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7
Annual Accounts
notes to
the annual accounts
income statement
The summarised income statement of the Port Authority is given
in the following table.
( in euro x 1,000 ) financial year 2008 financial year 2007 financial year 2006
Operating income 322,968 302,281 287,749
Operating charges (235,203) (214,521) (214,205)
Operating profit 87,765 87,760 73,544
Financial proceeds 19,544 19,788 21,580
Financial charges (6,970) (8,079) (10,282)
Profit on ordinary activities 100,339 99,469 84,842
Extraordinary income 12,204 95 718
Extraordinary charges (540) (351) (385)
Profit before taxes 112,003 99,213 85,175
Taxes (67) (32) (17)
Profit for the financial year 111,936 99,181 85,158
In 2008 the Port Authority made a profit of 111.9 million euros.
This result was achieved since:
∙ income from nearly all divisions of the company developed positively,
thanks to the higher level of activity in the port, especially during the
first three quarters of 2008;
∙ however, operational costs increased more than proportionately, as a
result of new structural wage agreements and additional provisions
for environmental risks.
∙ a capital gain was made on the sale of sites in the Eilandje area
(see “Extraordinary income”).
75 Annual Accounts

Operating income
The various turnover categories are classified as follows:
Dock cranes 2% Floating cranes 1%
Electricity 4%
Tugging 15%
The tugging service experienced a higher level of activity, with 1.9%
more tugging jobs and also a larger number of slings. Since fuel prices
continued to rise during the first three quarters of 2008, the fuel supplements
charged also increased, in turn leading to an additional rise in
turnover.
The turnover for electricity rose to 11.9 million euros, compared with
10.9 million in 2007, due to higher rates charged in the capacity of grid
manager.
Barge dues 3%
Concessions 41%
After a year of stabilisation, the dock cranes again continued the upward
growth trend of previous years. This led to strong growth for the mobile
cranes, partly offset by a further decline in the contribution by railmounted
cranes. The turnover from floating cranes rose further, mainly
as a result of one particular contract which in the mean time however
has now come to an end.
Shipping dues 34%
The variation in the different income categories over the past three years
is as follows:
Other operating income in 2008 amounted to 51.7 million euros, compared
with 48.0 million in 2007. It was made up to a large extent by operating
subsidies from the Flemish Region (30.1 million euros in 2008 and
24.2 million euros in 2007). These subsidies are a contribution towards
the costs incurred by the Port Authority in carrying out tasks which
under the terms of the Port Decree are the responsibility of the Flemish
Region.
As in 2007, other operating income in 2008 included water collection
charges and withholding tax on income from real estate that were
passed on, totalling 15.9 million euros (15.7 million in 2007).
Operating costs
The following chart shows a comparison of the various subcategories.
The income from concessions rose once more by about 6%, due to a combination
of higher fees and more sections of the new Deurganck dock being
put into operation.
In the case of port dues, the increased level of activity led to a 5% increase
in turnover, mainly due to higher tonnage dues. In the case of
barge dues, the turnover rose because of the increased size of barges,
whether in transit or with a destination in the port.
76 Annual Report 2008 77 Annual Accounts

Purchases of services and miscellaneous goods increased overall by
5.6 million euros, mainly for the following reasons:
∙ Increased costs for energy, including both own use and the costs associated
with the activity of grid manager;
∙ Settlement of study costs for the Amoras project;
∙ Continually rising costs for waste processing;
∙ Advertising expenditure, including job advertisements and commercial
aspects (campaign for Saeftinghe Development Area);
∙ Commercial promotion costs, in Belgium and abroad.
The personnel costs amounted to 107.0 million euros. This compares with
97.6 million euros in 2007, which means that wage costs rose by 10%
while the number of personnel remained almost the same. The main reasons
for the increase are:
∙ The impact in 2008 of three index-linking adjustments of 2% each, respectively
on 1 February, 1 June and 1 October 2008;
∙ CAO (Collective Labour Agreement) effects, with a new job classification
and associated wage scales being introduced on 1 July 2008.
The settlement of the pension fund was completed in December 2008
with a limited liquidation bonus. If there are any more costs and/or benefits
arising from the settlement, these will accrue to the Port Authority.
The provisions rose overall by 13.9 million euros, mainly as a result of
further environmental provisions being set up.
The main components of the other operating costs are the withholding
tax on income from real estate and the tax on water collection. To this
must be added the contribution towards costs for a terminal that was
found to have structural defects.
Financial result
The financial result rose by a limited amount, due to the following compensating
factors:
∙ A slight decrease in amortisation of investment grants;
∙ A significant fall in debt costs. However, the positive effect of this was
partly offset as a result of some of the funds invested having to be written
down by 2.7 million euros.
Balance Sheet
The Balance Sheet is summarised in the table below.
(in EUROs x 1,000) 31/12/2008 31/12/2007 31/12/2008 31/12/2007
Assets
Assets
Liabilities
I/III. Intangible/tangible assets 1,012,409 973,341 I. Capital 307,110 307,110
IV. Financial assets 589 617 III. Revaluation surplus 13,686 14,721
V. Receivables > 1 year 3,333 0 IV. Reserves 311,741 211,606
VI. Stocks 2,474 2,289 VI. Investment grants 274,569 286,525
VII. Receivables < 1 year 51,307 52,568 VII. Provisions 126,395 112,494
VIII. Investments 112,158 89,755 VIII. Amounts payable > 1 year 34,600 69,499
IX. Liquid assets 7,342 5,978 IX. Amounts payable < 1 year 93,722 95,407
X. Deferred charges and accrued income 6,880 3,393 X. Accrued charges and deferred income 34,669 30,579
Total 1,196,492 1,127,941 1,196,492 1,127,941
The amount of the tangible and intangible fixed assets has risen by
39.1 million euros. The balance is made up as follows:
million euros
Investments + 89.0
Depreciation - 39.9
Decommissioning/revaluation - 10.0
The investments consist mainly of the following components:
∙ investments in purchase of land, amounting to 23.9 million euros;
∙ buildings (5.5 million euros);
∙ tugs (8.3 million euros);
∙ docks (10.2 million euros);
∙ mobile cranes (14.3 million euros).
The amounts receivable after one year concern a co-payment by the Port
Authority to a pre-ground bank.
The accounts receivable have remained fairly stable, with a decrease of
1.3 million euros.
The other accounts receivable remain at a high level, since there are still
significant claims for collection of operating subsidies under the terms of
the Port Decree, as the agreements concerned were not completed until
the end of the year.
Due to the positive overall result, together with the positive cashflow
for the financial year, the cash investments have risen from 89.7 million
euros to 112.2 million euros.
78 Annual Report 2008 79 Annual Accounts

Liabilities
Equity has risen, since 99.1 million euros of the total net result of
111.9 million euros was appropriated to equity and 12.8 million euros
was appropriated as to profit to be paid out.
The increase in provisions is mainly due to additional amounts being set
up to cover disputes and environmental obligations.
In view of the development of the Port Authority’s cash position (see
Cashflow Statement below), long-term debts have been repaid where possible
and financially advantageous, so that the long-term debts have been
further reduced from 69.5 to 34.6 million euros.
The debts repayable within one year remain stable, amounting to 93.7
million euros at the end of 2008 compared with 95.4 million euros at the
end of 2007. As in the previous year, the profit of 12.8 million euros to be
paid out is included under “Other debts.”
Cashflow Statement
The main incoming and outgoing flows of cash are summarised in the
table below. As in the two previous years, the cashflow finally generated
is positive.
Other required information
Apart from the information mentioned in the annual accounts, there were
no significant events after the closing date of the balance sheet. The
points concerning R&D and the existence of branch offices are not applicable.
No procedures were carried out under application of art. 523 of the
Companies Act. No use is made of financial instruments of any significance
in judging the assets, liabilities, financial position and result.
As regarding the risks and uncertainties facing the Port Authority, these
are mainly in the following areas:
∙ developments in legislation as a result of the Port Decree and its implementation;
∙ developments in legislation in the field of town and country planning and
delimitation of the port area;
∙ developments in environmental legislation.
The attractiveness of ports in general is determined by factors such as
the accessibility of the port, the efficiency of activities within the port
itself, and the quality of the hinterland connections.
The auditors Deloitte Bedrijfsrevisoren, Mr. G. Lauwers and Mrs. A. Coolsaet
have approved the annual accounts without qualification.
Antwerp, 31 March 2009
For the Board of Directors
2008 2007 2006
Short-term investments and liquid assets at start of year 95,733 78,395 17,641
Cashflow generated from operating activities 139,085 134,900 111,996
Cashflow devoted to investment activities (65,930) (52,341) (33,569)
Cashflow devoted to financing activities/pensions (49,388) (65,221) (17,673)
Short-term investments and liquid assets at year end 119,500 95,733 78,395
Eddy Bruyninckx
General Manager
Marc Van Peel
Chairman of the Board
of Directors
The cashflow from operational activities has risen only slightly, while
working capital has remained more or less the same.
The cashflow devoted to investment activities has risen due to a large
programme of investments in sites, docks, tugs and cranes.
The cashflow devoted to financing activities for its part has decreased,
but still remains high due to the fact that debts have been repaid
wherever possible and financially beneficial.
80 Annual Report 2008 81 Annual Accounts

Balance sheet (in euros)
EQUITY AND LIABILITIES
codes period previous period
assets
codes period previous period
fixed assets 20/28 1,012,997,668.16 973,957,195.66
Formation expenses (Note 1) 20
Intangible fixed assets (Note 2) 21 2,332,412.41 954,688.97
Tangible fixed assets (Note 3) 22/27 1,010,076,204.91 972,385,567.83
Land and buildings 22 874,080,036.91 839,011,977.58
Plant, machinery and equipment 23 69,422,591.76 55,850,541.54
Furniture and vehicles 24 25,541,537.52 27,920,237.58
Leasing and other similar rights 25 518,636.44 545,462.46
Other tangible fixed assets 26 59,905.62 59,905.62
Assets under construction and advance payments 27 40,453,496.66 48,997,443.05
Financial fixed assets (Note 4 & 5.1) 28 589,050.84 616,938.86
Affiliated enterprises (Note 4.1 & 14) 280/1 27,888.02
Participating interests 280 27,888.02
Amounts receivable 281
Other enterprises linked by
participating interests (Note 4.2 & 14) 282/3 581,000.45 581,000.45
Participating interests 282 581,000.45 581,000.45
Amounts receivable 283
Other financial assets 284/8 8,050.39 8,050.39
Shares 284 8,050.39 8,050.39
Amounts receivable and cash guarantees 285/8
current assets 29/58 183,494,574.30 153,983,413.88
Amounts receivable after more than one year 29 3,333,333.33
Trade debtors 290
Other amounts receivable 291 3,333,333.33
Stocks and contracts in progress 3 2,473,542.61 2,289,070.23
Stocks 30/36 2,473,542.61 2,289,070.23
Raw materials and consumables 30/31 2,473,542.61 2,289,070.23
Work in progress 32
Finished goods 33
Goods purchased for resale 34
Immovable property intended for sale 35
Advance payments 36
Contracts in progress 37
Amounts receivable within one year 40/41 51,306,884.15 52,568,254.38
Trade debtors 40 22,433,245.95 23,871,869.29
Other amounts receivable 41 28,873,638.20 28,696,385.09
Current investments (Note 6) 50/53 112,158,205.44 89,755,305.53
Own shares 50
Other investments and deposits 51/53 112,158,205.44 89,755,305.53
Cash at bank and in hand 54/58 7,342,206.58 5,977,436.37
Deferred charges and accrued income (Note 6) 490/1 6,880,402.19 3,393,347.37
total assets 20/58 1,196,492,242.46 1,127,940,609.54
EQUITY 10/15 907,105,610.21 819,962,360.49
Capital (Note 7) 10 307,109,691.74 307,109,691.74
Issued capital 100 307,109,691.74 307,109,691.74
Uncalled capital 101
Share premium account 11
Revaluation surpluses 12 13,686,643.45 14,721,191.75
Reserves 13 311,740,516.25 211,606,162.30
Legal reserve 130 30,710,969.17 24,015,907.40
Reserves not available 131 19,412,277.03 18,414,048.06
In respect of own shares held 1310
Other 1311 19,412,277.03 18,414,048.06
Untaxed reserves 132
Available reserves 133 261,617,270.05 169,176,206.84
Accumulated profits (losses) (+) (–) 14
Investment grants 15 274,568,758.77 286,525,314.70
Advance to associates on the sharing
out of the assets 19
provisions and deferred taxes 16 126,394,917.52 112,493,891.90
Provisions for liabilities and charges 160/5 126,394,917.52 112,493,891.90
Pensions and similar obligations 160
Taxation 161
Major repairs and maintenance 162 36,056,421.60 34,128,421.95
Other liabilities and charges (Note 8) 163/5 90,338,495.92 78,365,469.95
Deferred taxes 168
amounts payable 17/49 162,991,714.73 195,484,357.15
Amounts payable after more than one year (Note 9) 17 34,600,441.58 69,498,882.13
Financial debts 170/4 34,600,441.58 69,498,882.13
Subordinated loans 170
Unsubordinated debentures 171
Leasing and other similar obligations 172 76,497.81 149,773.43
Credit institutions 173 34,523,943.77 69,349,108.70
Other loans 174
Trade debts 175
Suppliers 1750
Bills of exchange payable 1751
Advances received on contracts in progress 176
Other amounts payable 178/9
Amounts payable within one year 42/48 93,722,430.17 95,406,739.69
Current portion of amounts payable after more than one
year falling due within one year (Note 9) 42 15,309,284.22 16,164,620.09
Financial debts 43
Credit institutions 430/8
Other loans 439
Trade debts 44 34,828,083.51 39,834,744.07
Suppliers 440/4 34,828,083.51 39,834,744.07
Bills of exchange payable 441
Advances received on contracts in progress 46 272,500.00 1,386,000.00
Taxes, remuneration and social security (Note 9) 45 27,796,057.93 22,293,454.29
Taxes 450/3 3,992,660.94 1,609,823.76
Remuneration and social security 454/9 23,803,396.99 20,683,630.53
Other amounts payable 47/48 15,516,504.51 15,727,921.24
Deferred charges and accrued income (Note 9) 492/3 34,668,842.98 30,578,735.33
total liabilities 10/49 1,196,492,242.46 1,127,940,609.54
82 Annual Report 2008 83 Annual Accounts

income statement (in euros)
codes period previous period
Operating income 70/74 322,967,689.93 302,280,576.15
Turnover 70 269,267,578.29 252,608,572.05
Increase (decrease) in stocks of
finished goods, work and contracts
in progress (+)(–) 71
Own construction capitalised 72 1,987,208.95 1,673,809.40
Other operating income (Note 10) 74 51,712,902.69 47,998,194.70
Operating charges 60/64 235,203,290.37 214,520,849.99
Raw materials, consumables 60 5,374,871.36 4,105,174.61
Purchases 600/8 5,514,612.85 4,084,614.22
Decrease (increase) in stocks (+)(–) 609 -139,741.49 20,560.39
Services and other goods 61 51,235,758.50 45,616,985.89
Remuneration, social security costs and pensions (+)(–)
(Note 10) 62 107,010,576.13 97,651,787.81
Depreciation and amounts written off formation
expenses, intangible and tangible fixed assets 630 39,902,723.32 38,806,081.51
Amounts written off stocks, contracts in progress and
trade debtors – Appropriations (write-backs) (+)(–) 631/4 -1,190,698.31 -1,407,253.76
Provisions for risks and charges – Appropriations
(uses and write-backs) (Note 10) (+)(–) 635/7 13,901,025.62 13,710,811.68
Other operating charges (Note 10) 640/8 18,969,033.75 16,037,262.25
Operation charges carried to assets as
restructuring costs (–) 649
Operating profit (loss) (+)(–) 9901 87,764,399.56 87,759,726.16
Financial income 75 19,544,177.83 19,788,422.21
Income from financial fixed assets 750 610,054.86 472,708.82
Income from current assets 751 485,341.09 311,109.86
Other financial income (Note 11) 752/9 18,448,781.88 19,004,603.53
Financial charges 65 6,970,223.41 8,079,056.75
Debt charges 650 4,207,861.52 8,021,070.12
Amounts written down on current assets except
stocks, contracts in progress and trade debtors (+)(–) 651 2,710,820.33
Other financial charges 652/9 51,541.56 57,986.63
codes period previous period
Extraordinary income 76 12,203,996.30 95,314.46
Write-back of depreciation and amounts written off
intangible and tangible fixed assets 760
Write-back of amounts written off financial fixed assets 761
Write-back of provisions for extraordinary liabilities
and charges 762
Gain on disposal of fixed assets 763 11,830,293.59 95,314.46
Other extraordinary income 764/9 373,702.71
Extraordinary charges 66 539,630.41 351,019.30
Extraordinary depreciation of and extraordinary
amounts written off formation expenses,
intangible and tangible fixed assets 660
Amounts written off financial fixed assets 661 146,013.02
Provisions for extraordinary liabilities
and charges – Appropriations (uses) (+)(–) 662
Loss on disposal of fixed assets 663 393,617.39 351,019.30
Other extraordinary charges 664/8
Extraordinary charges carried to assets as
restructuring costs (–) 669
Profits (Loss) for the period before taxes (+)(–) 9903 112,002,719.87 99,213,386.78
Transfer from postponed taxes 780
Transfer to postponed taxes 680
Income taxes (Note 12) (+)(–) 67/77 66,594.89 32,283.93
Income taxes 670/3 66,594.89 32,283.93
Adjustment of income taxes and write-back
of tax provisions 77
Profit (Loss) for the period (+)(–) 9904 111,936,124.98 99,181,102.85
Transfer from untaxed reserves 789
Transfer to untaxed reserves 689
Profit (Loss) for the period
available for appropriation (+)(–) 9905 111,936,124.98 99,181,102.85
Gain (Loss) on ordinary activities
before taxes (+)(–) 9902 100,338,353.98 99,469,091.62
84 Annual Report 2008 85 Annual Accounts

appropriation account
notes
codes period previous period
Profit (Loss) to be appropriated (+)(–) 9906 111,936,124.98 99,181,102.85
Gain (loss) to be appropriated (+)(–) (9905) 111,936,124.98 99,181,102.85
Profit (loss) to be carried forward (+)(–) 14P
Transfers from capital and reserves 791/2
From capital and share premium account 791
From reserves 792
Transfers to capital and reserves 691/2 99,136,124.98 86,381,102.85
To capital and share premium account 691
To the legal reserve 6920 6,695,061.77 9,918,110.28
To other reserves 6921 92,441,063.21 76,462,992.57
Profit (Loss) to be carried forward (+)(–) (14)
Owner’s contribution in respect of losses 794
Profit to be distributed 694/6 12,800,000.00 12,800,000.00
Dividends 694
Director’s or manager’s entitlements 695
Other beneficiaries 696 12,800,000.00 12,800,000.00
2. statement OF INTANGIBLE ASSETS
2.2 concessions, patents, licences, know-how,
Brand and similar rights
codes period previous period
Acquisition value at the end of the period 8052P xxxxxxxxxxxx 1,678,422.84
Movements during the period
Acquisitions, including produced fixed assets 8022 1,542,211.19
Sales and disposals 8032
Transfers from one heading to another (+)(–) 8042
Acquisition value at the end of the period 8052 3,220,634.03
Depreciation and amounts written down
at the end of the period 8122P xxxxxxxxxxxx 723,733.87
Movements during the period
Recorded 8072 164,487.75
Written back 8082
Acquisitions from third parties 8092
Cancelled owing to sales and disposals 8102
Transfers from one heading to another (+)(–) 8112
Depreciation and amounts written down
at the end of the period 8122 888,221.62
Net book value at the end of the period 211 2,332,412.41
86 Annual Report 2008 87 Annual Accounts

3. statement OF TANGIBLE FIXED ASSETS
3.1 land and buildings
codes period previous period
Acquisition value at the end of the period 8191P xxxxxxxxxxxx 1,167,495,955.26
Movements during the period
Acquisitions, including produced fixed assets 8161 22,532,950.45
Sales and disposals 8171 3,300,181.07
Transfers from one heading to another (+)(–) 8181 44,136,848.09
Acquisition value at the end of the period 8191 1,230,865,572.73
Revaluation surpluses at the end
of the period 8251P xxxxxxxxxxxx 23,937,297.55
Movements during the period
Recorded 8211
Acquisitions from third parties 8221
Cancelled 8231 16,288.31
Transfers from one heading to another (+)(–) 8241
revaluation surpluses at the end of the period 8251 23,921,009.24
Depreciation and amounts written down
at the end of the period 8321P xxxxxxxxxxxx 352,421,275.23
Movements during the period
Recorded 8271 28,565,778.04
Written back 8281
Acquisitions from third parties 8291
Cancelled owing to sales and disposals 8301 280,508.21
Transfers from one heading to another (+)(–) 8311
Depreciation and amounts written down
at the end of the period 8321 380,706,545.06
Net book value at the end of the period (22) 874,080,036.91
3.2 plant, machinery and equipment
codes period previous period
Acquisition value at the end of the period 8192P xxxxxxxxxxxx 197,640,922.58
Movements during the period
Acquisitions, including produced fixed assets 8162 25,374,590.00
Sales and disposals 8172 14,278,529.56
Transfers from one heading to another (+)(–) 8182 2,640,129.83
Acquisition value at the end of the period 8192 211,377,112.85
Revaluation surpluses at the end
of the period 8252P xxxxxxxxxxxx 5,569,684.42
Movements during the period
Recorded 8212
Acquisitions from third parties 8222
Cancelled 8232 354,012.79
Transfers from one heading to another (+)(–) 8242
revaluation surpluses at the end of the period 8252 5,215,671.63
Depreciation and amounts written down
at the end of the period 8322P xxxxxxxxxxxx 147,360,065.46
Movements during the period
Recorded 8272 7,382,394.37
Written back 8282
Acquisitions from third parties 8292
Cancelled owing to sales and disposals 8302 7,572,267.11
Transfers from one heading to another (+)(–) 8312
Depreciation and amounts written down
at the end of the period 8322 147,170,192.72
Net book value at the end of the period (23) 69,422,591.76
88 Annual Report 2008 89 Annual Accounts

3.3 Furniture and vehicles
codes period previous period
3.4 leasing and other similar rights
codes period previous period
Acquisition value at the end of the period 8193P xxxxxxxxxxxx 71,866,229.56
Movements during the period
Acquisitions, including produced fixed assets 8163 1,388,310.57
Sales and disposals 8173 573,777.71
Transfers from one heading to another (+)(–) 8183
Acquisition value at the end of the period 8193 72,680,762.42
Revaluation surpluses at the end
of the period 8253P xxxxxxxxxxxx 3,174,273.95
Movements during the period
Recorded 8213
Acquisitions from third parties 8223
Cancelled 8233 18,913.14
Transfers from one heading to another (+)(–) 8243
revaluation surpluses at the end of the period 8253 3,155,360.81
Depreciation and amounts written down
at the end of the period 8323P xxxxxxxxxxxx 47,120,265.93
Movements during the period
Recorded 8273 3,763,237.14
Written back 8283
Acquisitions from third parties 8293
Cancelled owing to sales and disposals 8303 588,917.36
Transfers from one heading to another (+)(–) 8313
Depreciation and amounts written down
at the end of the period 8323 50,294,585.71
Acquisition value at the end of the period 8194P xxxxxxxxxxxx 813,382.95
Movements during the period
Acquisitions, including produced fixed assets 8164
Sales and disposals 8174
Transfers from one heading to another (+)(–) 8184
Acquisition value at the end of the period 8194 813,382.95
Revaluation surpluses at the end
of the period 8254P xxxxxxxxxxxx 80,817.81
Movements during the period
Recorded 8214
Acquisitions from third parties 8224
Cancelled 8234
Transfers from one heading to another (+)(–) 8244
revaluation surpluses at the end of the period 8254 80,817.81
Depreciation and amounts written down
at the end of the period 8324P xxxxxxxxxxxx 348,738.30
Movements during the period
Recorded 8274 26,826.02
Written back 8284
Acquisitions from third parties 8294
Cancelled owing to sales and disposals 8304
Transfers from one heading to another (+)(–) 8314
Depreciation and amounts written down
at the end of the period 8324 375,564.32
Net book value at the end of the period (24) 25,541,537.52
Net book value at the end of the period (25) 518,636.44
WHEREOF
Land and buildings 250 518,636.44
Plant, machinery and equipment 251
Furniture and vehicles 252
90 Annual Report 2008 91 Annual Accounts

3.5 other tangible fixed assets
codes period previous period
3.6 assets under construction and ADVANCED PAYMENTS
codes period previous period
Acquisition value at the end of the period 8195P xxxxxxxxxxxx 59,905.62
Movements during the period
Acquisitions, including produced fixed assets 8165
Sales and disposals 8175
Transfers from one heading to another (+)(–) 8185
Acquisition value at the end of the period 8195 59,905.62
Revaluation surpluses at the end
of the period 8255P xxxxxxxxxxxx
Movements during the period
Recorded 8215
Acquisitions from third parties 8225
Cancelled 8235
Transfers from one heading to another (+)(–) 8245
revaluation surpluses at the end of the period 8255
Depreciation and amounts written down
at the end of the period 8325P xxxxxxxxxxxx
Movements during the period
Recorded 8275
Written back 8285
Acquisitions from third parties 8295
Cancelled owing to sales and disposals 8305
Transfers from one heading to another (+)(–) 8315
Depreciation and amounts written down
at the end of the period 8325
Acquisition value at the end of the period 8196P xxxxxxxxxxxx 48,997,443.05
Movements during the period
Acquisitions, including produced fixed assets 8166 42,320,456.72
Sales and disposals 8176
Transfers from one heading to another (+)(–) 8186 -50,864,403.11
Acquisition value at the end of the period 8196 40,453,496.66
Revaluation surpluses at the end
of the period 8256P xxxxxxxxxxxx
Movements during the period
Recorded 8216
Acquisitions from third parties 8226
Cancelled 8236
Transfers from one heading to another (+)(–) 8246
revaluation surpluses at the end of the period 8256
Depreciation and amounts written down
at the end of the period 8326P xxxxxxxxxxxx
Movements during the period
Recorded 8276
Written back 8286
Acquisitions from third parties 8296
Cancelled owing to sales and disposals 8306
Transfers from one heading to another (+)(–) 8316
Depreciation and amounts written down
at the end of the period 8326
Net book value at the end of the period (26) 59,905.62
Net book value at the end of the period (27) 40,453,496.66
92 Annual Report 2008 93 Annual Accounts

4. statement OF FINANCIAL FIXED ASSETS
4.1 affiliated enterprises – participating interests and shares
codes period previous period
Acquisition value at the end of the period 8391P xxxxxxxxxxxx 55,776.04
Movements during the period
Acquisitions, including produced fixed assets 8361 472,500.00
Sales and disposals 8371
Transfers from one heading to another (+)(–) 8381
Acquisition value at the end of the period 8391 528,276.04
revaluation surpluses at the end of the period 8451P xxxxxxxxxxxx
Movements during the period
Recorded 8411
Acquisitions from third parties 8421
Cancelled 8431
Transfers from one heading to another (+)(–) 8441
revaluation surpluses at the end of the period 8451
Amounts written down at the end of the period 8521P xxxxxxxxxxxx 27,888.02
Movements during the period
Recorded 8471 146,013.02
Written back 8481
Acquisitions from third parties 8491
Cancelled owing to sales and disposals 8501
Transfers from one heading to another (+)(–) 8511
Amounts written down at the end of the period 8521 173,901.04
uncalled amounts at the end of the period 8551P xxxxxxxxxxxx
Movements during the period (+)(–) 8541 354,375.00
uncalled amounts at the end of the period 8551 354,375.00
4.2 other ENTERPRISES LINKED BY PARTICIPATING INTERESTS –
participating interests and shares
codes period previous period
Acquisition value at the end of the period 8392P xxxxxxxxxxxx 2,338,812.45
Movements during the period
Acquisitions, including produced fixed assets 8362
Sales and disposals 8372
Transfers from one heading to another (+)(–) 8382
Acquisition value at the end of the period 8392 2,338,812.45
revaluation surpluses at the end of the period 8452P xxxxxxxxxxxx
Movements during the period
Recorded 8412
Acquisitions from third parties 8422
Cancelled 8432
Transfers from one heading to another (+)(–) 8442
revaluation surpluses at the end of the period 8452
Amounts written down at the end of the period 8522P xxxxxxxxxxxx
Movements during the period
Recorded 8472
Written back 8482
Acquisitions from third parties 8492
Cancelled owing to sales and disposals 8502
Transfers from one heading to another (+)(–) 8512
Amounts written down at the end of the period 8522
uncalled amounts at the end of the period 8552P xxxxxxxxxxxx 1,757,812.00
Movements during the period (+)(–) 8542
uncalled amounts at the end of the period 8552 1,757,812.00
net book value at the end of the period (280)
AFFILIATED ENTERPRISES – amounts receivabLE
net book value at the end of the period 281P xxxxxxxxxxxx
Movements during the period
Additions 8581
Repayments 8591
Amounts written down 8601
Amounts written back 8611
Exchange differences (+)(–) 8621
Other (+)(–) 8631
net book value at the end of the period (281)
accumulated amounts written off on amounts
receivable at the end of the period 8651
Net book value at the end of the period (282) 581,000.45
OTHER ENTERPRISES LINKED BY PARTICIPATING
INTERESTS – amounts receivable
net book value at the end of the period 283P xxxxxxxxxxxx
Movements during the period
Additions 8582
Repayments 8592
Amounts written down 8602
Amounts written back 8612
Exchange differences (+)(–) 8622
Other (+)(–) 8632
net book value at the end of the period (283)
accumulated amounts written off on amounts
receivable at the end of the period 8652
94 Annual Report 2008 95 Annual Accounts

4.3 other enterprises – participating interests and shares
codes period previous period
Acquisition value at the end of the period 8393P xxxxxxxxxxxx 13,609.55
Movements during the period
Acquisitions, including produced fixed assets 8363
Sales and disposals 8373
Transfers from one heading to another (+)(–) 8383
Acquisition value at the end of the period 8393 13,609.55
revaluation surpluses at the end of the period 8453P xxxxxxxxxxxx
Movements during the period
Recorded 8413
Acquisitions from third parties 8423
Cancelled 8433
Transfers from one heading to another (+)(–) 8443
revaluation surpluses at the end of the period 8453
Amounts written down at the end of the period 8523P xxxxxxxxxxxx
Movements during the period
Recorded 8473
Written back 8483
Acquisitions from third parties 8493
Cancelled owing to sales and disposals 8503
Transfers from one heading to another (+)(–) 8513
5. INFORMATION RELATING TO THE SHARE IN THE CAPITAL
5.1 share IN THE CAPITAL AND OTHER RIGHTS IN OTHER COMPANIES
List of both enterprises in which the enterprise holds a participating interest (recorded in the heading 28 of assets), and other
enterprises in which the enterprise holds rights (recorded in the headings 28 and 50/53 of assets) in the amount of at least 10%
of the capital issued.
shares held by
information from the most recent period
for which annual accounts are available
Name, full address of the registered directly subsidiaries primary mone- capital and net
office and, for the enterprise governed number % % financial tary reserves result
by Belgian law, COMPANY NUMBER statement unit (+) oR (–)
(in monetary units)
Maatschappij voor het Haven-, Grond- 31/12/2007 EUR 125,514,768 5,770,401
en Industrialisatiebeleid van het
Linkerscheldeoevergebied CALL
Sluisgebouw
9120 Beveren-Waas
Belgium
0223.944.690
1,875 37.50 0.00
Antwerp Port Consultancy PLC 31/12/2007 EUR -82,754 -110,060
Entrepotkaai 1
2000 Antwerpen
Belgium
0466.583.658
9 90.00 0.00
Amounts written down at the end of the period 8523
uncalled amounts at the end of the period 8553P xxxxxxxxxxxx 5,559.16
Movements during the period (+)(–) 8543
uncalled amounts at the end of the period 8553 5,559.16
Net book value at the end of the period (284) 8,050.39
other enterprises – accounts receivable
Net book value at the end of the period 285/8P xxxxxxxxxxxx
Movements during the period
Additions 8583
Repayments (–) 8593
Amounts written down 8603
Amounts written back 8613
Exchange differences (+)(–) 8623
Other (+)(–) 8633
Net book value at the end of the period (285/8)
ACCUMULATED AMOUNTS WRITTEN OFF ON AMOUNTS
RECEIVABLE AT THE END OF THE PERIOD 8653
96 Annual Report 2008 97 Annual Accounts

6. other INVESTMENTS AND DEPOSIT, DEFERRED CHARGES
anD ACCRUED INCOME (ASSETS)
INVESTMENTS: OTHER INVESTMENTS AND DEPOSITS
codes period previous period
Shares 51 73,608,205.44 67,620,305.53
book value increased with the
uncalled amount 8681 73,608,205.44 67,620,305.53
Uncalled amount 8682
7. statement OF CAPITAL and STRUCTURE OF SHAREHOLDINGS
statement OF CAPITAL
codes period previous period
Social capital
Issued capital at the end of the period 100P xxxxxxxxxxxx 307,109,691.74
Issued capital at the end of the period (100) 307,109,691.74
Fixed income securities 52
Fixed income securities
issued by credit institutions 8684
Fixed term deposits with credit institutions 53 38,550,000.00 22,135,000.00
Falling due
less or up to one month 8686
between one month and one year 8687 38,550,000.00 22,135,000.00
over one year 8688
Other investments not yet shown seperately 8689
Changes during the period
codes amounts number of shares
Structure of the capital
Different categories of shares
no shares issued considering legal structure
Registered 8702 xxxxxxxxxxxx
bearer 8703 xxxxxxxxxxxx
DEFERRED CHARGES AND ACCRUED INCOME
period
Allocation of the heading 490/1 of assets
if the amount is significant
Wages January 2009 2,586,459.02
Other revenue to be received 1,336,576.20
Other 2,814,761.34
uncalled
capital called,
codes capital but not paid
Uncalled capital
Uncalled capital (101) xxxxxxxxxxxx
Capital called, but not paid 8712 xxxxxxxxxxxx
Shareholders having yet to pay up in full
TOTAL deferred charges and accrued inCOME 6,737,796.56
8. provISIONS FOR OTHER LIABILITIES AND CHARGES
allocatION OF THE HEADING 163/5 OF LIABILITIES
IF THE AMOUNT IS CONSIDERABLE
period
Pending litigations and risks 9,250,719.46
Environment 73,603,713.45
Social plans for personnel 2,703,348.47
Other 4,780,714.54
total provisions for other
liabilities and charges 90,338,495.92
98 Annual Report 2008 99 Annual Accounts

9. statement OF AMOUNTS PAYABLE, ACCRUED CHARGES
anD DEFERRED INCOME
analysis by current portions of amounts initially payable
after more than one year
codes
period
Amounts payable after more than one year, not more than one year
Financial debts 8801 15,309,284.22
Subordinated loans 8811
Unsubordinated debentures 8821
Leasing and other similar obligations 8831 73,275.62
Credit institutions 8841 15,236,008.60
Other loans 8851
Trade debts 8861
Suppliers 8871
Bills of exchange payable 8881
Advance payments received on contracts in progress 8891
Other amounts payable 8901
total amounts payable after more than one year,
not more than one year (42) 15,309,284.22
Amounts payable after more than one year, between one and five years
Financial debts 8802 18,389,251.11
Subordinated loans 8812
Unsubordinated debentures 8822
Leasing and other similar obligations 8832 76,497.81
Credit institutions 8842 18,312,753.30
Other loans 8852
Trade debts 8862
Suppliers 8872
Bills of exchange payable 8882
Advance payments received on contracts in progress 8892
Other amounts payable 8902
amounts payable for taxes, remuneration
and social security
codes
period
Taxes (heading 450/3 of liabilities)
Expired taxes payable 9072
non expired taxes payable 9073 3,992,660.94
Estimated taxes payable 450
Remuneration and social security (heading 454/9 of liabilities)
Amounts due to the National Office of Social Security 9076
Other amounts payable relating to remuneration and social security 9077 23,803,396.99
accrued charges
period
Allocation of the heading 492/3 of liabilities
if the amount is considerable
Deferred income long-term contract 3,055,287.73
Invoicing concessions 1st quarter 2009 26,907,097.14
Other 1,472,458.11
Deferred income sale cranes 3,234,000.00
TOTAL accrued charges 34,668,842.98
TOTAL amounts payable after more than one year,
between one and five years 8912 18,389,251.11
Amounts payable after more than one year, over five years
Financial debts 8803 16,211,190.47
Subordinated loans 8813
Unsubordinated debentures 8823
Leasing and other similar obligations 8833
Credit institutions 8843 16,211,190.47
Other loans 8853
Trade debts 8863
Suppliers 8873
Bills of exchange payable 8883
Advance payments received on contracts in progress 8893
Other amounts payable 8903
TOTAL amounts payable after more than one year,
OVER five years 8913 16,211,190.47
100 Annual Report 2008 101 Annual Accounts

10. operating results
operating income
codes period previous period
11. FInancial and EXTRAORDINARY results
FInancial results
codes period previous period
Net turnover
broken down by categories of activity
Allocation into geographical markets
Other operating income
Total amount of subsidies and compensatory
amounts obtained from public authorities 740 30,351,837.88 26,178,116.00
Other financial income
Amount of subsidies granted by public authorities,
credited to income for the period
Capital subsidies 9125 13,569,189.74 14,288,392.38
Interest subsidies 9126
Allocation of other financial income
Surplus to current assets 4,856,570.34 2,397,952.74
Interest swap 12,573.85 2,313,669.41
operating costs
codes period previous period
Amounts written down on loan issue expenses
and repayment premiums 6501
Interests recorded as assets 6503
Employees recorded in the personnel register
Total number at the closing date 9086 1,661 1,637
Average number of employees
calculated in full-time equivalents 9087 1,631.0 1,640.0
number of actual worked hours 9088 2,283,554 2,274,786
Personnel costs
Remuneration and direct social benefits 620 75,606,196.79 68,337,140.17
Employers’ social security contributions 621 25,252,705.89 23,462,546.74
Employers’ premiums for extra statutory insurances 622 1,111,656.53 906,014.37
Other personnel costs 623 5,040,016.92 4,946,086.53
Old-age and widows’ pensions 624
Provisions for pensions
Additions (uses and write-back) (+)(–) 635
Amounts written off
Stocks and contracts in progress
Recorded 9110
Written back 9111 44,730.89 9,537.63
Trade debtors
Recorded 9112
Written back 9113 1,145,967.42 1,397,716.13
Provisions for risks and charges
Additions 9115 20,016,776.81 23,179,280.34
Uses and write-back 9116 6,115,751.19 9,468,468.66
Other operating charges
Taxes related to operations 640 10,599,297.02 10,575,776.54
Other charges 641/8 8,369,736.73 5,461,485.71
hired temporary staff and persons placed
at the enterprise’s disposal
Total number at the closing date 9096 2
Average number calculated
as full-time equivalents 9097 5.9 1.5
number of actual worked hours 9098 8,196 2,922
Charges to the enterprise 617 278,120.07 90,171.93
Value adjustments to current assets
Appropriations 6510 2,710,820.33
Write-backs 6511
Other financial charges
Amount of the discount borne by the enterprise,
as a result of negotiating amounts receivable 653
Provisions of a financial nature
Appropriations 6560
Uses and write-backs 6561
eXTRAORDINARY RESULTS
period
Allocation of other extraordinary income
Liquidation balance pension fund 373,702.21
Allocation of other extraordinary charges
102 Annual Report 2008 103 Annual Accounts

12. INCOME TAXES AND OTHER TAXES
Income taxes
codes
period
Income taxes on the result of the current period 9134 66,594.89
Income taxes paid and withholding taxes due or paid 9135 66,594.89
Excess of income tax prepayments and withholding
taxes recorded under assets 9136
Estimated additional taxes 9137
Income taxes on previous periods 9138
Taxes and withholding taxes due or paid 9139
Estimated additional taxes estimated or provided for 9140
In so far as income taxes of the current period are
materially affected by differences between the
profit before taxes, as stated in the annual accounts,
and the estimated taxable profit
The Antwerp Port Authority is not subject to corporate
taxation but to legal entity taxation
total AMOUNT OF VALUE ADDED TAX
anD TAXES BORNE BY THIRD PARTIes
codes period previous period
Total amount of value added tax charged
To the enterprise (deductible) 9145 27,024,938.09 25,701,764.00
by the enterprise 9146 42,215,747.63 32,170,902.86
Amounts retained on behalf of third parties for
Payroll withholding taxes 9147 22,921,116.23 20,222,588.13
Withholding taxes on investment income 9148
13. rIGHTS AND COMMITMENTS NOT REFLECTED IN THE BALANCE SHEET
GOODS AND VALUES, NOT DISCLOSED IN THE BAL ANCE SHEET,
helD BY THIRD PARTIES IN THEIR OWN NAME BUT AT RISK
to AND FOR THE BENEFIT OF THE ENTERPRISE
codes
period
Substancial commitments to acquire fixed assets
Committed purchases fixed assets 42,552,643.00
INFORMATION CONCERNING IMPORTANT LITIGATION AND OTHER
commITMENTS NOT MENTIONED ABOVE
During the 2000 financial year, third parties
instituted proceedings to suspend the construction
permit issued by the Flemish Region
on 23 June 2000 for the Deurganck Dock. The
Council of State effectively suspended the
construction permit on 7 March 2001 so that
the works were shut down. Third parties filed
legal challenges against the permits granted
by the authorities on which basis the works
had restarted. The competent courts have
until now dismissed these challenges but not
all the proceedings that were instituted have
been completed yet. The concession-holders
in the Deurganck Dock have also placed the
Port Authority of Antwerp in default and reserved
the right to claim damages. The Port
Authority intends to reject these claims for
damages.
The firm Seaport Terminals NV instituted a
claim in 2003 against the Port Authority for
damages to the sum of 86,762,734 euros.
This concerns damages for alleged complicity
in breach of contract by the Cast shipping
company in connection with the Flanders
Container Terminal. The Board of Directors
considers on the basis of a legal analysis
of the available data that insufficient arguments
have been formulated against the Port
Authority of Antwerp in connection with this
claim that would justify including a provision
for this in the accounts.
The firm Aspiravi NV, which did not win the
tender, has already started various proceedings
against the Port Authority in connection
with the award of the wind farm contract in
the Port of Antwerp by the Port Authority. The
judgments of various courts of law have up
until now been favourable to the Port Authority.
On 20 February 2004, Aspiravi NV summoned
the Port Authority to appear before
the Court of First Instance in connection
with the tender award claiming damages of
117,309,425 euros. No provision has been
made in the accounts given that previous proceedings,
where the same arguments were
adduced, led to the courts finding in favour of
the Port Authority.
IF THERE IS A SUPPLEMENTARY RETIREMENTS OR SURVIVOR’S PENSION PLAN
IN FAVOUR OF THE PERSONNEL OR THE EXECUTIVES OF THE ENTERPRISE ,
a BRIEF DESCRIPTION OF SUCH PLAN AND OF THE MEASURES TAKEN BY the
enterprISE TO COVER THE RESULTING CHARGES
The Port Authority has taken out a non-statutory pension insurance policy in favour of contractual members of personnel, of the fixed contribution type.
These contributions are paid monthly, and are taken into account under the heading “Employer’s premiums for non-statutory insurance policies.”
104 Annual Report 2008 105 Annual Accounts

14. rel atIONSHIPS WITH AFFILIATED ENTERPRISES and
enterprISES LINKED BY PARTICIPATING INTERESTS
aFFILIATED ENTERPRISES
codes period previous period
Financial fixed assets (280/1) 27,888.02
Investments (280) 27,888.02
Amounts receivable subordinated 9271
Other amounts receivable 9281
Amounts receivable 9291 71,652.67 121,723.69
After one year 9301
Within one year 9311 71,652.67 121,723.69
Current investments 9321
Shares 9331
Amounts receivable 9341
15. FINANCIAL RELATIONSHIPS WITH
auDITORS OR PEOPLE THEY ARE LINKED TO
codes
period
Auditors’ fees 9505 23,760.00
Fees for exceptional services or special missions
executed in the company by the auditor
Other attestation missions 95061 11,800.00
Tax consultancy 95062
Other missions external to the audit 95063
Fees for exceptional services or special missions
executed in the company by people they are linked to
Other attestation missions 95081
Tax consulting 95082 11,392.50
Other missions external to the audit 95083 150.00
Amounts payable 9351
After one year 9361
Within one year 9371
Personal and real guarantees
Provided or irrevocably promised by the enterprise,
as security for debts or commitments of
affiliated enterprises 9381
Provided or irrevocably promised by affiliated
enterprises as security for debts or commitments
of the enterprise 9391
Other substancial financial commitments 9401
enterprISES LINKED BY PARTICIPATING INTERESTS
codes period previous period
Financial fixed assets (282/3) 581,000.45 581,000.45
Investments (282) 581,000.45 581,000.45
Amounts receivable subordinated 9272
Other amounts receivable 9282
Amounts receivable 9292
After one year 9302
Within one year 9312
Amounts payable 9352 131,132.91
After one year 9362
Within one year 9372 131,132.91
106 Annual Report 2008 107 Annual Accounts

Social report
Numbers of joint industrial committees which are competent for the enterprise: 100
statement of the persons employeD
Employees recorded in the staff register
full-time part-time total (T) or total (T) or
During the period and total in full-time total in full-time
the previous period equivalents (fTE) equivalents (fTE)
codes (period) (period) (period) (previous period)
Average number of employees 100 1,625.2 8.1 1,631.0 (FTE) 1,640.0 (FTE)
number of hours
actually worked 101 2,273,949 9,605 2,283,554 (T) 2,274,786 (T)
Personnel costs 102 106,560,472.22 450,103.91 107,010,576.13 (T) 97,651,787.81 (T)
Advantages in addition
to wages 103 xxxxxxxxxx xxxxxxxxxxx (T) (T)
At the closing date of the period
CODES
full-time part-time total
in full-time
Equivalents
Number of employees recorded
in the personnel register 105 1,653 8 1,658.8
By nature of the employment contract
Contract for an indefinite period 110 1,643 8 1,648.8
Contract for a definite period 111 9 9.0
Contract for the execution of a specifically
assigned work 112
Replacement contract 113 1 1.0
According to the gender and by level of education
Male 120 1,404 3 1,405.8
primary education 1200
secondary education 1201 1,404 3 1,405.8
higher education (non-university) 1202
university education 1203
Female 121 249 5 253.0
primary education 1210
secondary education 1211 249 5 253.0
higher education (non-university) 1212
university education 1213
By professional category
Management staff 130 5 5.0
Employees 134 871 6 875.5
Workers 132 777 2 778.3
Other 133
HIRED TEMPORARY STAFF AND PERSONNEL PLACED AT THE ENTERPRISE’S DISPOSAL
temporary personnel placed
During the period personnel at the disposal
codes
Average number of employees 150 5.9
number of hours actually worked 151 8,196
Charges of the enterprise 152 278,120.07
of the enterprise
TABLE OF PERSONNEL CHANGES DURING THE PERIOD
ENTRIES
full-time part-time total in full-time
CODES
Equivalents
Number of employees recorded on the personnel register
during the financial year 205 110 1 110.5
By nature of the employment contract
Contract for an indefinite period 210 102 102.0
Contract for a definite period 211 5 1 5.5
Contract for the execution of a specifically assigned work 212
Replacement contract 213 3 3.0
DEPARTURES
full-time part-time total in full-time
CODES
Equivalents
The number of employees with a in the staff register listed
date of termination of the contract during the period 305 87 87.0
By nature of the employment contract
Contract for an indefinite period 310 83 83.0
Contract for a definite period 311 1 1.0
Contract for the execution of a specifically assigned work 312
Replacement contract 313 3 3.0
According to the reason for termination of
the employment contract
Retirement 340 50 50.0
Early retirement 341
Dismissal 342 5 5.0
Other reason 343 32 32.0
Of which: the number of persons who continue to
render services to the enterprise at least
half-time on a self-employed basis 350
108 Annual Report 2008 109 Annual Accounts

INFORMATION WITH REGARD TO TRAINING RECEIVED BY EMPLOYEES DURING THE PERIOD
codes male codes female
Total number of official advanced professional
training projects received by employees
at company expense
number of participating employees 5801 442 5811 149
number of training hours 5802 132,389 5812 51,637
Costs for the company 5803 73,527.00 5813 23,256.00
of which gross costs directly linked
to the training 58031 73,527.00 58131 23,256.00
of which paid contributions and deposits
in collective funds 58032 58132
of which received subsidies (to be deducted) 58033 58133
Total number of less official and unofficial advance
professional training projects received by employees
at company expense
number of participating employees 5821 84 5831 18
number of training hours 5822 1,499 5832 1,742
Costs for the company 5823 25,333.00 5833 4,440.00
Total number of initial professional training projects
at company expense
number of participating employees 5841 5851
number of training hours 5842 5852
Costs for the company 5843 5853
accounting principles
Under the terms of art. 34 of its Articles of Association, Antwerp Port
Authority is subject to the Act of 17 July 1975 concerning the accounting
and annual accounts of companies, which specifies that the accounts
must be kept in accordance with the Royal Decree of 30 January 2001
concerning the annual accounts of companies. Drawing up the annual
accounts falls under the responsibility of the Board of Directors.
Describing the accounting principles as accurately as possible
forms an integral part of this.
general Accounting principles
The annual accounts of Antwerp Port Authority are drawn up in accordance
with the legislation governing annual accounts. As laid down by
art. 24 of the Royal Decree of 30 January 2001 the accounting principles
are drawn up in compliance with the requirement to give a true picture
of the situation, taking into account the specific characteristics of the
company. In those matters where it is necessary to supplement the law
and in cases where a choice is left to the company, the Board of Directors
has laid down the following accounting principles.
Specific accounting principles
Tangible fixed assets
General principle
By tangible fixed assets is meant long-lasting, tangible operating
resources with a lifetime of more than one financial year and with an
initial purchase value greater than or equal to 1250.00 euros posted to the
assets. The valuation is made at the acquisition cost or production cost,
as laid down in arts. 36 and 37 of the Royal Decree; any additional costs
can be posted in full to the Income Statement in the course of the year.
Revaluations
The non-subsidised part of the tangible fixed assets that can be depreciated
was revalued up to and including 31/12/2002, in accordance with
the circular letter sent to regional and local authorities. The revaluation
surplus is posted to the “Revaluation surpluses” account of the liabilities,
individualised (in accordance with the circular of 19 of July 1986) and
transferred to a non-available reserve pro rata the depreciation rate of
the underlying asset.
Depreciation
Depreciation is calculated by the straight line method and applied for
a full year, on the basis of the revalued acquisition value of the investments,
according to the following depreciation percentages:
110 Annual Report 2008 111 Annual Accounts

Software 33.33%
Land and premises
Land 0%
Service buildings and warehouses 3%
Warehouses 5%
Waterways 3%
Rights of use on major capital works 3%
Hydraulic engineering works 3%
Shelters, sheds, hangars etc. 5%
Roads 5%
Installations, machinery and equipment
Hoisting apparatus 5%
Mobile cranes 6.67%
Vessels 5%
a.o. Dredging rigs, Sounding vessels, Mooring pontoons, Inspection vessels
Electrical installations 5%
a.o. Public lighting, Cable network,
Crane cable net, Traffic signalling
Underwater cells 16.67%
Machines and general equipment 10%
a.o. Tools and appliances
Lifebuoy installations
Tackle and chains
Compressor units
Excavator combines
Heating and cooling installations 10%
Lifts 10%
Alarm installations 10%
Telecommunications 20%
a.o. Telephone installations, Radio communication
Cameras and tannoys at locks
Port radar 20%
Technical hardware 20%
a.o. Apics including cable network
Geographic information system (GIS)
Data processing unit for hydrographic measuring
Furnishings and rolling stock
Furnishings 10%
Office machinery 20%
Hardware administration 20%
Rolling stock
a.o. Tug boats 5%
Drainage pumps 20%
Private cars 20%
Trucks 20%
Forklifts 20%
Salting vehicles 20%
Leasing
The charges for use of tangible fixed assets held by the company under
leasing or similar agreements are posted to this heading after deduction
of the cumulated depreciations or reductions in value, as regards the
part of the periods payable under the agreement for reconstitution of
the capital value. The rate of depreciation is according to the percentages
mentioned under “Depreciation.”
Other depreciations and reductions in value
In the case of tangible fixed assets with a limited lifetime, an additional
depreciation is applied if their book value is higher than their useful
value as a result of technical obsolescence or changes in the economic
or technical circumstances. In case of a lasting reduction in the value
of tangible fixed assets, an extraordinary reduction in value is posted.
Such depreciations and extraordinary write-downs are submitted to
the Board of Directors by the Management Committee.
Contributions by third parties
Contributions by third parties towards investments posted to assets
(other than investment grants) are booked under debts, at face value.
The portion of the fixed assets for which these contributions have been
received is not revalued and is fully depreciated when the asset is taken
into use. At that moment the contribution itself is shown as another item
of operating income.
Land and sites
Land and sites contributed on 1 January 1997 were revalued in their entirety
on the basis of an estimate made in 1986; these have been further
supplemented by purchases made between 1988 and the end of 1996.
The individual values of the land and sites are obtained by calculating
the fraction represented by the area of the land or site and applying it
to this total value. Land and sites purchased or acquired after 1 January
1997 are booked at their acquisition value.
Usufruct
The usufruct of among others the Europa Terminal is valued on the basis
of the contribution made by the municipally-owned company (the predecessor
of the Port Authority) to the financing of the assets on which the
usufruct is granted. The usufruct is depreciated on the basis of the economic
lifetime of the underlying asset. The rate of depreciation is according
to the percentages mentioned under “Depreciation.”
Assets under construction
Large projects and those extending over a longer period are first posted
to the assets under “Tangible fixed assets under construction.” The
amount posted to the assets is the acquisition price (as invoiced by thirdparty
suppliers). At the moment there are no rules for internal costs and
interim interest to be posted to the assets: these are currently posted
directly to the result. Assets under construction are transferred to their
respective headings under tangible fixed assets on the date of provisional
handover of the work; the notification of provisional handover is passed
to the Accounting Department by the Technical Department. No depreciation
is applied to assets under construction (except in exceptional cases,
if there is a lasting reduction in value); these assets are not revalued,
neither are the investment grants relating to them included in the result.
112 Annual Report 2008 113 Annual Accounts

Projects by the Electrical Facilities Department
In the case of assets with similar characteristics (lamp standards, cable
networks, low-voltage cabinets etc.) a system of standard values is used.
The value of these assets is reviewed annually by comparing them with
market prices. The value comprises the average purchase price plus the
direct labour costs. Larger projects such as construction of high voltage
substations are valued on an individual basis, according to the rule laid
down for “Tangible fixed assets under construction.”
Financial fixed assets
Shares and profit-sharing certificates held by the company are posted to
the assets at their acquisition value. The amounts receivable under this
heading are included at their face value. The financial fixed assets are reviewed
annually, and a write-down is applied if there is a lasting reduction
in value or devaluation of all or part of them, or if there is uncertainty
regarding their repayment. The amount of the write-down is proposed by
the Management Committee and submitted to the Board of Directors for
its approval.
Stocks
Articles held in stock are valued at the latest acquisition value, which
in practice represents a simplified replacement value. This means that
for older articles the historical acquisition value is replaced by the most
recent acquisition value. A reduction in value is applied to obsolescent
items or those with a slow rate of rotation. Under this system a writedown
by a fixed percentage is applied on the basis of the latest movement.
The following percentages are applied:
Number of years without movement
Percentage write-down
1 year 25%
2 years 50%
3 years 75%
4 years and older 100%
Arrears > 6 months 20%
Arrears > 12 months 80%
Arrears > 18 months 100%
If it appears that the claim is uncollectable or dubious and the corresponding
write-down would be greater than the amounts mentioned
above, for example in case of bankruptcy, then an additional write-down
is applied so as to take account of the expected possibilities of recovery
and future costs, on a prudent basis.
Cash in hand and at bank
Short-term investments and liquid assets are entered at face value.
Any write-downs are determined on an individual basis. Capital gains
on investment instruments are not posted to the result until the instruments
have been cashed.
Initial value
In accordance with art. 54 of the Articles of Association, an initial balance
sheet was drawn up when the Port Authority was formed. This initial
balance sheet included the assets and liabilities of the most recent
balance sheet of the municipally-owned company that was the predecessor
of the Port Authority, on the understanding that corrections were carried
out on the basis of figures for the financial year that became known
later and/or as a result of amendments governing legal succession and
the provisions of agreements on this subject with the City of Antwerp.
The initial value was the difference between these assets and liabilities
(corrected as necessary), taking into account the rights and obligations
of the Port Authority. This amount is set at 307 million euros.
The initial value is derived from the net asset situation of the municipally-owned
company on 31 December 1996, after attribution of the investment
grants and revaluation surpluses. It can be represented as follows:
Asset value on 31 December 1996: 502 million euros
By virtue of the strict application of reductions in value, this valuation
approximates the methods permitted by Belgian accounting legislation.
Amounts receivable within one year and after one year
Apportioned to:
Revaluation surpluses
Investment grants
Net assets
15 million euros
180 million euros
307 million euros
Amounts receivable are entered at their face value. Claims with a
contractual period of more than one year are entered under “Amounts
receivable after one year.” The portion falling due within the year is
transferred to “Amounts receivable within one year.” A write-down is
applied to doubtful claims and those in arrears, except those for which
there are sufficient real sureties. A write-down on claims in arrears is
automatically applied, as follows:
For a detailed discussion of the initial value and the contribution amount,
readers are referred to the report on valuation of the contribution on the
occasion of the setting up of Antwerp Port Authority.
114 Annual Report 2008 115 Annual Accounts

Revaluation surpluses
In accordance with the circular sent to regional and local authorities, the
non-subsidised depreciable tangible fixed assets were revalued up to and
including 31/12/2002. The revaluation surpluses are placed in a separate
liabilities account and held for as long as the assets to which they relate
are not realised. However, surpluses can be:
∙ transferred to a reserve, up to the amount of the amortisation booked
on the surplus;
∙ capitalised;
∙ in the case of a later reduction in value, written down by the amount
of the part of the surplus not yet amortised.
Reserves
Statutory reserve
The statutory reserve is formed by annually appropriating 10% of the
profit for the financial year. This obligation arises from art. 38 of the
Articles of Association of Antwerp Port Authority.
Non-available reserve
The revaluation surplus, which in accordance with the regulations on
this subject is calculated annually, can be transferred annually to this
account, up to the amount of the amortisations.
Investment grants
Investment grants relating to depreciable fixed assets are included in
the Balance Sheet after the contractual obligations arising from the firm
promise by the higher authority have been met. They are shown as financial
income in the Income Statement, at the same rate as the depreciation
of the assets for which they were granted. Subsidies that were
not granted for an investment in fixed assets are included in the Income
Statement, spread over the duration of the activities to which they relate.
During the financial year investment grants amounting to 9.1 million
euros were received.
Provision for contingencies and costs
Major repair and maintenance work
The future costs of major repair and maintenance work or periodic overhauls
can be estimated on a technical basis. The provisions made for
these correspond to the costs that are expected to arise over the next 10
years. Provision is made only for the sum of the amounts that exceed the
lowest recurring costs for major repair and maintenance work. This is
known as the “peak shaving” method. A minimum of 2.5% of the acquisition
value of the assets (account 22 and 23) is provisioned. This percentage
corresponds to the estimated minimum maintenance costs for the
next one and a half years necessary to maintain the assets in good
condition.
Pending litigation
On the basis of the list drawn up using information from the Port
Authority’s lawyers and the Legal Department, provisions have been set
aside to meet the potential obligations arising from pending litigation.
Environmental risks
If large environmental risks are individualised, then a provision is set
aside in proportion to a reasoned estimate of the potential damage or
clean-up costs.
Amounts payable
Amounts payable are entered at their face value. Obligations with a contractual
period of more than one year are entered under “Amounts payable
after one year.” The portion falling due within the year is transferred
to “Amounts payable within one year.”
Accruals/Deferrals
Deferred charges and accrued income (assets) and accrued charges and
deferred income (liabilities) are used to correctly allocate costs and
income to the financial year to which they relate.
Obligations, rights of recourse and suspense accounts
Obligations, rights of recourse and suspense accounts are taken into
account up to the amount arising as a result of guarantees given by the
Port Authority on behalf of third parties, or those given by third parties
on behalf of the Port Authority. In each case they mention the amount of
the non-financed obligations resting upon the Port Authority in respect
of pensions for past service on the part of current or retired employees.
Port Decree
The subsidies granted to the Port Authority by the Flemish Region under
the terms of the Port Decree are posted to the result as soon as there is
sufficient certainty that they will actually be received, as judged from
executive decrees and/or specific agreements.
Financial instruments
Financial instruments are used only if there is a specific economic reason,
and then only for hedging purposes. No speculative transactions are
entered into. The financial effects of the financial instruments are connected
to the underlying object to which they relate.
116 Annual Report 2008 117 Annual Accounts

Agreement between City of Antwerp and Port
Authority (event after the balance sheet date)
On 3 February 2009 the Port Authority Board of Directors approved an
agreement with the City of Antwerp, the provisions of which include the
following:
∙ The “free” transfer of the land and assets owned by the Port Authority to
the City of Antwerp, carried out per site, in principle on the expiry dates
of the current concessions for each site. The net book value of all the
assets involved (including docks) on 31 December 2008 amounted to
16.6 million euros.
∙ In the course of the coming years the Port Authority will renovate the
various quay walls of the docks in the Eilandje area, so as to bring them
into good condition consistent with their present function. The expenditure
associated with this is currently estimated at 11 to 13 million euros.
∙ The Port Authority is to make a payment of 6 million euros to the City of
Antwerp.
These items will be taken into account in the annual accounts for 2009
and possibly the years after that.
Statutory auditor’s report for the
year ended 31 December 2008 to the
city council of Antwerp
Your Worships,
As required by law and the company’s articles of association, we are
pleased to report to you on the audit assignment which you have entrusted
to us. This report includes our opinion on the financial statements together
with the required additional comments and information.
Unqualified audit opinion on the financial statements
We have audited the financial statements of Antwerp Port Authorithy
for the year ended 31 December 2008, prepared in accordance with the
accounting principles applicable in Belgium, which show total assets of
1,196,492 (000) EUR and a profit for the year of 111,936 (000) EUR.
The Board of Directors of the company is responsible for the preparation
of the financial statements. This responsibility includes among other
things: designing, implementing and maintaining internal control relevant
to the preparation and fair presentation of 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.
Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with legal requirements
and auditing standards applicable in Belgium, as issued by
the “Institut des Reviseurs d’Entreprises/Instituut der Bedrijfsrevisoren.”
Those standards require that we plan and perform the audit to obtain
reasonable assurance whether the financial statements are free from
material misstatement.
In accordance with these standards, we have performed procedures to
obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on our 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,
we have considered internal control relevant to the company’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
company’s internal control. We have assessed the basis of the accounting
policies used, the reasonableness of accounting estimates made by
the company and the presentation of the financial statements, taken as a
whole. Finally, the Board of Directors and responsible officers of the company
have replied to all our requests for explanations and information.
We believe that the audit evidence we have obtained provides a reasonable
basis for our opinion.
In our opinion, the financial statements as of 31 December 2008 give a
true and fair view of the company’s assets, liabilities, financial position
and results in accordance with the accounting principles applicable in
Belgium.
Additional explanations and information
The preparation and the assessment of the information that should be
included in the directors’ report and the company’s compliance with the
requirements of the Companies Code and its Articles of Association are
118 Annual Report 2008 119 Annual Accounts

the responsibility of the Board of Directors, as does compliance by the
Port Authority with the Articles of Association, the relevant articles of
the new municipal law and the Flemish Community Decree of 2 March
1999 concerning seaport management and policy.
Our responsibility is to include in our report the following additional
comments and information which do not change the scope of our audit
opinion on the financial statements:
∙ The directors’ report includes the information required by law and is
in agreement with the financial statements. However, we are unable to
express an opinion on the description of the principal risks and uncertainties
confronting the company, or on the status, future evolution, or
significant influence of certain factors on its future development. We can,
nevertheless, confirm that the information given is not in obvious contradiction
with any information obtained in the context of our appointment.
∙ We draw attention to the item “Important pending litigation and other
important obligations” in the notes to the accounts “5.13 Rights and obligations
not included in the balance sheet,” in which the Board of Directors
states that two important claims are outstanding against the Port
Authority. These represent large uncertainties, as the courts concerned
have not yet come to any decisions. Depending on the outcome of these
cases, they could have a large impact on the results and assets of the
company.
∙ Without prejudice to certain formal aspects of minor importance, the accounting
records are maintained and the financial statements have been
prepared in accordance with the applicable Belgian legal and regulatory
requirements.
∙ We do not have to report any transactions carried out or decisions made
in violation of the Articles of Association or the Companies Act, to which
port authorities are subject under the terms of art. 5 §2 of the Flemish
Community Decree of 2 March 1999. The proposed appropriation of the
results is in accordance with the law and the Articles of Association.
Antwerp, 1 April 2009
The Auditor
DELOITTE Bedrijfsrevisoren
BV o.v.v.e. CVBA
Represented by Piet Demeester
REPORT OF THE INDEPENDENT AUDITORS
FOR THE FINANCIAL YEAR ENDED
ON 31 DECEMBER 2008
SUBMITTED TO THE CITY COUNCIL
OF ANTWERP
Your Worships,
As required by law and the company’s Articles of Association, we are
pleased to report to you on the audit assignment which you have entrusted
to us. This report includes our opinion on the financial statements
together with the required additional comments and information.
Unqualified audit opinion on the financial statements
We have audited the annual accounts of Antwerp Port Authority for the
year ended 31 December 2008, prepared in accordance with Belgian
GAAP (generally accepted accounting principles), with the balance sheet
showing a total of 1,196,492 (000) EUR and the income statement showing
a profit for the year of 111,936 (000) EUR.
The Board of Directors of the company is responsible for the preparation
of the financial statements. This responsibility includes among other
things: designing, implementing and maintaining internal control relevant
to the preparation and fair presentation of 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.
Our responsibility is to express an opinion on these financial statements,
based on our audit. We have performed procedures to obtain audit evidence
about the amounts and disclosures in the financial statements.
The procedures selected depend on our 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, we have
considered internal control relevant to the company’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 company’s internal
control. We have assessed the basis of the accounting policies used, the
reasonableness of accounting estimates made by the company and the
presentation of the financial statements, taken as a whole. Finally, the
Board of Directors and responsible officers of the company have replied
to all our requests for explanations and information. We believe that
the audit evidence we have obtained provides a reasonable basis for
our opinion.
In our opinion, the financial statements as of 31 December 2008 give a
true and fair view of the company’s assets, liabilities, financial position
and results in accordance with the accounting principles applicable in
Belgium.
Additional explanations and information
The preparation and the assessment of the information that should be
included in the directors’ report and the company’s compliance with the
requirements of the Companies Code and its Articles of Association are
the responsibility of the Board of Directors, as does compliance by the
Port Authority with the Articles of Association, the relevant articles of
120 Annual Report 2008 121 Annual Accounts

the new municipal law and the Flemish Community Decree of 2 March
1999 concerning seaport management and policy.
Our responsibility is to include in our report the following additional
comments and information which do not change the scope of our audit
opinion on the financial statements:
∙ The directors’ report includes the information required by law and is
in agreement with the financial statements. However, we are unable to
express an opinion on the description of the principal risks and uncertainties
confronting the company, or on the status, future evolution, or
significant influence of certain factors on its future development. We can,
nevertheless, confirm that the information given is not in obvious contradiction
with any information obtained in the context of our appointment.
∙ We draw attention to the item “Important pending litigation and other
important obligations” in the notes to the accounts “5.13 Rights and obligations
not included in the balance sheet,” in which the Board of Directors
states that two important claims are outstanding against the Port
Authority. These represent large uncertainties, as the courts concerned
have not yet come to any decisions. Depending on the outcome of these
cases, they could have a large impact on the results and assets of the
company.
∙ Without prejudice to certain formal aspects of minor importance, the accounting
records are maintained and the financial statements have been
prepared in accordance with the applicable Belgian legal and regulatory
requirements.
∙ We do not have to report any transactions carried out or decisions made
in violation of the Articles of Association or the Companies Act, to which
port authorities are subject under the terms of art. 5 §2 of the Flemish
Community Decree of 2 March 1999. The proposed appropriation of the
results is in accordance with the law and the Articles of Association.
COLOPHON
The Annual Report is available in Dutch and English.
You can read it online or order a printed version from
Antwerp Port Authority, Communication Department.
PUBLISHER
Antwerp Port Authority
Port House
1 Entrepotkaai
2000 Antwerp
Belgium
T + 32 3 205 20 11
F + 32 3 205 20 28
E info@haven.antwerpen.be
www.portofantwerp.com
DESIGN AND LAYOUT
Catapult, Antwerp
PHotograPHY
Antwerp Port Authority
Jimmy Kets
Paper
Arctic the Volume, FSC certified
Antwerp, 1 April 2009
For the Independent Auditors
Ann Coolsaet
Antwerp City Councillor
Guy Lauwers
Antwerp City Councillor
122 Annual Report 2008

Representatives
abroad
Germany
Heinz Iffland
Taubenstrasse 87
46539 Dinslaken
Germany
T + 49 20 64 9 07 55
F + 49 20 64 9 07 55
E heinz.iffland@web.de
USA
Robert Klein
7428 Meadow Road
TX 75230 Dallas
USA
T +1 214 750 0884
F +1 214 722 0170
E Antwerp.Port.Authority_Klein@
earthlink.net
Eduard F. Dekkers
225 Rector Pl. 15B
10280 New York
USA
T +1 212 945 3782
F +1 212 945 7240
E isoeddy@aol.com
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Madeleine Onclinx
Avenida Ipiranga, 200 – Bloco D/202
01046-925 São Paulo
Brazil
T +55 11 3258 6214
F +55 11 3259 2698
E mto@nw.com.br
India
Raj Khalid
50 Manuel Gonsalves Road
Bandra, Mumbai 400050
India
E raj.khalid@haven.antwerpen.be
China
Jan Van der Borght
Suite F2, 25th Floor, Jun Yao Int Plaza
No. 789, Zhao Jia Bang Road
Shanghai 200032
China
T +86 21 5496 0376/8/9
F +86 21 5496 0375
E jan@you-qiao.com.cn