The port of Ghent achieved a total cargo traffic of 50 million tonnes in 2011. In this record year the port registered the same turnover as in the year before. Extra costs however lower the profits, as appears from the 2011 annual accounts. The profit is mainly reserved for the further development of the port area and infrastructure. Ghent Port Company consciously follows a prudent financial policy in order to continue building up its financial reserves.
Profit and turnover
The profit for the financial year 2011 amounts to 6.5 million euros, which is 2.8 million euros less than in 2010 (9.2 million euros). Ghent Port Company recorded less profits as the operating expenses increased whereas the turnover remained on the same level as the previous year, being 30.4 million euros.
Own funds
The balance sheet total for 2011 ended at 365 million euros, 4% (14 million) more than the year before. The own funds grew by 10.2 million euros to a total of 317.3 million euros. Consequently, Ghent Port Company’s own funds amount to no less than 87% of the total capital.
Yields and expenses
The operating yields amount to 34.3 million euros, an increase by 700,000 euros (2%). The Port Company mainly gets its yields from port dues, concessions, exceptional and financial yields. Port dues represent 33% of the yields. The concessions that are granted to the businesses to allow them to carry out their activities account for 32% of the yields. Exceptional, financial and other yields together make up 35% of the yields.
The operating expenses increased to 35,9 million euros, a growth by 3.2 million (10%). Among other things the further clean-up of the La Floridienne dump and the maintenance of the infrastructure such as docks, quay walls and roads cause this increase.
6.5 millions of profit
Ghent Port Company ended 2011 with a profit of 6.5 million euros.
The operating yields slightly increased and the operating expenses rose more sharply. Consequently, a negative operating result of 1.6 million euros was registered. But favourable financial yields created a profit of 6.5 million euros.
As area manager of Ghent port, the Port Company does not aim at a profit maximization but it concentrates its efforts on continuity and sustainable growth of the port and its activities. 10% of the profits (or 649,079 euros) is added to the legal reserves. 5.8 million euros are added to the remaining reserves. This profit reservation keeps the financial strength of Ghent Port Company on a level enabling it to bear important operational costs. But also to be able to continue to participate in the future in the development of the port area and its infrastructure, among other things the co-financing of the new sealock in Terneuzen.