Harbour dues (€ 274.1 million) fell by 6.5% due to the fall in the volume of goods handled. Income from long-term leases (€ 232.4 million) rose by 8.5%, mainly because more land was let out. Other income fell slightly, so that the total operating income fell by a total of 0.6% to € 519.4 million. Operating expenses remained stable.
Income before interest, depreciation and amortisation (EBITDA) fell by 1.4% to € 297.1 million. Depreciation and amortisation (€ 100.8 million) increased by 8.2% as a result of the investments in the past year. There was an exceptional item of income of € 23.2 million from the sale of a participation in a joint venture with Zeeland Seaports.
A solid financial position is essential for the Port Authority because of its high investment ambitions. A healthy financial position means that the Port Authority can continue to borrow funds on attractive conditions. The ratios (interest coverage, Net Debt / EBITDA, capital adequacy) amply fulfil the standards agreed with the external financiers.
The Port Authority pays out € 61.1 million in 2009 as dividend to its shareholders: € 44.6 million to the Municipality of Rotterdam and € 16.5 million to the State of the Netherlands.
Looking ahead, the Port Authority expects an increase in throughput of more than 3% in 2010. This will not lead to a proportional rise in income from harbour dues, due to a one-off crisis discount of 7% on the tariffs in 2010. Investments will increase significantly, to € 500 million. The Port Authority will continue to keep a tight rein on costs so that the investment programme can continue as planned.