circumstances
All employees have the opportunity to
receive a medical check-up, and 285
employees have made use of this
facility since its start in September
2008. In addition, everyone who works
for us has been given the opportunity
to get involved in company fitness
sessions at a reduced rate.
Number of employees at end of 2008
1,207 persons, divided between 1192
FTE.
Sickness absence percentage
at end of 2008
4.96%, of which 4.67% were office
and 5.41% operational personnel.
64
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Port of Rotterdam International
• In 2002 the Port Authority and the Sultanate of Oman set up the 50%-50% joint
venture Sohar Industrial Port Company (SIPC) in Oman. In just five years a 2000-
hectare port and industrial complex in Sohar (North Oman) has developed very fast.
The expansion is enormous, and a new major expansion is being planned. The Port
Authority is also involved in the port management at Sohar, together with the Sultanate
of Oman. A total of 12 Port Authority staff are currently working at Sohar for
a minimum period of 2 years.
• In September 2008, in Recife in north-east Brazil, we signed an agreement with the
Port of Suape. In 18 months’ time we will carry out a second opinion on a master plan
for the port for the coming 20 years. We are also examining a partnership with the
port of Suape. Here too the intention is to provide a second opinion on a master plan
for all 34 ports.
• During the last quarter we signed a declaration of intent with POIC (Palm Oil Industrial
Cluster) on the island of Borneo, Malaysia. This involves the development of
the port and industrial complex at Lahad Datu, on the northeastern coast, where the
Malaysian government wants to build a sustainable ‘greenport’ taking Rotterdam as
the example.
• In India we coordinated in 2007 the drafting of business plans for the 12 largest ports.
We are now working on a feasibility study for a ‘greenport’ in the west, and also
examining the options for a potential participating interest in the east.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
65

Working together with Broekman
Space for growth: Quay wall
From left to right: CAROLINE BOSSCHIETER (PORT AUTHORITY), MAURICE ELFERT (BROEKMAN), FRANK VAN DER GEVEL (BROEKMAN),
HARM KORTMANN (PORT AUTHORITY), MAIKE AKKERS (PORT AUTHORITY), KOOS STUIT (BROEKMAN). READ MORE ON PAGE 30.
66
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Finance
and outlook for 2009
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
67

Finance
Corporate Governance
The Port of Rotterdam Authority (Port
Authority) functions as an independent
company with an Executive Board
under the articles of association and
a commercially appointed Supervisory
Board as described in the Dutch
Corporate Governance Code (Tabaksblat).
The shareholders exercise their
influence within our organization
through the General Meeting of
Shareholders. The legal influence of
this body is stated in the law and the
articles of association.
The Corporate Governance Code is
applicable to listed companies and
we have decided to apply this Code.
Provisions that cannot be applied
in a meaningful way within the Port
Authority, such as provisions about
listed shares, are of course not applied
at the Port Authority. An overview of the
application of the code in accordance
with the ‘apply or explain’ principle
can be found on our website:
www.portofrotterdam.com. The articles
of association and the rules of the
Supervisory Board and the Executive
Board contain a description of our
corporate governance structure, and
are also to be found on the website.
68
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Risk management
Our organization endeavors, through a
combination of strategic, operational
and project-risk management, to obtain
a reasonable degree of certainty that
the main risks can be managed. Our
policy is to cover as much of the risk as
possible in the long-term development
of interest and raw materials, provided
this can be achieved at an acceptable
cost. For a description of interest, credit
and currency risks, reference is made
to the Financial Statements.
Strategic
The strategic risk landscape has been
tightened up in the past year. A number
of major risks have been identified,
such as:
• fluctuations in the flow of goods as
a result of the credit crisis.
• an increasing influence of European
decision-making on the way our
company operates.
• lack of space: space at Maasvlakte 2
not becoming available on time
(e.g. because of the Environmental
Protection Act) or not enough space
becoming available fast enough within
and outside the Port and Industrial
Complex.
• insufficient accessibility of the port
of Rotterdam for the four modalities
(road, rail, inland shipping, pipelines)
because of shortens of capacity and/or
vulnerability of the hinterland connections,
also across the borders.
• restrictions in the growth of the Port
Authority because of bottlenecks in
the space for environmental use (air,
noise).
The strategic risk landscape is updated
every quarter and discussed in the Risk
Committee with the CFO as chairman.
The Executive Committee ratified the
strategic risk landscape at the end of
2008. After its ratification, the subject
was placed on the agenda of the Audit
Committee and the Supervisory Board,
who closely follow the developments in
the area of risk management.
Operational
As well as the strategic risk landscape,
the operational risks have been updated
for each department and management
measures tightened up where
necessary. The operational risk landscapes
are updated at least twice a
year.
Projects
In view of the large scale of infrastructure
projects, we are devoting considerable
attention to managing the risks
in projects. For a number of major
projects such as Maasvlakte 2, LNG
and the construction of the new traffic
guidance system, a detailed risk
analysis has been made to allow us to
monitor the risks in the various phases
of the project. As well as the abovementioned
activities, detailed attention
will be given to setting up an incident
recording system and further optimization
of project risk management in
2009.
Taking in account the limitations that
are necessarily connected to all internal
risk management and control systems,
and bearing in mind the options we
have identified to improve them, our
organization’s internal management
and control systems give us a reasonable
level of assurance that:
• we are fully informed of the extent to
which the strategic and operational
objectives of our company are being
realized;
• the internal and external (financial)
reports are reliable; and
• applicable laws and regulations.
However carefully these systems and
measures have been set up, they can
never provide a cast-iron guarantee
that the objectives relating to strategy,
operational activities, (financial)
reporting and compliance with laws and
regulations will always and fully be
achieved.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
69

Net income
Net income in 2008 was € 151 million.
Compared to the net income for 2007
this represents an increase of € 37
million. The main developments are:
• an increase in income from harbour
dues and contract income
(€ 33 million);
• an increase in depreciation and
amortization costs (€ 6 million);
• an improvement in the income from
participating interests (€ 9 million) that
was exceptionally negative in 2007.
Financial performance
amounts x € 1 million
2008 2007 verschil in %
Harbour dues 293 278
Contract income 214 196
Other income 18 14
Operating income 525 488 7.7
Wages, Salaries, Social charges 90 87
Other operating expenses 134 133
Operating expenses 224 220 1.9
Earnings before interest and depreciation
and amortization (EBITDA) 301 268 12.5
Depreciation and amortization 93 87
Income from normal operations (EBIT) 208 181 15.0
Financial income and expense -56 -57
Income from participating interests -1 -10
Net income 151 114 32.4
Operating income rose by € 37 million
(7.7%). € 14 million of this increase
was accounted for by harbour dues
(5.1%), caused on the one hand by
growth in throughput volumes and on
the other hand by limited tariff increases.
Net income per tonne rose by 1.5%
compared to 2007.
Contract income rose as a result of
the increase in the total area of sites let
out and indexation of the prices (2%).
Rents and ground leases usually keep
in line with inflation
Operating expenses in 2008 rose by
more than € 4 million compared to
2007. Salaries, wages and social
charges fell by € 2 million. In 2008 the
number of employees at the year end
rose from 1,186 to 1,207 (excluding
consolidated participating subsidiary).
Other operating expenses increased in
2008 by € 1 million compared to 2007.
Depreciation and amortization rose
(€ 6 million) as a result of the completion
of a number of investment projects.
Income from participating interests
improved compared to 2007. A downward
value adjustment was made on
one of the participating interests.
70
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Cash flows
Cash flow statement
amounts x € 1 million
2008 2007
Income from normal operations (EBIT) 208 181
Depreciation and amortization and changes in provisions etc. 79 83
Changes in working capital 25 -4
Cash flow from ordinary activities 312 260
Interest income/expense -60 -62
Dividend income from participating interests 1 1
Cash flow from operating activities 253 199
Cash flow from investing activities -185 -231
Cash flow from financing activities -138 8
Net cash flow -70 -24
Cash flow from ordinary activities
increased by € 54 million to € 253
million compared to 2007. Both the
income from normal operations and
the working capital showed a positive
development. Working capital increased
due to a rise in short-term debt. The
level of investment is below the level
of 2007 because the completion of a
number of major customer-related
projects has been delayed in relation
to the original schedule. In line with
previous years, 82% has been invested
in customer-related projects. The
remaining 18% concerns such projects
as waiting moorings for inland shipping
and the traffic guidance system.
amounts x e 1 million 2004 2005 2006 2007 2008
Customer-related 72 98 168 173 154
Not customer-related 43 37 63 62 36
Total 115 135 231 235 190
Financing
Since its privatization on the January
1 st 2004 the Port Authority has met its
external financing needs primarily
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 and
to finance the construction of the first
part of Maasvlakte 2.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
71

In 2009 the second tranche of the entry
of the State as shareholder in the Port
Authority was implemented. This is
linked to a deposit of share capital by
the State of the Netherlands and a
deposit of a paid-in surplus by the
Municipality of Rotterdam for a total
sum of € 450 million.
In anticipation of this, the need for
finance during the course of 2008 was
met increasingly with short-term debt.
As a result, compared to 2007 € 102
million less was taken out as long-term
debt. In addition, there was a one-off
positive entry in 2007 of € 50 million
included in the financing cash flow,
namely the first tranche of the entry of
the State. The final payment was made
in 2008 to the municipality based on
the earn-out scheme (€ 50 million,
the same as in 2007).
key figures
2008 2007
Interest coverage rate 3.7 3.2
Total debt / EBITDA 3.2 3.7
Capital adequacy (in %) 58.9 63.7
Return on capital employed (in %) 9.2 8.2
The interest coverage and total debt/
EBITDA ratios and the return on capital
employed (ROCE) showed significant
improvements compared to 2007. The
ROCE increased thanks to considerably
higher income from normal operations
in 2008 compared to 2007 with a slight
increase in the average capital invested.
This development is in line with the
aim to achieve a rate of return so that
the extensive investment program can
be financed on good conditions. This
anticipates the fall in the ROCE which
will become evident during the coming
years as a result of the substantial rise
in investment. As well as continuing
investment in the existing port area,
Maasvlakte 2 will be built. These will
both require roughly the same amount
of capital. Repayment of subordinated
loans and an increase in short-term
debt meant that capital adequacy
declined, as was expected. Just as in
2007, 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
companies. These companies are
engaged in activities that support the
Port Authority’s business objectives and
the investment in the shareholder’s
equity of these participating interests
meet the internal income objectives.
The Port Authority is able to exercise
influence on the policy of its participating
interests.
In 2008 the Port Authority expanded
its activities in Oman with the formation
of the joint venture Sohar Industrial
Development Company with the government
of Oman. This investment holding
was set up for the development of a
special economic zone with a total area
of 4,500 hectares and the construction
and operation of a jetty for Vale, a
Brazilian multinational and one of our
72
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

iggest clients in Rotterdam. Investments
in relation to these activities
start in 2009.
In this financial year the Port Authority
reached agreement with the Port of
Amsterdam regarding the sale of 25%
of shares in Port infolink B.V. The
transaction will be finalized during the
first half of 2009. With the entry of the
Port of Amsterdam as shareholder, the
Port of Rotterdam Authority is extending
further its ambition to develop Port
infolink as a national platform for the
port business community.
In order to build two connecting pipelines
for customers of MultiCore C.V.,
the Port Authority has issued this
participating interest with a shareholder’s
loan to an amount of E 600,000.
MultiCore expects to complete a
feasibility study in 2009 into the development
and operation of a second
common carrier pipeline in the port
area of Rotterdam.
In September 2008 the parties involved
in the Betuweroute agreed that the
transport system was now functioning
as planned. This implies that from this
moment the operation of the line is at
the risk and expense of Keyrail B.V.,
with the proviso that during this operating
period the State will provide a
maximized operating contribution.
Based on current insights, the Port
Authority expects that this operating
contribution will enable Keyrail to break
even in its business operations.
The Port Authority is working together
with Zeeland Seaports (ZSP) on a joint
venture basis in the Exploitatiemaatschappij
Schelde Maas (ESM). Through
this participating interest, the Port
Authority is developing its ambition to
exploit space outside the Rotterdam
port complex. During the past financial
year the company signed contracts that
will accelerate further developments in
the Scaldiahaven. The joint venture
partner ZSP also took the first exploratory
steps in 2008 towards privatization.
The Port Authority expects that the
parties involved will reach a definitive
decision in mid-2009. In 2008 the Port
Authority and its partner conducted
initial discussions on the shareholder’s
role of the Port Authority in the privatized
entity.
Finally, 2008 saw the Port Authority
forming the Rotterdam Port Experience
Foundation. This Foundation is the
owner of the concept where the public
can discover all the various facets of
the port of Rotterdam in an interactive
way. The Port Authority expects this
initiative to enhance the relationship
between the city and port. The foundation
has entered into an agreement with
Spido on its operation. The Rotterdam
Port Experience officially opened to the
public on December 1 st , 2008.
The participating interests together
represent a total value (financial fixed
assets) of € 12 million (consolidated).
A full list of group companies and participating interests
is contained in Appendix B.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
73

Outlook for 2009
It will become clear in 2009 just how great the
consequences of the unprecedentedly severe credit
crisis will be for the port of Rotterdam and its
businesses. Efficiency and cost savings are crucial
more than ever. The severity and impact of
unorthodox measures being taken by different
governments are uncertain at present. In a few sectors
some economies will have to be made even now
to safeguard the continuity of business operations.
We expect, for the first time in seven years of growth,
to see a decline in throughput of between 5% and 10%.
Most sectors can expect to experience a decline.
74
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

For the medium term, we expect
throughput volumes to rise again,
although the temporary lack of space
will limit the options. We expect to start
on the construction of the Container
Transferium in 2010. Maasvlakte 2 will
ensure that from 2013 there is once
again ample throughput capacity
available on deep water.
At the end of 2008 we decided to
increase the rates for harbour dues,
quay fees and inner harbour dues in the
port of Rotterdam by 1% for 2009. This
increase is below the reference level of
inflation of 1.6%, and was decided on
after consultation with market parties.
Stagnating economic growth caused by
the credit crisis has played a major role
in determining this modest increase.
Land prices are usually adjusted in line
with inflation, so that income from
contracts will therefore rise.
Operating expenses in 2009 are expected
to increase slightly in 2009. A
restrictive acquisition policy and focus
on cost control aim to reduce inflationary
pressures and limit increases in the
wage bill based on CAO agreements.
On balance, this development provides
sufficient scope for continuing with the
investment program. The speed at
which we do so will partly be determined
by developments among our
customers. Major investments are being
made in particular in the sectors of
containers (infraplus for the Euromax
terminal and the Delta peninsula,
barge-feeder quay wall APMT), neobulk
(slab terminal, Broekman), energy
(Gate, Abengoa) and real estate (Port
City). Major, non client-related projects
are the traffic guidance system for
shipping, maintenance of the quay
walls and the construction of waiting
moorings for inland vessels. A further
addition is the investment in the
Maasvlakte 2 land reclamation project
which began in 2008. Through the joint
venture in Oman we are investing in the
construction of a jetty for Vale, amongst
other projects. The available credit
facilities and the operational cash flow
are sufficient to meet the associated
need for finance.
The net income for 2009 is expected to
be decidedly lower than that for 2008.
Hans Smits
Thessa Menssen MBA
André Toet
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
75

financial
statemen
76
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

ts
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
77

Consolidated balance sheet
(before appropriation of income, amounts in thousands of euros)
Ref. 12/31/2008 12/31/2007
Assets
Fixed assets
Tangible fixed assets 1 2,535,962 2,438,693
Financial fixed assets 2 26,028 24,339
2,561,990 2,463,032
Current assets
Inventories 532 478
Accounts receivable 3 107,951 73,101
Cash and cash equivalents 4 7,527 11,509
116,010 85,088
Total assets 2,678,000 2,548,120
Liabilities
Group equity 5 1,080,446 1,032,581
Provisions 6 83,288 87,522
Long-term debt 7 1,102,076 1,139,355
Short-term debt 8 412,190 288,662
Total liabilities 2,678,000 2,548,120
78
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Consolidated statement of income
(amounts in thousands of euros)
Ref. 2008 2007
Net turnover 10 507,501 473,987
Other operating income 10 17,775 14,355
Total operating income 525,276 488,342
Salaries, wages
and social charges 11 90,070 87,591
Depreciation on
tangible fixed assets 1 93,405 87,050
Other operating expenses 12 134,003 132,708
Net operating expenses 317,478 307,349
Income from normal
operations
207,798 180,993
Financial income
and expenses
Income from participating
interests
14 -56,218 -57,103
2 -610 -9,650
Net income 150,970 114,240
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
79

Consolidated cash flow statement
(amounts in thousands of euros)
Ref. 2008 2007
Income from normal operations 207.797 180.993
Adjustments for:
• Amortization and depreciation 1 93.405 87.050
• Changes in provisions 6 -9.071 3.880
• Withdrawal of equalization groundlease
buy-off
7 -9.619 -8.235
• Impairment of financial fixed assets 2 4.000 -
78.715 82.695
Changes in working capital:
• Accounts receivable 3 -34.850 12.608
• Inventories -54 -84
• Short-term debt (exclusive of bankoverdraft)
8 60.255 -16.175
25.351 -3.651
Cash flow from ordinary activities 311.863 260.037
Interest income 14 168 498
Dividend income from participating interests 2 1.153 973
Interest expense 14 -60.368 -62.224
-59.047 -60.753
Cash flow from operating activities 252.816 199.284
Investments in:
• Tangible fixed assets 1 -178.674 -225.656
• Participating interests 2 -628 -7.107
• Long-term receivables 2 -7.248 -
Disposals of:
• Tangible fixed assets 1 - -
• Participating interests 2 500 -
• Repayments on long-term receivables 2 1.504 1.170
Cash flow from investing activities -184.546 -231.593
Cash flow before financing 68.270 -32.309
Repayments on long-term debt 7 -88.974 -103.096
Loans contracted 7 53.791 164.139
Paid-up capital stock 20 - 50.000
Dividend 20 -103.273 -102.904
Cash flow from financing activities -138.456 8.139
Net cash flow -70.186 -24.170
Cash at beginning of year 4 -81.823 -57.653
Cash at end of year 4 -152.009 -81.823
Movement in cash -70.186 -24.170
80
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Notes to the consolidated balance sheet and
the consolidated statement of income
GENERAL
Two-tier Board system
Under the provisions of Section 153 of Book 2 of the Dutch Civil Code, on 20 July
2005 the Port Authority filed a statement with the Trade Register that since 31
December 2004 it had complied with the requirements laid down by law for ‘large’
companies. This means that as from 21 July 2008 the Port Authority has been a
statutory two-tier company. The Articles of Association already take account of this
statutory two-tier Board system.
Accounting policies
The consolidated financial statements have been drawn up in accordance with
the statutory provisions of Part 9 of Book 2 of the Dutch Civil Code and the firm
pronouncements in the Dutch Accounting Standards as issued by the Dutch
Accounting Standards Board [Raad voor de Jaarverslaggeving].
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.
Intercompany transactions, income, receivables and payables are eliminated.
Unrealized losses on intercompany transactions are eliminated as well, unless
such losses qualify for impairment for the group company concerned. 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 B 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 at which decisive control may be exercised in the
company concerned.
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.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
81

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 has been prepared using the indirect method. The cash
disclosed in the statement 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.
System changes
There were no system changes in 2008 that produced any material effect on the
income from normal operations.
Accounting policies for the balance sheet
GENERAL
The financial statements have been prepared on a 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.
TANGIBLE FIXED ASSETS
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.
Subsidies received for capital expenditure are deducted from the acquisition or
manufacturing price of the assets to which the subsidies relate.
82
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

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
attaching 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 at the acquisition price inclusive
of directly attributable costs. If this is higher than the fair value of the identifiable
assets and liabilities, the excess is capitalized as goodwill and disclosed under
intangible fixed assets. Any subsequent valuation is based on the net asset value
thus determined.
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.
Receivables included under financial fixed assets are carried at face value less
provisions where necessary.
The line item ‘other securities’ consists entirely of bonds to be retained until the
date of maturity. These bonds are valued at amortized cost price. If a premium or
discount attached to the acquisition of bonds, it will be credited or debited to the
result during the term of the bonds.
The Port Authority has hedged the risks of developments in interest and specific
product prices by means of derivatives. These are valued at cost price in accordance
with RJ 290 in so far as they are effective. As of the balance sheet date,
there was no ineffective portion.
FIXED ASSET IMPAIRMENT
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.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
83

INVENTORIES
Inventories mainly concern 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
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.
Pensions and other employee benefit plans
The Group has a defined benefit scheme. According to Standard 271 this scheme
may be recognized as a defined contribution scheme. Apart from the payment of
premiums, under the terms of this 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 disability risks, 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 income.
LEASING
Financial lease
Assets financed through financial leases are capitalized in the balance sheet from
the moment at which the lease is concluded, at the lower of the fair value of the
asset and the present value of the minimum lease instalments. The lease instalments
payable are broken down into repayment and interest components, on an
84
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

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 instalments, 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. With effect from
2009, the obligations will be included in the commitments and contingencies not
included in the balance sheet.
Accounting policies for the statement of income
GENERAL
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 harbour dues and income from sites provided
to third parties.
COSTS
Costs are determined on a 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 Standard 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.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
85

Allocations to the provision for employee benefit plans are recognized as personnel
costs.
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
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 manufacturing
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 acquires
the right to these dividends.
Capitalization of interest charges
Interest charges are capitalized for qualifying assets during the period of their
manufacturing. The interest to be capitalized is calculated based on the internally
weighted average interest rate of the long-term loans of the Port Authority adjusted
for the loan capital/total assets ratio. If a project is being financed, the interest
to be capitalized is calculated based on the interest rate applicable to this financing.
Interest charges entered as liabilities
Interest charges are added to provisions and long-term debts, the balance sheet
value of which is determined based on a cash value calculation or on relevant
statutory regulations.
86
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

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 runs a risk
in relation to future cash flows. For fixed interest rate receivables and debt, the
Port Authority runs a risk on the market value. With regard to debts with variable
interest agreements, a number of financial derivatives with regard to the interest
risk have been contracted.
CREDIT AND CURRENCY RISK
The Port Authority has no significant concentrations of credit and currency risks.
CASH FLOW STATEMENT
Investments in group companies are disclosed at acquisition price, less funds
present in the acquired company.
POSITION OF CORPORATION TAX
All shares in the Port Authority are held by legal entities under public law. Therefore,
under Section 2, paragraphs 3 and 7, of the Corporation Tax Act [Wet op de
vennootschapsbelasting], the current activities of the Port Authority are exempt
from corporation tax.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
87

Notes to the consolidated balance sheet
[1] Tangible fixed assets
(amounts x 1.000 euro)
land and
infraplus
public
infrastructure,
port basins
and
waterways
infra, quay
wall slopes,
jetties and
other mooring
facilities
tangible fixed
assets under
construction
equipment and
other assets
total
December 31, 2007
Cost 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 819,751 439,705 743,622 229,138 206,477 2,438,693
Movements in 2008
Investments - - - 187,150 3,595 190,745
Disposals -83 - - - - -83
Reclassifications - - - - 12 12
Depreciations -14,968 -24,305 -34,982 - -19,150 -93,405
Commissioning 134,954 2,631 31,137 -193,105 24,383 -
119,903 -21,674 -3,845 -5,955 8,840 97,269
December 31, 2008
Cost 1,012,697 531,241 892,320 223,183 290,468 2,949,909
Accumulated depreciation -73,043 -113,210 -152,543 - -75,151 -413,947
Carrying amount 939,654 418,031 739,777 223,183 215,317 2,535,962
Depreciation periods
in years
n/a up to
30 years
25 to
50 years
25 to
40 years
n/a.
5 to
50 years
During the financial year, an amount of € 12 million in construction period interest
was capitalized for tangible fixed assets under construction. The present value at
the end of 2008 does not deviate significantly from the value of the tangible fixed
assets.
88
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Government grants
In 2008 a total of € 6 million was recognized as government grants (national and
European). This sum was deducted from the investments.
Beneficial ownership of the port sites was transferred to the Port Authority at the
time of the Company’s incorporation. The Municipality of Rotterdam holds legal
title to these sites, on which a ground lease was established for the benefit of the
Port Authority. At the end of 2008 this was realized for about 99% of the total area
of 10,667 hectares, 30% of which on a suspensive condition.
[2] Financial fixed assets
(amounts x 1.000 euro)
participating
interests
other
securities
loans to
participating
interests
other long
receivables
Total
January 1, 2008
Carrying amount 12,477 7,097 1,120 3,645 24,339
Movements in 2008
Investments 628 - - - 628
Disposals -500 - - - -500
Loans granted - - 48 *3,200 3,248
Instalments on loans - - - -1,504 -1,504
Amortization - 447 - - 447
Income from participating interests -610 - - - -610
Exchange result 167 - - - 167
Reclassification to provisions 966 - - - 966
Dividend on participating interests -1,153 - - - -1,153
-502 447 48 1,696 1,689
December 31, 2008
Carrying amount 11,975 7,544 1,168 5,341 26,028
Reference is made to Appendix B 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 31 December 2008
is € 7 million.
The Port Authority has effectively hedged the interest and product price risks by
means of derivatives, and applies cost-price hedge accounting. The derivatives are
therefore kept off-balance. The market value of the derivatives is - € 121.5 million.
*) The nominal value of this item is € 7.2 million. It was initially valued at the lower
estimated realizable value.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
89

[3] Accounts receivable
(amounts x 1.000 euro)
12/31/2008 12/31/2007
Accounts receivable from the Municipality of Rotterdam 2,217 1,985
Accounts receivable trade 81,306 48,439
Other short-term receivables 24,428 22,677
Total 107,951 73,101
Other short-term accounts receivable
Other short-term receivables mainly comprise unbilled items and receivable Dutch
VAT [BTW].
[4] Cash and cash equivalents
(amounts x 1.000 euro)
12/31/2008 12/31/2007
Cash and cash equivalents 7,527 11,509
Short-term debt to credit institutions -159,536 -93,332
Balance of cash as per cash flow statement -152,009 -81,823
Cash is at the Port Authority’s free disposal.
90
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[5] Group equity
(amounts x 1.000 euro)
Movements in shareholders’ equity are set out in Note 20 to the company balance
sheet. There is no difference between shareholders’ equity according to the
unconsolidated financial statements and group equity according to the consolidated
financial statements.
The Group’s guarantee capital or liability capital comprises the following.
12/31/2008 12/31/2007
Group equity 1,080,446 1,032,581
Subordinated loans from the Municipality of Rotterdam 496,925 589,325
Total guarantee capital 1,577,371 1,621,906
Total Group result is equal to the consolidated result.
[6] Provisions
(amounts x 1.000 euro)
Movements in provisions were as follows:
employee
benefit plans
future soil
clean-up
allegedly
furnished
guarantees
negative value
patricipating
interests
Total
01/01/2008 31,041 27,914 22,755 5,812 87,522
Allocations 1,866 39 - 966 2,871
Withdrawals -7,864 -3,112 - - -10,976
Interest allocated 1,414 1,597 860 - 3,871
12/31/2008 26,457 26,438 23,615 6,778 83,288
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
91

Provisions for employee benefit plans
Provisions were formed for obligations to current and former personnel in relation
to early retirement, future contributions to health insurance premiums and other
deferred employee remuneration. This is a long-term provision.
12/31/2008 12/31/2007
Early retirement 22,784 27,464
Health insurance premiums after retirement 2,830 2,654
Other deferred remunerations 843 923
Total 26,457 31,041
Provisions for future soil clean-up
An amount of € 21.3 million of the provision for future soil clean-up concerns
residual pollution accepted by the Port Authority upon termination of the lease of
sites. This will largely be covered from the lump-sum payouts received in relation to
this. Annual interest is added to this sum. The remaining € 5.1 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, which may have to be cleaned upin 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 applying to the lease or issue under (sub)lease provide that,
when the contract is terminated, the soil must be delivered to the Port Authority in
its original condition. It is therefore expected that a large portion of the future
clean-up expenses can be recovered from the polluter.
Any large-scale clean-up that may be necessary requires cooperation between the
government (authorities), the business sector and the Port Authority. A declaration
of intent is being developed for a joint approach.
This is a long-term provision.
Provision for allegedly furnished guarantees
In 2008 only interest was added to the provision for allegedly furnished guarantees.
On 24 January 2007 the District Court of Rotterdam gave its judgment in
proceedings between Commerz (Nederland) NV and the Port Authority, denying the
claims of Commerz. Commerz (Nederland) NV lodged an appeal to this judgment,
which will be heard in 2009. Because of this, the provision formed for this was
maintained with effect from 31 December 2008. The Investment Agreement
concluded on 2 September 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 additional dividend.
This is a long-term provision.
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. This is a long-term provision.
92
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[7] Long-term debt
(amounts x 1.000 euro)
12/31/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2007
term
< 1 year
term
1-5 years
term
> 5 years
Total
Total
Subordinated loans from
the Municipality of Rotterdam 92,400 404,525 - 496,925 589,325
Other loans from the Municipality
of Rotterdam
7,126 127,921 72,418 207,465 214,178
Ground lease buy-off 9,636 48,500 94,310 152,446 137,477
Financial lease commitments 261 1,733 2,174 4,168 1,375
Debts to credit institutions 7,166 48,641 184,265 240,072 197,000
Other long-term debt - - 1,000 1,000 -
Total 116,589 631,320 354,167 1,102,076 1,139,355
Subordinated loans
These loans are subordinated to all of the Port Authority’s other existing and future
creditors. Annual interest on these loans is 5.72%.
Other loans from the Municipality of Rotterdam
Annual interest on these loans ranges between 5.03% and 6.14%.
Financial lease commitments
The Port Authority leases a vessel for representative purposes.
Currency
All debt is denominated in euros.
Long-term debt facilities
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. They will be used to finance investments in the existing port area as
well as the construction of the first part of Maasvlakte 2.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
93

[8] Short-term debt
(amounts x 1.000 euro)
12/31/2008 12/31/2007
Debts to credit institutions 159,535 93,332
Debts to the Municipality of Rotterdam 24,494 29,474
Advance on investment grant for Traffic Guidance System 16,799 16,799
Accounts payable trade 41,515 41,461
Payroll tax 3,074 2,720
Social security charges 561 308
Dividend tax 3,277 -
Holiday pay and holiday entitlements not taken 7,030 5,934
Other debt, accruals and deferred income 155,905 98,634
Total 412,190 288,662
Short-term debt facilities
The Port Authority has a short-term debt facility of € 200 million.
Other debt, accruals and deferred income
This item mainly comprises interim billing for contracts and harbour dues, and
costs entered as liabilities.
[9] Off-balance sheet commitments and contingencies
Contingent liabilities
Contingent agreements have been concluded with several market players about
future capital expenditure, such as investments and 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 in respect of the fulfilment of lease, rental, repayment and interest
obligations toward third parties up to the amount of € 35.1 million. The Company
guarantees a minimum yield of a participating interest for the co-shareholder. In
addition, the Company will incur payment obligations for a number of participating
interests if it decides to carry out future projects with a certain minimum expected
yield (€ 45 million).
94
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Multi-year financial obligations
The multi-year financial obligations toward market players totalled € 8.8 million at
year-end 2008, € 0.4 million of which will be settled in 2009. The Port Authority
has committed itself for the coming years to a maximum of € 101 million in infraplus
investments, for which the future lessees of the infrastructure can determine
the moment of investment.
In relation to the privatization of the Rotterdam Municipal Port Authority as the Port
of Rotterdam Authority [Havenbedrijf Rotterdam], the Municipality and the Port
Authority agreed that the implementation of the Existing Rotterdam Area (BRG)
liveability projects and the costs thereof until 2020 would be borne by it (on
average € 2.6 million per annum). The outstanding obligation at the end of 2008 is
€ 28.1 million.
Long-term liabilities have been assumed for the rent of office buildings, operating
leases for vehicles and maintenance of roads. The Company has concluded a
lease for an office building until 2015 with a renewal option. Annual rental charges
total € 8 million. For vehicles, the Port Authority usually concludes five-year
operating leases with a total annual charge of approximately € 2 million. A contract
was concluded in 2008 for maintenance of the road network and associated
objects within the port area. The contract runs from 1 January 2009 and has a
value of € 27.4 million. An estimated € 8.1 [million] is expected to be spent in
2009.
In 2008, the Traffic Management Company was formed. It will tackle the problem
of traffic jams in and around Rotterdam. For the coming three years a contribution
of € 0.35 million per annum has been promised for operating expenses.
Long-term obligations have been entered into for sponsoring, subsidies, hospitality
and donations. At the end of 2008 the total obligation was roughly € 4 million.
Pending disputes and claims
A number of companies backed by several oil companies are disputing the rates
charged by the Port Authority for harbour dues for oil tankers. This resulted in tax
proceedings (for the harbour dues collected up to October 1997) and civil proceedings
(for the harbour dues charged after October 1997) between the Port Authority
and the companies referred to above. Based on the judgments rendered in both the
tax and the civil proceedings, it was decided not to form a provision.
The investment contract concluded on 2 September 2005 between the State of the
Netherlands, the Municipality of Rotterdam and the Port Authority contains an
indemnity clause in this respect, which will come into effect if the amount to be
repaid is greater than € 50 million and (individually) not less than € 5 million.
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 and will take place in 2009. At present MHR N.V. is engaged in negotiations
with the purchasing party on the starting points adopted for calculating the
earn-out.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
95

Notes to the consolidated statement of income
[10] Total operating income
(amounts x 1.000 euro)
2008 2007
Net turnover
Harbour dues (sea-going vessels) 279,062 265,381
Harbour dues (inland vessels) 14,153 12,568
Rent, ground lease, quay fees 214,286 196,038
Total net turnover 507,501 473,987
Other operating income 17,775 14,355
Total 525,276 488,342
The item ‘other operating income’ largely relates to the contribution to the Traffic
Guidance System (€ 15 million) and income from participating interests.
[11] Salaries, wages and social charges
(amounts x 1.000 euro)
2008 2007
Salaries and wages 73,726 68,520
Pension charges and redundancy pay 10,590 14,198
Other social security charges 4,328 3,551
Other personnel expenses 1,426 1,322
Total 90,070 87,591
The reduction in the pension burden compared with 2007 is primarily the result of
a higher allocation to personnel provisions in 2007.
96
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[12] Other operating expenses
(amounts x 1.000 euro)
2008 2007
Operating expenses 121,306 117,117
Other operating expenses 12,697 15,591
Total 134,003 132,708
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.
[13] Other notes to the statement of income
Operating lease
During the financial year € 2.1 million (2007: € 2 million) in lease instalments was
recognized in the statement of income for operating leases for vehicles.
Research and development costs
Research and development costs charged to income for 2008 totalled € 5 million
(2007: € 5 million).
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
97

[14] Financial income and expense
(amounts x 1.000 euro)
2008 2007
Income from long-term
receivables and securities 750 749
Other interest income 1.647 197
Total financial income 2.397 946
Interest expense -70.614 -67.319
Capitalized interest on tangible
fixed assets under construction 11.999 9.270
Total financial expense -58.615 -58.049
Total financial income and
expense -56.218 -57.103
The rate used for the construction period interest to be capitalized is 3.7%. This
is the weighted average of the interest rate for loan capital, adjusted for the loan
capital/total capital ratio. The capitalized interest on the investment expense for the
Euromax project equals the 3-month Euribor plus a surcharge of 113 basic points.
[15] Workforce
The average number of employees in 2008 was 1,194 (2007: 1,215). An average
of 550 of these employees were employed by the Harbour Master Division
(2007: 557).
[16] Remuneration of Directors
(amounts x 1 euro)
SUPERVISORY DIRECTORS
The remuneration of the Chairman of the Supervisory Board is € 30,000 a year.
For Supervisory Board members, the remuneration is € 25,000 a year. In addition,
Supervisory Directors who are members of the Audit Committee or the Remuneration
Committee receive an annual payment of € 5,000.
98
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Remuneration for the Supervisory Directors is as follows:
2008 2007
Supervisory Board
A.J. Scheepbouwer 35,000 35,000
R.P.M. van Slobbe 30,000 35,000
R.J.N. Abrahamsen 30,000 30,000
J.M. Kroon 30,000 30,000
R.M. Smit 30,000 12,500
C.P. Vogelaar - 4,192
Total 155,000 146,692
Directors
Remuner ation policy
The remuneration policy as applied since 1 January 2005 to Executive Board
members was adopted by the General Meeting of Shareholders in December
2004 following advice from the external consultancy firm Hay Group.
The Port Authority’s remuneration policy has been set at the median level of
comparable positions in the relevant remuneration market. The policy allows the
Company to offer remuneration that is such, in terms of amount and structure, 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 are met. Because of the specific
nature (strategic, long-term) of the Port Authority, the remuneration of Directors is
also based on long-term performance (four years). If the long-term objectives are
achieved, a bonus of 60% of the total-cash income for the preceding four years is
paid after four years.
As agreed with the Works Council and trade unions at the end of 2005, the
remuneration policy for the Executive Board and for personnel not subject to the
collective agreement [collectieve arbeidsovereenkomst, ‘CAO’] will be tested
against market developments. In the spring of 2008, Hay Group was asked to carry
out a benchmark for this purpose. In the autumn of 2008, the government published
a new remuneration code, which sets new and more stringent requirements
for remuneration policies. Partly as a result of this, the final report and decision
are anticipated for the first half of 2009.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
99

BASIC SALARIES 2008
The following basic salaries were awarded in 2008:
2008 2007
H.N.J. Smits 299,020 287,520
A.G.F. Toet 250,090 -
T. Menssen 250,090 208,832
P. Struijs - 240,470
G.J. van Tongeren - 114,571
Total 799,200 851,393
The above-mentioned amounts are inclusive of holiday pay and exclusive of
employer’s insurance contributions and suchlike. Mr. van Tongeren and Mr. Struijs
ceased to be Executive Directors on 1 July 2007 and 1 January 2008, respectively.
Mr. Toet took up office as a member of the Executive Board on 1 January 2008.
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.
2008 2007
H.N.J. Smits 59,800 43,126
A.G.F. Toet 37,515 -
T. Menssen 50,020 20,910
P. Struijs - 36,068
G.J. van Tongeren - 17,176
Total 147,335 117,280
Variable long-term income
A period of four years (2005 up to and including 2008) applies to the long-term
bonus of up to 60% of the annual basic salary . From 2005 up to and including
2007, for the sake of caution, the maximum amounts were reserved pro rata, to be
charged to the result. It is now known to what extent the long-term objectives have
been realized, and the actual amount to be paid has been established. The existing
reserve has been modified in line with this and released in so far as applicable. For
Mr. Toet, the long-term bonus will be calculated at the start of 2009 and be related
to his length of service. The performance criteria for the long-term bonus relate to
customer satisfaction, space, safe and efficient shipping and the development of
company expenses.
100
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

2008 2007
H.N.J. Smits -7,024 53,213
A.G.F. Toet 32,355 -
T. Menssen 14,003 39,160
P. Struijs -37,002 43,882
G.J. van Tongeren -37,856 20,921
Total -35,524 157,176
Pension costs and other emoluments
Executive Board members participate in the General Pension Fund for Public
Employees [Algemeen Burgerlijk Pensioenfonds, ‘ABP’]. The pension scheme for
Directors is the same as that for employees of the Port Authority under the CAO.
The table below shows the employer’s contribution to the ABP pension premium
and the fixed cost allowance in 2008.
2008 2007
H.N.J. Smits 62,526 56,251
A.G.F. Toet 43,852 -
T. Menssen 44,295 31,867
P. Struijs - 45,486
G.J. van Tongeren - 20,974
Total 150,673 154,578
Total remuneration of Directors
2008 2007
Basic salaries 799,200 851,393
Variable short-term income (annual bonus) 147,335 117,280
Variable long-term income -35,524 157,176
Pension charges and other emoluments 150,673 154,578
Total remuneration of Directors 1,061,684 1,280,427
[17] Related parties
All group companies and other participating interests as listed in Appendix B, as
well as the Municipality of Rotterdam and the State of the Netherlands, qualify as
related parties. Intercompany transactions have been eliminated in the consolidation.
An amount of € 42.6 million for the Municipality of Rotterdam is included in
the interest charges (2007: € 48.3 million).
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
101

Company balance sheet as at December 31, 2008
(BEFORE APPROPRIATION OF NET INCOME, AMOUNTS IN THOUSANDS OF EUROS)
Ref. 12/31/2008 12/31/2007
Assets
Fixed assets
Tangible fixed assets 2,535,648 2,438,877
Financial fixed assets 19 29,940 27,855
2,565,588 2,466,732
Current assets
Inventories 532 478
Accounts receivable 106,810 72,484
Cash and cash equivalents 4,235 7,795
111,577 80,757
Total assets 2,677,165 2,547,489
Liabilities
Shareholders’ equity
Subscribed capital stock 20 650,000 650,000
Paid-in surplus 20 191,200 241,200
Other reserves 20 108,709 46,730
Statutory reserves 20 1,566 1,247
Appropriation of net
income
20 128,971 93,404
1,080,446 1,032,581
Provisions 83,288 87,522
Long-term debt 1,102,076 1,139,355
Short-term debt 411,355 288,031
Total liabilities 2,677,165 2,547,489
102
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Company statement of income
(amounts x 1.000 euro)
Ref, 2008 2007
Net turnover 507,501 473,987
Other operating income 15,076 13,500
Total operating income 522,577 487,487
Salaries, wages and social charges 86,434 86,046
Amortization and depreciation of
intangible and tangible fixed assets 93,093 86,966
Other operating expenses 134,892 133,500
Total operating expenses 314,419 306,512
Income from normal operations 208,158 180,975
Financial income and expense -56,497 -57,295
Income from participating interests 19 -691 -9,440
Net income 150,970 114,240
Notes to the company balance sheet
and statement of income
[18] General
Accounting policies
The company accounts have been drawn up in accordance with the statutory
provisions of Part 9 of Book 2 of the Dutch Civil Code and the firm pronouncements
in the Dutch Accounting Standards as issued by the Dutch Accounting
Standards Board [Raad voor de Jaarverslaggeving].
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
103

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.
System changes
There were no system changes in 2008 which had a great significant effect on the
result.. 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.
[19] Financial fixed assets
(amounts x 1.000 euro)
Movements in financial fixed assets are listed below.
participating
interests of
group
companies
other
participating
interests
other
securities
other
longterm
receivables
Total
January 1, 2008
Carrying amount 16,263 850 7,097 3,645 27,855
Movements 2008
Investments - - - - -
Disposals - -500 - - -500
Loans granted - - - 3,200 3,200
Instalments on loans - - - -1,504 -1,504
Amortization - - 447 - 447
Income from participating interests -691 - - - -691
Exchange result 167 - - - 167
Reclassification to provision 966 - - - 966
Total movements 2008 442 -500 447 1,696 2,085
December 31, 2008
Carrying amount 16,705 350 7,544 5,341 29,940
For a list of participating interests, reference is made to Appendix B.
104
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[20] Shareholders’ equity
(amounts x 1.000 euro)
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. 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 2008 were as follows:
subscribed
capital stock
paid-in
surplus
statutory
reserve
income to be
appropriated
other
reserve
Total
December 31, 2007 650,000 241,200 1,247 93,404 46,730 1,032,581
Net income for the year - - - 150,970 - 150,970
Paid-in capital stock - - - - - -
Earn-out 2007 - -50,000 - - - -50,000
Final dividend paid in 2007 - - - -21,425 - -21,425
Additional payment 2007 - - - -10,000 - -10,000
Interim dividend 2008 paid - - - -21,847 - - 21,847
Appropriation of net income 2007 - - - -61,979 61,979 -
Exchange rate reserves - - 167 - - 167
Contribution to statutory reserves - - 152 -152 - -
Total movements - -50,000 319 35,567 61,979 47,865
December 31, 2008 650,000 191,200 1,566 128,971 108,709 1,080,446
Paid-in surplus
In 2008 a final additional dividend was paid in connection with the earn-out
scheme and charged to the paid-in surplus.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
105

[21] Auditors’ expenses
The financial statements were audited by Ernst & Young Accountants. The total
costs incurred against the income for 2008 are € 160,920.
2008 2007
Audit of the financial statements 88,000 91,500
Other audit engagements 38,720 2,400
Other non-audit engagements 34,200 18,000
Total 160,920 111,900
Rotterdam, The Netherlands,
March 3, 2009
The Executive Board,
The Supervisory Board,
H.N.J. Smits
A.J. Scheepbouwer
T. Menssen MBA R.J.N. Abrahamsen
A.G.F. Toet
J.M. Kroon MBA
R.P.M. van Slobbe
R.M. Smit
Other information
APPROPRIATION OF NET INCOME UNDER THE ARTICLES
OF ASSOCIATION
The provisions contained in the Articles of Association and in the Investment
Agreement concluded on 2 September 2005 between the State of the Netherlands,
the Municipality of Rotterdam and the Port of Rotterdam Authority, as well as the
provisions laid down in this respect in the Shareholders’ Agreement between the
above-mentioned parties, are important for the appropriation of net income.
Article 3 of the Shareholders’ Agreement provides that from 1 January 2006 the
shareholders will receive 4% each year on the capital they have invested, with an
indexation of 2% starting with the dividend for the 2007 financial year.
106
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Article 11.1 of the Investment Agreement sets the amount of capital paid-in by the
Municipality of Rotterdam on 1 January 2006 at € 1 billion. On 23 May 2007 the
State joined as a co-shareholder and paid up € 50 million in share capital.
PROPOSED APPROPRIATION OF NET INCOME
Net income totals € 151 million. In accordance with the provisions laid down in the
Investment Agreement and the Shareholders’ Agreement, it is proposed that the
following dividend be paid to the Municipality of Rotterdam and the State of the
Netherlands.
description
(amounts x E 1 million)
1 Dividend payment to the Municipality of Rotterdam of 4%
of the contributed capital (indexed) 41.6
2 Dividend payment to the State of the Netherlands of 4%
of the contributed capital (indexed) 2.1
Total 43.7
During the financial year, an interim dividend of € 20.8 million was paid to the
Municipality of Rotterdam and of € 1 million to the State of the Netherlands
(totalling € 21.8 million). This means that a further € 21.9 million for 2008 remains
to be paid to the shareholders.
WITHDRAWALS FROM/DEPOSITS INTO PAID-IN SURPLUS
Indemnification of guarantee affair
Article 12.1 of the Investment Agreement provides that the Municipality of
Rotterdam will repay the Port Authority the net costs incurred by the Port Authority
in relation to the guarantee affair if the total costs are higher than the threshold
value of € 5 million. Article 14.1 provides that, in that event, the State of the
Netherlands will be entitled to submit a claim. In thatevent, 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 € 0.4 million in costs was charged to the net income for 2008 in relation
to the guarantee affair.
EVENTS AFTER THE BALANCE SHEET DATE
Second phase of entry by the State of the Netherlands as shareholder
The Investment Agreement that on 2 September 2005 between the State of the
Netherlands, the Municipality of Rotterdam and the Port Authority lays down the
conditions on which the State of the Netherlands will become a shareholder of the
Port Authority. This entry will be in two phases. During the first tranche, the State
of the Netherlands pays up € 50 million of share capital. This tranche was
completed in 2007. The second tranche involves a deposit of share capital by
the State and a deposit of the paid-in surplus by the Municipality of Rotterdam,
totalling € 450 million. This amount was received on 30 January 2009. The deposit
has a positive effect on the Company’s (balance sheet) ratios.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
107

To: the General Meeting of Shareholders and the Supervisory Board
of Havenbedrijf Rotterdam N.V
AUDITOR’S REPORT
Report on the financial statements
We have audited the financial statements 2008 of Havenbedrijf Rotterdam N.V.,
Rotterdam, which comprise the consolidated and company balance sheet as at
December 31, 2008, the consolidated and company statement of income for the
year then ended and the notes.
Management’s responsibility
The Executive Board of the Company is responsible for the preparation and fair
presentation of the financial statements and for the preparation of the Executive
Board’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.
108
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

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, 2008, 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 f of the Netherlands Civil
Code, we report, to the extent of our competence, that the Executive Board’s
report is consistent with the financial statements as required by 2:391 sub 4 of the
Netherlands Civil Code.
Rotterdam,
March 3, 2009
for Ernst & Young Accountants
J.T. de Hek
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
109

Appendices
Working together with ProRail, RRF, the Ministry
of Transport, Public Works and Water Management,
(TPW), the TPW Inspectorate and Keyrail
Accessibility by rail
From left to right: EVERT KLEINHOUT (PRORAIL), KAREL POIESZ (ROTTERDAM RAIL FEEDING, on behalf of the railway companies),
JOHAN JACOBS (MIN. OF TRANSPORT), GERARD EIJKELENBOOM (PORT AUTHORITY), KRIJN VAN HERWAARDEN (TRANSPORT INSPECTORATE),
SJOERD SJOERDSMA (KEYRAIL). READ MORE ON PAGE 39.
110
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008 111

[A] 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 x € 1 million) 1999 2000 2001 2002 2003
Balance sheet
Fixed assets 1.378 1.513 1.591 1.744 2.135
Current assets 101 58 106 112 151
Shareholders’ equity 1.378 1.513 1.591 1.744 2.135
Long-term debts 101 58 106 112 151
Capital invested 1.245 1.369 1.487 1.667 2.090
Provisons 41 56 55 40 42
Short-term debt 193 146 155 149 154
Total assets 1.479 1.571 1.697 1.856 2.286
Statement of income
Total operating income 354 372 384 397 402
Personnel expenses 55 58 64 70 78
Other operating expenses 112 116 131 131 131
Earnings before interest and
depreciation/amortization
187 198 189 196 193
Depreciation/amortization 64 64 68 75 78
Earnings before interest 123 134 121 121 115
Income from participating interests -2 -1 -4 -2 -6
Financial income and expenses -56 -54 -56 -63 -53
Net income 65 79 61 56 56
Key figures
Goods throughput (x 1 mln ton) 303 322 314 321 328
Number of calls of seagoing vessels 33.972 34.598 33.987 33.635 33.434
Capital expenditure (x € 1 million) 120 164 203 156 112
Return on capital employed (in %) 9,7 9,9 8,2 7,4 6,5
Total debt/EBITDA 5,6 5,7 6,6 7,1 6,2
Interest coverage rate 2,3 2,5 2,2 1,9 2,2
Net profit margin as percentage
of operating income (in %) 18,4 21,2 15,9 14,1 13,9
Number of employees at year-end
(excluding participating interests) 1.163 1.182 1.207 1.254 1.304
* With effect from 2008, RoRo throughput in Hook of Holland and Vlaardingen will be reported based on gross tonnage (as with all the other
throughput segments) instead of net tonnage. For a proper comparison, the 2007 figures for Roll on/ Roll off have been adjusted accordingly. Total
throughput is therefore 409 million tonnes (originally 407 million tonnes). This has also affected the market share figure for general cargo in 2007.
112
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

2004 2005 2006 2007 2008
Balance sheet
2.147 2.187 2.318 2.463 2.562 Fixed assets
183 106 113 85 116 Current assets
801 843 971 1.033 1.080 Shareholders’ equity
1.218 1.127 1080 1.139 1.102 Long-term debts
2.019 1.970 2.051 2.172 2.183 Capital invested
99 100 78 87 83 Provisons
212 223 300 289 412 Short-term debt
2.330 2.293 2.430 2.548 2.678 Total assets
Statement of income
442 440 455 488 525 Total operating income
86 89 82 87 90 Personnel expenses
204 133 116 133 134 Other operating expenses
152 218 257 268 301
Earnings before interest and
depreciation/amortization
78 79 83 87 93 Depreciation/amortization
74 139 174 181 208 Earnings before interest
-2 -1 1 -10 -1 Income from participating interests
-67 -65 -55 -57 -56 Financial income and expenses
5 73 120 114 151 Net income
Key figures
353 370 382 *409 421 Goods throughput (x 1 mln ton)
34.831 34.954 36.033 37.097 36.415 Number of calls of seagoing vessels
115 135 231 235 190 Capital expenditure (x € 1 million)
3,4 6,6 7,3 8,2 9,2 Return on capital employed (in %)
7,2 4,6 4,4 3,7 3,2 Total debt/EBITDA
1,1 2,1 2,6 3,2 3,7 Interest coverage rate
1,7 16,4 20,3 23,4 28,7
Net profit margin as percentage
of operating income (in %)
1.316 1.268 1.245 1.181 1.207
Number of employees at year-end
(excluding participating interests)
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
113

[B] List of participating interests
The following companies have been included in the figures for the Port of
Rotterdam Authority
FOUNDATIONS Shareholding Domicile
Stichting Rotterdam Port Experience 100% Rotterdam
PARTICIPATING INTERESTS
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
MHR Silent Partner B.V. 100% Rotterdam
Mainport Foreign Investments B.V. 100% Rotterdam
Mainport Rotterdam Properties B.V. 100% Rotterdam
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
NON-Consolidated companies Shareholding Domicile
Exploitatiemaatschappij Schelde Maas Beheer B.V. 50% Vlissingen
Exploitatiemaatschappij Schelde Maas C.V. 50% Terneuzen
Betuweroute Exploitatiemaatschappij B.V. 35% Rotterdam
Koninklijke Scheepsagentuur Dirkzwager B.V. 46% Maassluis
Ontwikkelingsmaatschappij Noordoever B.V. 50% Schiedam
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
Sohar Industrial Port Company SAOC 50% Sohar, Oman
Sohar Industrial Development Company 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
114
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[C] Throughput figures 2008 and market shares 2008
Total
Despite a poor final quarter of 2008,
goods throughput in the port of Rotterdam
rose during the year to a record
level of 421 million tonnes. This is 2.9%
more than in 2007. Imports grew by
4.1% to 313 million tonnes, while
exports fell slightly by 0.3% to 108
million tonnes. Bulk cargo increased by
4.1%, while general cargo increased by
only 0.5%. Throughput of other dry bulk
goods (-7.2%), Roll on/Roll off (-0.9%)
and other general cargo (-17.1%) was
lower. Coal handling remained stable.
Throughput of agricultural bulk
(+8.6%), ores and scrap (+10.1%),
crude oil (+3.3%), mineral oil products
(+2.5%), other liquid bulk cargo (+8.0%)
and containers (+2.3%) showed a
positive trend. Records tumbled in three
sectors: mineral oil products, other
liquid bulk goods and containers. As far
as units were concerned, throughput of
containers remained stable at 10.8
million TEU.
Dry bulk goods
The total volume of dry bulk goods
handled in the port rose by 4.7% to
95 million tonnes.
Coal throughput rose slightly to 28.5
million tonnes. Until September,
throughput grew by about 6%, whereas
from October onwards the demand for
coal fell sharply. Furthermore, exports
from Rotterdam were delayed due to
the falling water level of the river Rhine,
with the result that stocks mounted fast.
In 2009 the throughput of cokes for the
steel industry possibly fell by a fifth.
The reduction in steam coal, more than
half of the total, depends on the winter
temperature and how much the closure
of a mine in Gelsenkirchen will affect
imports at Rotterdam.
Total coal throughput of 26 million
tonnes in 2009 would appear to be the
highest feasible volume.
Throughput of ores and scrap increased
by 10% to 44 million tonnes.
The demand for and production of steel
was at a very high level until September,
but then its fall was fairly sudden
and fast, above all because of restricted
production in the automotive industry.
The steel industry followed quickly,
even though the import of ores continued
for a long time because of the
delivery of contracts.
Arcelor Mittal has now suspended
production at four blast furnaces, which
until recently were obtaining 6.5 million
tonnes of ore through Rotterdam. It is
expected that there will be a further
loss of 3 million tonnes for other
customers. Total ore throughput in 2009
would then fall by at least 20%. Partly
due to the large stocks, the first quarter
will be extremely poor.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
115

Other dry bulk goods were unable to
compensate for the loss of several
major cargo consignments at the end of
2007 to Antwerp. In addition, during the
second period the demand for building
materials, about 15% of the total,
experienced a decline. A fall in throughput
of 7% to 12 million tonnes is
therefore likely.
Throughput of agricultural products
(grains, oilseeds, derivatives) increased
by 8.6% to more than 10 million tonnes.
Because of the poor harvests in the EU
in 2007 and 2008, many agricultural
raw products had to be imported from
overseas. Last September the new
harvesting season began with much
better European grain production.
Imports therefore fell in the fourth
quarter and continue to do so during
the first half of 2009. It is possible that
the export of European products to the
drought-affected Middle East will offer
some solace. For the time being the
outlook is that throughput will remain
slightly below 10 million tonnes, partly
depending on the harvest to come.
Liquid bulk goods
Total volume rose by 3.8% to 194
million tonnes. The sector has been
doing well for some time now, and
attracts considerable investment from
the business sector, particularly tank
storage, and the Port Authority.
Imports of crude oil increased by more
than 3% to 100 million tonnes. This
growth was achieved particularly during
the first few months of the year compared
to the period in which problems
with the jetty began. From September
onwards throughput declined due to the
fall in demand for oil products and
maintenance shutdowns. Because of
the recession, demand for oil products
will remain low, and with it the refining
margins. Throughput of crude oil will
therefore fall in 2009 in the direction of
95 million tonnes.
The import of oil products grew by
7.2% to more than 36 million tonnes,
while exports fell by 4.4% to 22 million
tonnes. A record total of 58 million
tonnes (+2.5%) was handled.
Although growth has been less exuberant
than in the past, the sector continues
to do well despite falling demand
for products. There is considerable
structural movement because of
regional differences in demand and
supply, both quantitative and qualitative,
enhanced by the active commercial
sector. Heating oil is by far the most
important product, with a likely volume
of more than 25 million tonnes. Russia
remains the principal supplier, with
Brazil as the newcomer. The import of
gas oil benefits from topping up stocks
in Germany and Switzerland.
Throughput of other liquid bulk goods,
mostly base chemicals, increased by
8% to a record level of 35 million
tonnes. Imports initially rose by more
than 9%, but fell back during the last
four months to record an annual growth
of almost 7%. This is probably attributable
to the chemical sector which
slipped into recession. This is not the
case, however, with the biofuels ethanol
and bio-diesel (much B99 from the
USA) which continue to perform well:
together increasing from 2.8 to roughly
5.3 million tonnes. Palm oil and sunflower
oil were also imported in greater
volumes. Because of changes in the
American government’s policy, the
import of B99 may fall in 2009. In that
case, an increase in intra-European
transport is likely. The forecast for
chemical production, -2.5% in Germany,
will certainly lead to lower throughput.
For all products together in the ‘other
liquid bulk goods’ segment, stabilization
can be expected as the best case
scenario.
General cargo
The general cargo sector had a very
mediocre year, with only 0.5% growth
to 132 million tonnes. Given the circumstances,
containers still performed
reasonably well with a 2.3% growth
(+2.4 million tonnes to 107 million
tonnes). In container numbers, the level
remained the same as in 2007, namely
116
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

10.8 million TEU. The English, Irish and
Icelandic economies slid back fairly
early on and put strong downward
pressure on intra-European traffic. The
increase in feeder traffic provided some
compensation. Economic developments
had a stronger effect than expected on
traffic between Asia and Europe, which
even declined slightly. Now the capacity
in this shipping region has been
reduced severely in order to limit losses
to shipping companies. Container
transport with North and South America
showed strong development, with
roughly 11% and 4% growth respectively.
Breakbulk
The roll-on/roll-off sector suffered
particularly badly in 2008 from the
downturn in the British economy, the fall
in the pound and high fuel prices. In
this light, the drop in throughput by 1%
to slightly more than 17 million tonnes
is moderate, particularly if one bears in
mind that more and more goods are
being transported by container instead
of by trailer (on the same RoRo ship,
but counted as a container). A clear
deterioration is expected in 2009 and a
fall in throughput of 5%.
Other general cargo, -17% to just 8
million tonnes, lost about 700,000
tonnes due to the cessation of LASH
shipping. In addition, the containerization
of fruit and aluminum meant a
decline in throughput of ‘other general
cargo’. Moreover, non-ferrous metals
are stored for longer, a development
since the start of this year and reinforced
by the economic downturn. This
also has a negative effect on the
throughput of steel, which was until
recently a growth market. Paper
products form a fairly stable market
with slight growth thanks to the emergence
of new services.
The negative factors as outlined will
certainly continue to have an impact in
2009, and therefore a fall in throughput
volumes of up to 5% can be expected.
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
117

Goods throughput in the Port of Potterdam
* financial year runs from January 1 st to December 31 st *2008 *2007 difference in %
Import
Agricultural bulk 8.548 7.611 12.3
Ores and scrap 40,880 37,156 10.0
Coal 27,688 27,558 0.5
Other dry bulk goods 9,634 10,039 -4.0
Subtotal dry bulk goods 86,750 82,364 5.3
Crude oil 100,068 96,789 3.4
Mineral oil products 36,246 33,803 7.2
Other liquid bulk goods 22,908 21,449 6.8
Subtotal liquid bulk goods 159,222 152,041 4.7
Total bulk goods 245,972 234,405 4.9
Containers 52,865 51,210 3.2
Roll on/Roll off * 8,710 8,347 4.3
Other general cargo 5,473 6,646 -17.6
Total general cargo 67,048 66,203 1.3
Total imports 313,020 300,608 4.1
Exports
Agricultural bulk 1,872 1,982 -5.5
Ores and scrap 3,121 2,804 11.3
Coal 865 642 34.7
Other dry bulk goods 2,327 2,848 -18.3
Subtotal dry bulk goods 8,185 8,276 -1.1
Crude oil 338 446 -24.2
Mineral oil products 22,330 23,366 -4.4
Other liquid bulk goods 12,113 10,989 10.2
Subtotal liquid bulk goods 34,781 34,801 -0.1
Total bulk goods 42,966 43,077 -0.3
Containers 54,134 53,419 1.3
Roll on/Roll off * 8,659 9,177 -5.6
Other general cargo 2,357 2,803 -15.9
Total general cargo 65,150 65,399 -0.4
Total exports 108,116 108,476 -0.3
Total imports and exports** 421,136 409,084 2.9
118
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

* financial year runs from January 1 st to December 31 st *2008 *2007 difference in %
Import and export
Agricultural bulk 10,420 9,593 8.6
Ores and scrap 44,001 39,960 10.1
Coal 28,553 28,200 1.3
Other dry bulk goods 11,961 12,887 -7.2
Subtotal dry bulk goods 94,935 90,640 4.7
Crude oil 100,406 97,235 3.3
Mineral oil products 58,576 57,169 2.5
Other liquid bulk goods 35,021 32,438 8.0
Subtotal liquid bulk goods 194,003 186,842 3.8
Total bulk goods 288,938 277,482 4.1
Containers 106,999 104,629 2.3
Roll on/Roll off * 17,369 17,524 -0.9
Other general cargo 7,830 9,449 -17.1
Total general cargo 132,198 131,602 0.5
Total imports and exports 421,136 409,084 2.9
* With effect from 2008, RoRo throughput in Hook of Holland and Vlaardingen will be reported based on gross tonnage
(as with all the other throughput segments) instead of net tonnage. For a proper comparison, the 2007 figures for Roll on/
Roll off have been adjusted accordingly. Total throughput is therefore 409 million tonnes (originally 407 million tonnes).
This has also affected the market share figure for general cargo in 2007.
** The Group (Port Authority) also introduced a systematic change in 2008. Until 2007 throughput figures were based on the
date of arrival of vessels during the accounting period concerned. With effect from January 2008 this has been changed to
the date of the departure of vessels. The effect on the result is marginal.
MARKET SHARES
Aside from the shifts in market share
between the ports concerned, the port
of Rotterdam is the clear market leader
in the Hamburg – Le Havre range with a
market share of 35.1% (see also figure page 120)
The position of the port of Rotterdam
varies depending on the principal
segment. In the Dry Bulk Goods
segment, Rotterdam continued its
increase in market share in 2007 into
2008, to 34.5%. A large number of
other ports lost market share in 2008.
Rotterdam remains a clear market
leader in this main segment.
With Liquid Bulk Goods the difference
in position with the other ports in the
range is even greater. Rotterdam
accounts for almost half of throughput
of total liquid bulk goods in the eleven
ports of the Hamburg – Le Havre range.
Rotterdam has succeeded in retaining
its market share of 47.8%. Amsterdam
in particular has increased its market
share in 2008, whereas the other ports
have remained roughly the same or
have lost some market share.
In the principal segment of Containers,
Rotterdam has succeeded in maintaining
its leading position, despite a slight
fall in market share to 26.1%. The ports
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
119

GOODS THROUGHPUT HAMBURG-LE HAVRE RANGE GROWTH 2007 - 2008 MARKETSHARE IN %
2007-2008, in millions of tonnes
2008 2007 ABSOLUTE IN % 2008 2007
Rotterdam 421.1 *409.1 12.0 2.9 35.1 35.0
Antwerp 189.5 182.9 6.6 3.6 15.8 15.7
Hamburg 140.4 140.4 0.0 0.0 11.7 12.0
Amsterdam 94.7 87.6 7.1 8.1 7.9 7.5
Le Havre 80.1 78.9 1.2 1.5 6.7 6.8
Bremen 74.6 69.2 5.4 7.8 6.2 5.9
Dunkirk 57.7 57.1 0.6 1.1 4.8 4.9
Zeebrugge 41.9 42.0 - 0.1 - 0.2 3.5 3.6
Wilhelmshaven 40.2 42.7 - 2.5 - 5.9 3.3 3.7
Zeeland Seaports 33.3 33.0 0.3 0.9 2.8 2.8
Ghent 27.0 25.1 1.9 7.6 2.2 2.1
Total 1,200.5 1,168.0 32.5 2.8 100 100
of Antwerp and Bremerhaven in
particular have seen their market share
rise. This growth is largely the result of
the opening of new container terminals
in both ports which has enabled them
to attract additional volume.
In the Breakbulk segment too, the port
of Rotterdam has been able retain its
leading position. Despite a small loss,
market share is still 23.1%. A major
part of this market is formed by the
RoRo trade with the United Kingdom,
but Rotterdam also occupies an important
position in the automotive industry.
Unlike the RoRo market, the market
position of Rotterdam in 2008 in the
Other general cargo segment (the
other part of the Breakbulk segment)
continued to worsen compared to
previous years, to 14%. This is the
result above all of the ending of the
LASH trade, in which loaded lightings
are unloaded in the port from seagoing
LASH ships, and then transported as
barges to hinterland destinations along
inland waterways, and vice-versa. The
Other General Cargo segment consists
of four subsegments: steel, fruit, wood
and paper products and project cargo.
The development and position of
Rotterdam in these subsegments
varies. In the steel segment there is
structural growth through attracting new
cargo consignments. Overall, the port
of Antwerp is market leader in the
Other General Cargo segment, but
other ports are also busy strengthening
their position.
120
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[D] Organization
SUPERVISORY BOARD
EXECUTIVE BOARD
CHIEF EXECUTIVE OFFICER
HANS SMITS (CEO)
STRATEGY
HUMAN RESOURCES
COMMUNICATION
INTERNATIONAL AFFAIRS
FINANCE
PORT TARIFFS
CHIEF FINANCIAL OFFICER
THESSA MENSSEN (CFO)
CHIEF OPERATING OFFICER
ANDRE TOET (COO)
SITE LEASE
PORT PLANNING AND DEVELOPMENT
INFORMATION MANAGEMENT
INFRASTRUCTURE
PROCUREMENT
REAL ESTATE
MAASVLAKTE 2
RONALD PAUL
HARBOUR MASTER DIVISION
JAAP LEMS
CONTAINERS, BREAKBULK
& LOGISTICS
EMILE HOOGSTEDEN
PROCESS-INDUSTRY & BULK CARGO
BAS HENNISSEN
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
121

[E] Personal details of the Supervisory Board
A.J. (Ad) Scheepbouwer (d.o.b. 22-7-1944)
• Chairman of the Executive Board of Koninklijke KPN N.V.
• Supervisory Director of the Port Authority since 6-9-2005, Chairman of the Board
since 1-1-2006, Member of the Remuneration Committee
• Chairman of Supervisory Board of Maasstad Hospital
• Non-Executive Director and investor in RFS Holland Holding B.V. Zwolle
• Non-Executive Director of Welzorg Group
• Member of Advisory Council ECP.NL
R.J.N. (Rob) Abrahamsen (d.o.b. 16-7-1938)
• Supervisory 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 (BNG)
J.M. (Mel) Kroon MBA (d.o.b. 21-6-1957)
• Chairman of Executive Board of TenneT B.V.
• Supervisory Director of the Port Authority since 22-6-2005, member of the Audit
Committee
• Non-Executive Director of Diamond Tools Group
• Non-Executive Director of APX B.V.
• Member of the Steering Committee ETSO
• Chairman of the Non-Executive Board of NOVEC B.V
R.P.M. (Rutger) van Slobbe (d.o.b. 8-5-1952)
• Supervisory Director of the Port Authority since 1-1-2006, member of the Audit
Committee
• Non-Executive Director of Dockwise Ltd
• Member of the Advisory Board of MPC Steamship GmbH
• Member of the Governing Committee of Koninklijke Nederlandse Redding Maatschappij
(KNRM)
• Member of the Governing Committee of Scheepvaart en Transport College (STC)
• Non-Executive Director of MPC Shipping en Logistics BV
• Non-Executive Director of Scheepvaartmaatschappij Eendracht B.V.
• Partner of Oxalis Cooperatie U.A.
122
!!
R.M. (René) Smit (d.o.b. 5-3-1959)
• Chairman of the Executive Board of the Vrije Universiteit Amsterdam - Christelijke
Hogeschool Windesheim
• Supervisory Director of the Port Authority since 1-7-2007, Chairman of the Remuneration
Committee
• Chairman of Supervisory Board of Isalaklinieken
• Adviser to Kloosterboer Group B.V.
• Chairman of Committee Grote or St. Laurenskerk Rotterdam
• Member of Innovatie Platform Nederland
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

[E] Personal details of the Executive Board
H.N.J. (Hans) Smits (d.o.b. 13-3-1950)
• Chief Executive Officer of the Port Authority since 1-1-2005
• Supervisory Director of Sohar Industrial Port Company SAOC (SIPC)
• Non-Executive Director of KLM Nederland N.V.
• Non-Executive Director of Keyrail B.V. (to 1-1-2009)
• Chairman of the Non-Executive Board of Janssen de Jong Group
• 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)
• Chairman of the Advisory Board of Rotterdam Airport
T. (Thessa) Menssen (d.o.b. 4-5-1967)
• Chief Financial Officer of the Port Authority since 15-3-2006
• Member of the Supervisory Board of the Maritime Museum
• Member of the Supervisory Board of RPhO Stichting Community Arts
A.G.F. (André) Toet (d.o.b. 5-8-1963)
• Chief Operating Officer of the Port Authority since 1-1-2008
• Chairman of the Supervisory Board of Port infolink B.V.
• Non-Executive Director of Keyrail B.V. (since 1-1-2009)
• Member of the Advisory Board of Maritime Economics and Logistics (MEL)
Erasmus University
• Non-Executive Director of Sohar Industrial Port Company SAOC (SIPC)
• Chairman of the Policy Board of Cruise Rotterdam B.V.
• Member of the National Ports Council
• Member of the Board of Nederland Maritiem Land
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008
123

[F] Flow chart of Port and Industrial complex of Rotterdam
TOTAL IMPORTS ROTTERDAM
87 MILLION TONNES DRY BULK
159 MILLION TONNES LIQUID BULK
DIRECT ONWARD TRANSPORT
TO HINTERLAND
200 MILLION TONNES
53 MILLION TONNES CONTAINERS
5 MILLION TONNES OTHER GENERAL CARGO
9 MILLION TONNES RO/RO
313 MILLION TONNES TOTAL
PROCESSING IN THE HIC
± 30% IMPORT BULK GOODS
± 8% IMPORT CONTAINERS
ONWARD TRANSPORT AFTER PROCESSING IN HIC
±24 MILLION TONNES CHEMICALS
PETROL, DIESEL, KEROSENE, PETCOKES
ADDED VALUE IN THE PORT AND INDUSTRIAL COMPLEX (HIC)
REFINING
DISTILLATION CAPACITY FOR 55 MILLION TONNES CRUDE OIL
27% SHARE IN NORTHWEST EUROPE
OF WHICH
SEA-SEA TRANSSHIPMENT
4 MILLION TONNES DRY BULK
ENERGY AND GASSES
GENERATION USING COAL, GAS, WASTE, WIND
3000 MW TOTAL PRODUCTION
14% OF DUTCH ENERGY PRODUCTION
POWER & GAS
SUPPLIED TO GRID
15 MILLION TONNES LIQUID BULK
14 MILLION TONNES CONTAINERS
33 MILLION TONNES TOTAL
CHEMICALS AND BIOFUELS
MORE THAN 40 BUSINESSES / 13 MILLION TONNES PRODUCTION
15% SHARE IN NORTHWEST EUROPE
OTHER INDUSTRY AND
LOGISTIC ACTIVITIES
3 DISTRIPARKS
MORE THAN 80 BUSINESSES
INCL. SHIPBUILDING, AGRO-INDUSTRY AND METAL INDUSTRY
TOTAL EXPORT FROM ROTTERDAM
8 MILLION TONNES DRY BULK
35 MILLION TONNES LIQUID BULK
54 MILLION TONNES CONTAINERS
2 MILLION TONNES OTHER GENERAL CARGO
9 MILLION TONNES RO/RO
108 MILLION TONNES TOTAL
EXPORT AFTER PROCESSING
±19 MILLION TONNES
OIL- AND CHEMICAL PRODUCTS
SUPPLY FROM HINTERLAND FOR PROCESSING
± 1 MILLION TONNES INCL. BY PIPELINE FROM ANTWERP
DIRECT ONWARD TRANSPORT FROM HINTERLAND
±89 MILLION TONNES
124
HAVENBEDRIJF ROTTERDAM N.V. ANNUAL REPORT 2008

Colophon
ADdresS
text
Havenbedrijf Rotterdam N.V.
Design and layout
Smidswater
photography
Freek van Arkel
Eric Bakker
Roy Borghouts
Martijn Hessing
Jochem Wijnands
Ben Wind
printing
OBT bv
Havenbedrijf Rotterdam N.V.
Visiting address
Wilheminakade 909
3072 AP Rotterdam
The Netherlands
Postal address
P.O.Box 6622
3002 AP Rotterdam
The Netherlands
T 010 252 10 10
info@portofrotterdam.com
www.portofrotterdam.com