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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 2007 financial year 2006 financial year 2005
Operating income 302,281 287,749 276,310
Operating charges (214,521) (214,205) (251,207)
Operating profit 87,760 73,544 25,103
Financial proceeds 19,788 21,580 17,721
Financial charges (8,079) (10,282) (9,333)
Profit on ordinary activities 99,469 84,842 33,491
Extraordinary income 95 718 303
Extraordinary charges (351) (385) (74)
Profit before taxes 99,213 85,175 33,720
Taxes (32) (17) (7)
Profit for the financial year 99,181 85,158 33,713
The Port Authority made a profit of 99.2 million euros in 2007.
This result was achieved thanks to the fact that:
∙ turnover from practically all divisions of the company developed
positively thanks to the higher level of activity in the port;
∙ operational costs increased but in a reasonable proportion to
the increase in income.
97 Annual Acounts

Operating income
The various turnover categories are classified as follows:
Electricity 4.3 % Miscellaneous 0.5 %
Dock cranes 2.5 %
Floating cranes 0.8 %
Concessions and port charges 40.0 %
Shipping dues 33.8 %
Barge dues 3.2 %
Tugging 15.3 %
The variation in the different income categories over the past three years
is as follows:
The tugging department saw a rise in the level of its activity. The number
of tugging tasks increased by 7.3%, and the number of slings rose
further. Since fuel costs continued to rise in 2007 as in 2006, the bunker
surcharge also increased, leading to a further expansion in turnover.
The turnover for electricity remained almost the same, with only a very
slight decrease from 11.1 million to 10.9 million euros
After several years of strong growth, the turnover from mobile cranes
stabilised. As regards dock cranes, the turnover from mobile cranes
continued to grow and the share of rail cranes diminished further.
Turnover from floating cranes increased strongly in 2007 by 117% after
several years of decline, mostly because it was possible to conclude a
major new contract.
The other operating income amounted to 48.0 million euros in 2007,
compared with 46.9 million in 2006. This operating income consists
to a large extent of operational subsidies from the Flemish Region
(24.2 million euros in 2007 and 24.4 million in 2006). The subsidies are a
contribution towards the costs that the Port Authority incurs in carrying
out tasks that are actually incumbent upon the Flemish Region under
the terms of the Port Decree.
As in 2006, the other operating income in 2006 included the amounts
passed on for withholding tax on income from real estate and water
supplies, totalling 15.7 million euros.
Operating costs
The following chart shows a comparison of the various sub-categories.
The income from concessions is up by around 6%, due to a combination
of tariff increases and the sites in the Deurganck dock coming into
operation.
In the case of ship dues, the increased volume of activity led to an additional
3.5% in turnover. The income from barge dues also rose as a result
of the average size of barges increasing, both for internal movements and
for transit movements.
98 Annual Report 2007 99 Annual Acounts

Purchases of services and miscellaneous goods are up by
2.3 million euros, mainly for the following reasons:
∙ increased costs for dredging out commercial berths in tidal areas,
∙ increased costs for waste collection and treatment.
The personnel costs amounted to 97.6 million euros, compared with
95.1 million euros in 2006.
The wage costs rose by 3%, although the number of personnel remained
practically the same. The main reasons for the increase are as follows:
∙ the full impact in 2007 of the last index-linking in October 2006,
∙ the smaller effect of a higher average wage bracket.
The Pension Fund is still being wound up, and the Port Authority will
have to meet any deficit, or if there is a surplus it will benefit from a
liquidation bonus. Based on the current prospects for the liquidation,
however, no significant positive or negative consequences for the Port
Authority are expected.
The reserves have increased on balance by 13.7 million euros.
This balance is mainly determined by the need to build up further
environmental provisions.
The main components of the other operating charges are the withholding
tax on income from real estate and the tax on water supply points.
Assets
The amount of tangible and intangible assets has risen by 16.3 million
euros. The balance is made up as follows:
million euros
Investments + 55.5
Depreciation - 38.8
Decommissioning/revaluation - 0.3
The investments are made up mainly of the following components:
∙ investments in various docks (22.6 million euros)
∙ buildings (7.6 million euros)
∙ purchase of land (6.2 million euros)
∙ Roads (7.6 million euros).
Amounts receivable have risen by 11.4 million euros, since the “Other
amounts receivable” still include significant claims for collection of
operating subsidies for the Harbourmaster’s Office, under the terms
of the Port Decree. These amounts were received in 2008.
Thanks to the positive result overall and the positive cashflow for the
financial year, the short-term investments have risen from 72 million
to 89.7 million euros.
Financial result
The financial results has fallen due to lower amortisation of investment
grants. This is directly connected to the changes in depreciation
mentioned above.
Balance Sheet
The Balance Sheet is summarised in the table below.
(in EURO x 1,000) 31/12/2007 31/12/2006 31/12/2007 31/12/2006
Assets
Liabilities
I/III. Intangible/tangible assets 973,341 957,024 I. Capital 307,110 307,110
IV. Financial assets 617 787 III. Revaluation surplus 14,721 15,855
V. Receivables > 1 year 0 1,325 IV. Reserves 211,606 124,178
VI. Stocks 2,289 2,300 VI. Investment grants 286,525 297,859
VII. Receivables < 1 year 52,568 41,137 VII. Provisions 112,494 98,783
VIII. Investments 89,755 72,022 VIII. Amts payable > 1 year 69,499 128,445
IX. Liquid assets 5,978 6,373 IX. Amts payable < 1 year 95,407 84,075
X. Deferred charges and accrued income 3,393 6,092 X. Accrued charges and deferred income 30,579 30,755
Total 1,127,941 1,087,060 1,127,941 1,087,060
Liabilities
The capital and reserves have risen because out of the total net result of
99.2 million euros, 86.4 million was appropriated to capital and reserves
and 12.8 million was appropriated as profit to be paid out.
The increase in reserves is mainly due to further new reserves being set
aside for disputes and environmental obligations.
Because of the development in the Port Authority’s cash position
(see next page under Cashflow statement), long-term loans were repaid
where possible and financially advantageous, so that the long-term
loans have fallen from 128.4 million to 69.5 million euros.
The amounts payable within one year have risen, mainly due to an increase
in the current portion of debts together with a rise in the amounts
payable to suppliers. Like last year, the profit of 12.8 million euros to be
paid out has been included under the heading “Other debts.”
100 Annual Report 2007 101 Annual Acounts

Cashflow Statement
The cashflow is summarised in the table below. Note that for the first
time in several years, the income from operating cashflow is significantly
higher than the expenditure for investments and financing costs.
The auditors Deloitte Bedrijfsrevisoren, Mr. G. Lauwers and
Mrs. A. Coolsaet have approved the annual accounts without
qualification.
Antwerp, 13 May 2008
2007 2006 2005
Short-term investments and liquid assets at start of year 78,395 17,641 16,611
Cashflow generated from operating activities 134,900 111,996 136,545
Cashflow devoted to investment activities (52,341) (33,569) (47,457)
Cashflow devoted to financing activities/pensions (65,221) (17,673) (88,058)
Short-term investments and liquid assets at year end 95,733 78,395 17,641
For the Board of Directors
Eddy Bruyninckx
Managing Director
Marc Van Peel
Chairman of the Board
of Directors
The cashflow from operational activities has increased due to the negative
impact on working capital at the end of 2006, which in turn was due
to a decrease in short-term debts as a result of lower pension obligations.
The cashflow devoted to investment activities has risen due to large
investments in docks, buildings and roads.
The cashflow devoted to financial activities has risen, as a result of
debts being repaid where possible and financially advantageous.
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 regarding 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 regards the risks and uncertainties facing the Port Authorities,
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.
102 Annual Report 2007 103 Annual Acounts

Balance sheet (in euro)
liabilities
codes period preceding period
assets
codes period preceding period
fixed assets 20/28 973,957,195.66 957,810,420.56
Formation expenses (Toel. 1) 20
Intangible assets (Toel. 2) 21 954,688.97 77,692.16
Tangible assets (Toel. 3) 22/27 972,385,567.83 956,945,634.43
Land and buildings 22 839,011,977.58 848,358,501.21
Plant, machinery and equipment 23 55,850,541.54 56,359,062.46
Furniture and vehicles 24 27,920,237.58 30,730,909.83
Leasing and other similar rights 25 545,462.46 572,288.49
Other tangible assets 26 59,905.62 59,905.62
Assets under construction and advance payments 27 48,997,443.05 20,864,966.82
Financial assets (Toel. 4 & 5.1) 28 616,938.86 787,093.97
Affiliated enterprises (Toel. 4.1 & 14) 280/1 27,888.02 27,888.02
Participating interests 280 27,888.02 27,888.02
Amounts receivable 281
Other enterprises linked by
participating interests (Toel. 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 8,050.39 178,205.50
Shares 284 8,050.39 8,050.39
Amounts receivable and cash guarantees 285/8 170,155.11
current assets 29/58 153,983,413.88 129,249,286.50
Amounts receivable after more than one year 29 1,325,278.35
Trade debtors 290 1,325,278.35
Other amounts receivable 291
Stocks and contracts in progress 3 2,289,070.23 2,300,092.99
Stocks 30/36 2,289,070.23 2,300,092.99
Raw materials and consumables 30/31 2,289,070.23 2,300,092.99
Work in progress 32
Finished goods 33
Goods purchased for resale 34
Immovable property acquired or constructed for resale 35
Advance payments 36
Contracts in progress 37
Amounts receivable within one year 40/41 52,568,254.38 41,137,219.98
Trade debtors 40 23,871,869.29 20,347,458.03
Other amounts receivable 41 28,696,385.09 20,789,761.95
Investments (Toel. 6) 50/53 89,755,305.53 72,021,711.15
Own shares 50
Other investments and deposits 51/53 89,755,305.53 72,021,711.15
Cash at bank and in hand 54/58 5,977,436.37 6,373,160.49
Deferred charges and accrued income (Toel. 6) 490/1 3,393,347.37 6,091,823.54
total assets 20/58 1,127,940,609.54 1,087,059,707.06
capital and reserves 10/15 819,962,360.49 745,002,940.83
Capital (Toel. 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 surplus 12 14,721,191.75 15,855,389.71
Reserves 13 211,606,162.30 124,178,667.29
Legal reserve 130 24,015,907.40 14,097,797.12
Reserves not available for distribution 131 18,414,048.06 17,367,655.90
In respect of own shares held 1310
Other 1311 18,414,048.06 17,367,655.90
Untaxed reserves 132
Reserves available for distribution 133 169,176,206.84 92,713,214.27
Profit (loss) carried forward (+) (–) 14
Investments grants 15 286,525,314.70 297,859,192.09
Advance payment to partners
on distribution of net assets 19
provisions and deferred taxation 16 112,493,891.90 98,783,080.22
Provisions for liabilities and charges 160/5 112,493,891.90 98,783,080.22
Pensions and similar obligations 160
Taxation 161
Major repairs and maintenance 162 34,128,421.95 33,610,673.71
Other liabilities and charges (Toel. 8) 163/5 78,365,469.95 65,172,406.51
Deferred taxation 168
creditors 17/49 195,484,357.15 243,273,686.01
Amounts payable after more than one year (Toel. 9) 17 69,498,882.13 128,445,197.56
Financial debts 170/4 69,498,882.13 128,445,197.56
Subordinated loans 170
Unsubordinated debentures 171
Leasing and other similar obligations 172 149,773.43 219,962.63
Credit institutions 173 69,349,108.70 128,225,234.93
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 95,406,739.69 84,073,767.20
Current portion of amounts payable after
more than one year (Toel. 9) 42 16.164.620.09 9.639.378.83
Financial debts 43
Credit institutions 430/8
Other loans 439
Trade debts 44 39,834,744.07 34,947,863.82
Suppliers 440/4 39,834,744.07 34,947,863.82
Bills of exchange payable 441
Advances received on contracts in progress 46 1,386,000.00 1,386,000.00
Taxes, remuneration and social security (Toel. 9) 45 22,293,454.29 22,302,432.78
Taxes 450/3 1,609,823.76 1,604,701.49
Remuneration and social security 454/9 20,683,630.53 20,697,731.29
Other amounts payable 47/48 15,727,921.24 15,798,091.77
Accrued charges (Toel. 9) 492/3 30,578,735.33 30,754,721.25
total liabilities 10/49 1,127,940,609.54 1,087,059,707.06
104 Annual Report 2007 105 Annual Acounts

income statement (in euro)
codes period preceding period
Operating income 70/74 302,280,576.15 287,749,425.99
Turnover 70 252,608,572.05 238,678,742.15
Increase (decrease) in stocks of
finished goods, work and contracts
in progress (+)(–) 71
Produced fixed assets 72 1,673,809.40 2,093,046.39
Other operating income (Toel. 10) 74 47,998,194.70 46,977,637.45
Operating charges 60/64 214,520,849.99 214,205,001.14
Raw materials, consumables and goods for resale 60 4,105,174.61 3,584,034.87
Purchases 600/8 4,084,614.22 3,649,077.71
Decrease (increase) in stocks (+)(–) 609 20,560.39 -65,042.84
Services and other goods 61 45,616,985.89 43,227,319.90
Remuneration, social security costs and pensions (+)(–)
(Toel. 10) 62 97,651,787.81 95,108,538.69
Depreciation of and to other amounts written off
formation expenses, intangible and tangible
fixed assets 630 38,806,081.51 45,883,632.81
Increase (decrease) in amounts written off
stocks, contracts in progress and trade debtors (+)(–) 631/4 -1,407,253.76 161,364.89
Increase (decrease) in provisions for
liabilities and charges (Toel. 10) (+)(–) 635/7 13,710,811.68 10,452,019.44
Other operating charges (Toel. 10) 640/8 16,037,262.25 15,788,090.54
Operating charges capitalised as
reorganisation costs (–) 649
Operating profit (loss) (+)(–) 9901 87,759,726.16 73,544,424.85
Financial income 75 19,788,422.21 21,580,262.23
Income from financial fixed assets 750 472,708.82 479,772.44
Income from current assets 751 311,109.86 640,232.73
Other financial income (Toel. 11) 752/9 19,004,603.53 20,460,257.06
Financial charges 65 8,079,056.75 10,282,307.10
Interest and other debt charges 650 8,021,070.12 10,251,437.53
Write-downs of current assets other than stocks,
orders in progress and trade receivables –
new write-downs (write-backs) (+)(–) 651
Other financial charges 652/9 57,986.63 30,869.57
Profit (loss) on ordinary activities
before taxes (+)(–) 9902 99,469,091.62 84,842,379.98
codes period preceding period
Extraordinary income 76 95,314.46 718,452.09
Adjustments to depreciation of and
to other amounts written off intangible and
tangible fixed assets 760
Adjustments to amounts written off
financial fixed assets 761
Adjustments to provisions for extraordinary
liabilities and charges 762
Gain on disposal of fixed assets 763 95,314.46 718,452.09
Other extraordinary income 764/9
Extraordinary charges 66 351,019.30 385,643.19
Extraordinary depreciation of and extraordinary
amounts written off formation expenses,
intangible and tangible fixed assets 660
Amounts written off financial fixed assets 661
Provisions for extraordinary liabilities
and charges - Increase (decrease) (+)(–) 662
Loss on disposal of fixed assets 663 351,019.30 385,643.19
Other extraordinary charges 664/8
Extraordinary charges capitalised
as reorganisation costs (–) 669
Profits (Loss) for the period before taxes (+)(–) 9903 99,213,386.78 85,175,188.88
Transfer from deferred taxation 780
Transfer to deferred taxation 680
Income taxes (Toel. 12) (+)(–) 67/77 32,283.93 16,886.53
Income taxes 670/3 32,283.93 16,886.53
Adjustment of income taxes and write-back
of tax provisions 77
Profit (Loss) for the period (+)(–) 9904 99,181,102.85 85,158,302.35
Transfer from untaxed reserve 789
Transfer to untaxed reserve 689
Profit (Loss) for the period
available for appropriation (+)(–) 9905 99,181,102.85 85,158,302.35
106 Annual Report 2007 107 Annual Acounts

appropriation account
notes
codes period preceding period
Profit (Loss) to be appropriated (+)(–) 9906 99,181,102.85 85,158,302.35
Profit (Loss) for the period
available for appropriation (+)(–) (9905) 99,181,102.85 85,158,302.35
Profit (Loss) brought 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 86,381,102.85 72,358,302.35
From capital and share premium account 691
To legal reserve 6920 9,918,110.28 8,515,830.24
To other reserves 6921 76,462,992.57 63,842,472.11
Profit (Loss) to be carried forward (+)(–) (14)
Shareholders’ contribution in respect of losses 794
Distribution of profit 694/6 12,800,000.00 12,800,000.00
Dividends 694
Directors’ emoluments 695
Other allocations 696 12,800,000.00 12,800,000.00
2. statement OF INTANGIBLE ASSETS
2.2 concessions, patents, licences, know-how,
brand names and similar rights
codes period preceding period
Acquisition value at the end of the preceding period 8052P xxxxxxxxxxxx 704,505.05
Movements during the period
Acquisitions, including production of assets 8022 255,816.93
Disposals and retirals 8032
Transfers from one heading to another (+)(–) 8042 718,100.86
Acquisition value at the end of the period 8052 1,678,422.84
Depreciation and amounts written down
at the end of the preceding period 8122P xxxxxxxxxxxx 626,812.89
Movements during the period
Recorded 8072 96,920.98
Written back as excessive 8082
Acquisitions from third parties 8092
Written down as disposals and retirals 8102
Transfers from one heading to another (+)(–) 8112
Depreciation and amounts written down
at the end of the period 8122 723,733.87
Net book value at the end of the period 211 954,688.97
108 Annual Report 2007 109 Annual Acounts

3. statement OF TANGIBLE FIXED ASSETS
3.1 land and buildings
codes period preceding period
Acquisition cost at the end of the preceding period 8191P xxxxxxxxxxxx 1,150,378,976.08
Movements during the period
Acquisitions, including produced fixed assets 8161 7,030,672.32
Disposals and retirals 8171 5,809,820.52
Transfers from one heading to another (+)(–) 8181 15,896,127.38
Acquisition cost at the end of the preceding period 8191 1,167,495,955.26
Revaluation surpluses at the end
of the preceding period 8251P xxxxxxxxxxxx 24,027,526.72
Movements during the period
Recorded 8211
Acquisitions from third parties 8221
Reversals 8231 90,229.17
Transfers from one heading to another (+)(–) 8241
Revaluation surpluses at the end of the period 8251 23,937,297.55
Depreciation and amounts written down
at the end of the preceding period 8321P xxxxxxxxxxxx 326,048,001.59
Movements during the period
Recorded 8271 27,442,872.77
Written back as excessive 8281
Acquisitions from third parties 8291
Written down after disposals and retirals 8301 1,069,599,13
Transfers from one heading to another (+)(–) 8311
Depreciation and amounts written down
at the end of the period 8321 352,421,275.23
Net book value at the end of the period (22) 839,011,977.58
3.2 plant, machinery and equipment
codes period preceding period
Acquisition cost at the end of the preceding period 8192P xxxxxxxxxxxx 194,047,972.48
Movements during the period
Acquisitions, including produced fixed assets 8162 8,267,458.98
Disposals and retirals 8172 5,026,617.08
Transfers from one heading to another (+)(–) 8182 352,108.20
Acquisition cost at the end of the preceding period 8192 197,640,922.58
Revaluation surpluses at the end
of the preceding period 8252P xxxxxxxxxxxx 5,857,953.59
Movements during the period
Recorded 8212
Acquisitions from third parties 8222
Reversals 8232 288,269.17
Transfers from one heading to another (+)(–) 8242
Revaluation surpluses at the end of the period 8252 5,569,684.42
Depreciation and amounts written down
at the end of the preceding period 8322P xxxxxxxxxxxx 143,546,863.61
Movements during the period
Recorded 8272 7,559,548.89
Written back as excessive 8282
Acquisitions from third parties 8292
Written down after disposals and retirals 8302 3,746,347.04
Transfers from one heading to another (+)(–) 8312
Depreciation and amounts written down
at the end of the period 8322 147,360,065.46
Net book value at the end of the period (23) 55,850,541.54
110 Annual Report 2007 111 Annual Acounts

3.3 Furniture and vehicles
codes period preceding period
3.4 leasing and other similar rights
codes period preceding period
Acquisition cost at the end of the preceding period 8193P xxxxxxxxxxxx 71,783,481.32
Movements during the period
Acquisitions, including produced fixed assets 8163 879,420.89
Disposals and retirals 8173 796,672.65
Transfers from one heading to another (+)(–) 8183
Acquisition cost at the end of the preceding period 8193 71,866,229.56
Revaluation surpluses at the end
of the preceding period 8253P xxxxxxxxxxxx 3,200,075.16
Movements during the period
Recorded 8213
Acquisitions from third parties 8223
Reversals 8233 25,801.21
Transfers from one heading to another (+)(–) 8243
Revaluation surpluses at the end of the period 8253 3,174,273.95
Depreciation and amounts written down
at the end of the preceding period 8323P xxxxxxxxxxxx 44,252,646.65
Movements during the period
Recorded 8273 3,679,912.84
Written back as excessive 8283
Acquisitions from third parties 8293
Written down after disposals and retirals 8303 812,293.56
Transfers from one heading to another (+)(–) 8313
Depreciation and amounts written down
at the end of the period 8323 47,120,265.93
Acquisition cost at the end of the preceding period 8194P xxxxxxxxxxxx 813,382.95
Movements during the period
Acquisitions, including produced fixed assets 8164
Disposals and retirals 8174
Transfers from one heading to another (+)(–) 8184
Acquisition cost at the end of the period 8194 813,382.95
Revaluation surpluses at the end
of the preceding period 8254P xxxxxxxxxxxx 80,817.81
Movements during the period
Recorded 8214
Acquisitions from third parties 8224
Reversals 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 preceding period 8324P xxxxxxxxxxxx 321,912.27
Movements during the period
Recorded 8274 26,826.03
Written back as excessive 8284
Acquisitions from third parties 8294
Written down after disposals and retirals 8304
Transfers from one heading to another (+)(–) 8314
Depreciation and amounts written down
at the end of the period 8324 348,738.30
Net book value at the end of the period (24) 27,920,237.58
Net book value at the end of the period (25) 545,462.46
of which
Land and buildings 250 545,462.46
Plant, machinery and equipment 251
Furniture and vehicles 252
112 Annual Report 2007 113 Annual Acounts

3.5 other tangible fixed assets
codes period preceding period
3.6 assets under construction and prepayments
codes period preceding period
Acquisition cost at the end of the preceding period 8195P xxxxxxxxxxxx 59,905.62
Movements during the period
Acquisitions, including produced fixed assets 8165
Disposals and retirals 8175
Transfers from one heading to another (+)(–) 8185
Acquisition cost at the end of the period 8195 59,905.62
Revaluation surpluses at the end
of the preceding period 8255P xxxxxxxxxxxx
Movements during the period
Recorded 8215
Acquisitions from third parties 8225
Reversals 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 preceding period 8325P xxxxxxxxxxxx
Movements during the period
Recorded 8275
Written back as excessive 8285
Acquisitions from third parties 8295
Written down after disposals and retirals 8305
Transfers from one heading to another (+)(–) 8315
Depreciation and amounts written down
at the end of the period 8325
Acquisition cost at the end of the preceding period 8196P xxxxxxxxxxxx 20,864,966.82
Movements during the period
Acquisitions, including produced fixed assets 8166 45,682,904.83
Disposals and retirals 8176
Transfers from one heading to another (+)(–) 8186 -17,550,428.60
Acquisition cost at the end of the period 8196 48,997,443.05
Revaluation surpluses at the end
of the preceding period 8256P xxxxxxxxxxxx
Movements during the period
Recorded 8216
Acquisitions from third parties 8226
Reversals 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 preceding period 8326P xxxxxxxxxxxx
Movements during the period
Recorded 8276
Written back as excessive 8286
Acquisitions from third parties 8296
Written down after disposals and retirals 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) 48,997,443.05
114 Annual Report 2007 115 Annual Acounts

4. statement OF FINANCIAL FIXED ASSETS
4.1 affiliated enterprises – participating interests and shares
codes period preceding period
Acquisition cost at the end of the preceding period 8391P xxxxxxxxxxxx 55,776.04
Movements during the period
Acquisitions, including produced fixed assets 8361
Disposals and retirals 8371
Transfers from one heading to another (+)(–) 8381
Acquisition cost at the end of the period 8391 55,776.04
Revaluation surpluses at the end
of the preceding period 8451P xxxxxxxxxxxx
Movements during the period
Recorded 8411
Acquisitions from third parties 8421
Reversals 8431
Transfers from one heading to another (+)(–) 8441
Depreciation at the end of the preceding period 8521P xxxxxxxxxxxx 27,888.02
Movements during the period
Recorded 8471
Written back as excessive 8481
Acquisitions from third parties 8491
Written down after disposals and retirals 8501
Transfers from one heading to another (+)(–) 8511
Depreciation at the end of the period 8521 27,888.02
Uncalled amounts at the end of the preceding period 8551P xxxxxxxxxxxx
Movements during the period (+)(–) 8541
Uncalled amounts at the end of the period 8551
net book value at the end of the period (280) 27,888.02
associated companies -
amounts receivable
net book value at the end of the prec. period 281P xxxxxxxxxxxx
Movements during the period
Additions 8581
Reimbursements 8591
Value adjustment entries 8601
Reversed value adjustments 8611
Exchange differences (+)(–) 8621
Other movements (+)(–) 8631
net book value at the end of the prec. period (281)
accumulated amounts written off on amounts
receivable at the end of the period 8651
4.2 enterprises with participation – participating interests and shares
codes period preceding period
Acquisition cost at the end of the preceding period 8392P xxxxxxxxxxxx 2,338,812.45
Movements during the period
Acquisitions, including produced fixed assets 8362
Disposals and retirals 8372
Transfers from one heading to another (+)(–) 8382
Acquisition cost at the end of the period 8392 2,338,812.45
Revaluation surpluses at the end
of the preceding period 8452P xxxxxxxxxxxx
Movements during the period
Recorded 8412
Acquisitions from third parties 8422
Reversals 8432
Transfers from one heading to another (+)(–) 8442
Revaluation surpluses at the end of the period 8452
Depreciation at the end of the preceding period 8522P xxxxxxxxxxxx
Movements during the period
Recorded 8472
Written back as excessive 8482
Acquisitions from third parties 8492
Written down after disposals and retirals 8502
Transfers from one heading to another (+)(–) 8512
Depreciation at the end of the period 8522
Uncalled amounts at the end of the preceding 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 (282) 581,000.45
enterprises linked by participation -
amounts receivable
net book value at the end of the prec. period 283P xxxxxxxxxxxx
Movements during the period
Additions 8582
Reimbursements 8592
Value adjustment entries 8602
Reversed value adjustments 8612
Exchange differences (+)(–) 8622
Other movements (+)(–) 8632
net book value at the end of the prec. period (283)
accumulated amounts written off on amounts
receivable at the end of the period 8652
116 Annual Report 2007 117 Annual Acounts

4.3 other enterprises – participating interests and shares
codes period preceding period
Acquisition cost at the end of the preceding period 8393P xxxxxxxxxxxx 13,609.55
Movements during the period
Acquisitions, including produced fixed assets 8363
Disposals and retirals 8373
Transfers from one heading to another (+)(–) 8383
Acquisition cost at the end of the period 8393 13,609.55
Revaluation surpluses at the end
of the preceding period 8453P xxxxxxxxxxxx
Movements during the period
Recorded 8413
Acquisitions from third parties 8423
Reversals 8433
Transfers from one heading to another (+)(–) 8443
Revaluation surpluses at the end of the period 8453
Depreciation at the end of the preceding period 8523P xxxxxxxxxxxx
Movements during the period
Recorded 8473
Written back as excessive 8483
Acquisitions from third parties 8493
Written down after disposals and retirals 8503
Transfers from one heading to another (+)(–) 8513
5. information about the participations
5.1 participatinG INTERESTS AND OTHER RIGHTS
in OTHER ENTERPRISES
List of both enterprises in which the enterprise holds a participating interest (recorded in the headings 280 and 282 of the assets),
and other enterprises in which the enterprise holds rights (recorded in the headings 284 and 51/53 of the assets) in the amount
of at least 10% of the capital issued.
rights held by the enterprise
information from the most recent period
Name, full address directly subsidiaries CAPITAL and net
of the registered office number % % annual cur- reserves result
and v.a.t. number accounts rency (+) oR (–)
(in units)
Maatschappij voor het Grond- 31/12/2006 EUR 126,843,210 5,512,462
en Industrialisatiebeleid van het
Linkerscheldeoevergebied CVBA
Sluisgebouw
9120 Beveren-Waas
België
0223.944.690
1,875 37.50 0.00
Antwerp Port Consultancy NV 31/12/2006 EUR 27,306 -53,768
Entrepotkaai 1
2000 Antwerpen
België
0466.583.658
9 90.00 0.00
Depreciation at the end of the period 8523
Uncalled amounts at the end of the preceding 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 prec. period 285/8P xxxxxxxxxxxx 170,155.11
Movements during the year
Additions 8583
Additions (–) 8593 170,155.11
Write-downs 8603
Write-back of write-downs 8613
Exchange rate differences (+)(–) 8623
Other (+)(–) 8633
Net book value at the end of the period (285/8)
Cumulative write-down of accounts
receivable at the end of the period 8653
118 Annual Report 2007 119 Annual Acounts

6. other cash INVESTMENTS, DEFERRED CHARGES AND ACCRUED INCOME
other cash INVESTMENTS
codes period preceding period
Shares 51 67,620,305.53 64,657,711.15
book value increased with the
uncalled amount 8681 67,620,305.53 64,657,711.15
Uncalled amount 8682
7. statement OF CAPITAL and the shareholder structure
statement OF CAPITAL
codes period preceding period
Capital
Issued capital at the end of the preceding 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
Term deposits with credit institutions 53 22,135,000.00 7,364,000.00
Falling due
less or equal to one month 8686
between one month and one year 8687 22,135,000.00 7,364,000.00
more than one year 8688
Other investments not included in the above 8689
Movements 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
To bearer 8703 xxxxxxxxxxxx
deFERRED CHARGES AND ACCRUED INCOME
period
uncalled
called, but
codes amount unpaid amount
Analysis of heading 490/1 of assets
if the amount is significant
Wages January 2008 2,414,449.14
Other revenue to be received 614,136.00
Other 364,762.23
Uncalled capital
Uncalled capital (101) xxxxxxxxxxxx
Called, but unpaid capital 8712 xxxxxxxxxxxx
Shareholders having yet to pay up in full
TOTAL deferred charges and accrued inCOME 3,393,347.37
8. provisions FOR OTHER LIABILITIES AND CHARGES
analysis of heading 163/5 of liabilities
if the amount is significant
period
Pending litigations and risks 11,734,994.61
Environment 58,934,579.60
Social plans for personnel 2,395,756.56
Other 5,300,139.18
total provisions for other
liabilities and charges 78,365,469.95
120 Annual Report 2007 121 Annual Acounts

9. statement OF AMOUNTS PAYABLE
analysis by current portions of amounts initially payable
after more than one year according to their remaining period
codes
period
Amounts payable not more than one year
Financial debts 8801 16,164,620.09
Subordinated loans 8811
Unsubordinated debentures 8821
Leasing and other similar obligations 8831 70,189.20
Credit institutions 8841 16,094,430.89
Other loans 8851
Trade debts 8861
Suppliers 8871
Bills of exchange payable 8881
Advances received on contracts in progress 8891
Other amounts payable 8901
total amounts payable within one year (42) 16,164,620.09
Amounts payable between one and five years
Financial debts 8802 41,665,003.79
Subordinated loans 8812
Unsubordinated debentures 8822
Leasing and other similar obligations 8832 149,773.43
Credit institutions 8842 41,515,230.36
Other loans 8852
Trade debts 8862
Suppliers 8872
Bills of exchange payable 8882
Advances 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 1,609,823.76
Estimated taxes payable 450
Remuneration and social security (heading 454/9 of liabilities)
Amounts due to National Office of Social Security 9076
Other amounts payable relating to remuneration and social security 9077 20,683,630.53
accrued charges
period
Analysis of heading 492/3 of liabilities
if the amount is significant
Deferred income long-term contract 3,534,548.54
Invoicing concessions 1st quarter 2008 25,146,224.95
Other 1,897,961.84
TOTAL accrued charges 30,578,735.33
TOTAL amounts payable between one and five yEARS 8912 41,665,003.79
Amounts payable over five years
Financial debts 8803 27,833,878.34
Subordinated loans 8813
Unsubordinated debentures 8823
Leasing and other similar obligations 8833
Credit institutions 8843 27,833,878.34
Other loans 8853
Trade debts 8863
Suppliers 8873
Bills of exchange payable 8883
Advances received on contracts in progress 8893
Other amounts payable 8903
TOTAL amounts payable over five years 8913 27,833,878.34
122 Annual Report 2007 123 Annual Acounts

10. operating results
operating income
codes period preceding period
11. Financial and exceptional results
Financial result
codes period preceding period
net turnover
breakdown according to type of company
breakdown according to geographical market
Other operating income
The total amount of subsidies and compensatory
amounts obtained from public authorities 740 26,178,116.00 24,779,593.06
Other financial income
Amount of subsidies granted by public authorities,
credited to income for the period
Capital subsidies 9125 14,288,392.38 16,744,615.31
Interest subsidies 9126
Detail of other financial income classified
under this heading, if material
Surplus to current assets 2,397,952.74 368,847.94
Interest swap 2,313,669.41 3,341,007.35
operating costs
codes period preceding period
full breakdown of other
financial income 4,711,622.15 3,709,855.29
Employees recorded in the personnel register
Total number at the closing date 9086 1,637 1,647
Average number of employees
in full-time equivalents 9087 1,640.0 1,646.5
number of actual working hours 9088 2,274,786 3,149,751
Personnel charges
Remuneration and direct social benefits 620 68,337,140.17 67,354,560.44
Employers’ contribution for social security 621 23,462,546.74 22,384,152.57
Employers’ premium for extra statutory insurance 622 906,014.37 727,326.33
Other personnel charges 623 4,946,086.53 4,675,348.35
Pensions 624 -32,849.00
Provision for pensions
new provision (utilisation and write-backs) (+)(–) 635
Amounts written off
Stocks and contracts in progress
Recorded 9110 496,486.32
Written back 9111 9,537.63
Trade debtors
Recorded 9112
Written back 9113 1,397,716.13 335,121.43
Provisions for liabilities and charges
Increases 9115 23,179,280.34 15,736,516.92
Decreases 9116 9,468,468.66 5,284,497.48
Other operating charges
Taxes related to operations 640 10,575,776.54 10,447,646.80
Other charges 641/8 5,461,485.71 5,340,443.74
Temporary personnel and persons placed
at the disposal of the enterprise
Total number at the closing date 9096 2 2
Average number of employees
in full-time equivalents 9097 1.5 4.0
number of actual working hours 9098 2,922 7,970
Charges to the enterprise 617 90,171.93 233,102.93
12. taxes and duties
income taxes
codes
period
Income taxes of the current period 9134 32,283.93
Taxes and withholding taxes due or paid 9135 32,283.93
Excess of income tax prepayments and
withholding taxes capitalised 9136
Estimated additional charges for income taxes 9137
Taxes on the results of previous financial years 9138
Supplementary taxes owed or paid 9139
Estimated supplementary taxes or taxes for which
provisions have been made 9140
Main reasons for differences between profit before tax
and the estimated taxable profit
The Antwerp Port Authority is not subject to corporate
taxation but to legal entity taxation
value added tax and
taXES BORNE BY THIRD parties
codes period preceding period
The total amount of value added tax, turnover taxes
and special taxes charged during the period
To the enterprise (deductible) 9145 25,701,764.00 17,093,309.81
by the enterprise 9146 32,170,902.86 14,884,662.87
Amounts retained on behalf of third parties for
Payroll withholding taxes 9147 20,222,588.13 20,132,190.12
Withholding taxes on investment income 9148
124 Annual Report 2007 125 Annual Acounts

13. materials and securities held by third parties in their own name,
but for the benefit and at the risk of the company,
to the extent that these are not included in the balance sheet
codes
period
Instructions given for purchase of fixed assets 54,532,528.00
important pending litigation and other significant obligations
14. relationships WITH AFFILIATED ENTERPRISES
and ENTERPRISES LINKED BY PARTICIPATING INTERESTS
codes period preceding period
Financial fixed assets (280/1) 27,888.02 27,888.02
Shares (280) 27,888.02 27,888.02
Subordinated claims 9271
Other claims 9281
Amounts receivable 9291 121,723.69
After one year 9301
Within one year 9311 121,723.69
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.
companies in which there is a participatory interest
codes period preceding period
Financial fixed assets (282/3) 581,000.45 581,000.45
Shares (282) 581,000.45 581,000.45
Subordinated claims 9272
Other claims 9282
15. Financial relations with the auditor(s)
and persons connected with them
codes
period
where applicable, a brief description of the arrangements for
supplementary retirement or survival pensions for management
personnel or other members of personnel, stating the measures
that have been taken and the resulting costs to be covered
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.”
Auditors’ fees 9505 23,760.00
Payment for exceptional or special activities
carried out within the company by persons
connected with the auditor(s)
Other auditing tasks 95081 4,040.00
Tax consulting 95082
Other tasks outside the normal scope
of the auditor’s duties 95083 8,910.00
126 Annual Report 2007 127 Annual Acounts

Social report
Numbers of the parity committees that apply to the company: 100
statement of the persons employed
Employees recorded in the personnel register
full-time part-time total (T) or total (T) or
During the period and total in full-time total in full-time
the preceding period equivalents (fTE) equivalents (fTE)
codes (period) (period) (period) (preceding period)
Average number of employees 100 1,635.0 10.0 1,640.0 (VTE) 1,646.5 (VTE)
number of actual
working hours 101 2,265,445 9,341 2,274,786 (T) 3,149,751 (T)
Personnel charges 102 97,302,332.58 349,455.23 97,651,787.81 (T) 95,141,387.69 (T)
Amount of the benefits
in addition to wages 103 xxxxxxxxxx xxxxxxxxxxx (T) (T)
As 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 1,627 10 1,632.0
By nature of the employment contract
Contract of unlimited duration 110 1,617 7 1,620.5
Contract of limited duration 111 5 1 5.5
Contract regarding a specific work 112
Contract regarding substitution 113 5 2 6.0
By sex
Male 120 1,401 4 1,403.0
Female 121 226 6 229.0
By professional category
Management personnel 130 9 9.0
Employees 134 852 8 856.0
Workers 132 766 2 767.0
Other 133
Temporary personnel and persons placed at the disposal of the enterprise
temporary personnel placed
During the period personnel at the disposal
codes
of the enterprise
Average number of personnel employed 150 1.5
number of actual working hours 151 2,922
Charges to the enterprise 152 90,171.93
LIST OF PERSONNEL MOVEMENTS DURING THE FINANCIAL period
Entrants
full-time part-time total in full-time
CODES
Equivalents
Number of employed persons recorded in
the personnel register during the period 205 91 1 91,5
By nature of the employment contract
Contract of unlimited duration 210 83 83,0
Contract of limited duration 211 3 3,0
Contract regarding a specific work 212
Contract regarding substitution 213 5 1 5,5
By sex and level of education
Male:
Primary education 220 44 44,0
Secondary education 221 19 19,0
higher non-university education 222 3 3,0
University education 223 6 6,0
Female:
Primary education 230 7 7,0
Secondary education 231 5 1 5,5
higher non-university education 232 1 1,0
University education 233 6 6,0
Leavers
full-time part-time total in full-time
CODES
Equivalents
Number of employed persons of which the date of
termination of the contracts has been recorded in
the personnel register during the period 305 100 2 101.0
By nature of the employment contract
Contract of unlimited duration 310 93 2 94.0
Contract of limited duration 311 3 3.0
Contract regarding a specific work 312
Contract regarding substitution 313 4 4.0
By sex and level of education
Male:
Primary education 320 11 11.0
Secondary education 321 58 58.0
higher non-university education 322 4 4.0
University education 323 7 1 7.5
Female:
Primary education 330 2 1 2.5
Secondary education 331 15 15.0
higher non-university education 332 1 1.0
University education 333 2 2.0
By reason of termination of contract
Pension 340 47 47.0
Prepension 341
Dismissal 342 9 9.0
Other reason 343 44 2 45.0
Of which: number of former employees who continued
rendering services to the enterprise at least on a
part-time basis in the capacity of self-employed person 350
128 Annual Report 2007 129 Annual Acounts

STATEMENT OF USE MADE OF MEASURES TO PROMOTE
EMPLOYMENT DURING THE period
Measures to promote employment
N o nO. of employees concernED AMOUnt of
in full-tiME
Financial
CODES number equivalenTS BEnefit
Measures with financial benefit*
Special career plan (to encourage hiring
of job seekers belonging to risk groups) 414 15 14.5 26,174.98
Conventional half-time bridge pensions 411
Full career break 412
Reduction in working hours
(partial career break) 413
Social Maribel 415
Structural reduction in social security 416
Throughput programmes 417
Service jobs 418
On-the-job training contract 503
Apprenticeship contract 504
Initial employment contract 419
Other measures
young person’s training course 502
Successive contracts of employment
for a certain time 505
Conventional bridge pensions 506
Reduction in social security contributions
for low-wage employees 507
No. of employees involved in one or more
measures for promoting employment
Total for the period 550 15 14.5
Total for the preceding period 550P 11 11.0
INFORMATION ON VOCATIONAL TRAINING FOR EMPLOYED PERSONS DURING THE PERIOD
Total of training initiatives
at the expense of the employer codes men codes women
Number of employees 5801 442 5811 105
number of training hours 5802 4,565 5812 1,185
Charges to enterprise 5803 169,170.00 5813 70,278.00
* Financial benefit for the employer in respect of the jobholder or the latter’s.
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 an 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 revalued acquisition value of the investments,
according to the following depreciation percentages:
130 Annual Report 2007 131 Annual Acounts

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 %
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 %
Mobile cranes 6.67 %
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.
132 Annual Report 2007 133 Annual Acounts

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 32 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.
134 Annual Report 2007 135 Annual Acounts

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 1.6 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 Regions 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.
136 Annual Report 2007 137 Annual Acounts

Other notes
In the Social Report the following changes have been made with respect
to the previous financial year:
Code 101: Only “productive” hours are now mentioned, whereas
previously the total number of paid hours was mentioned
(i.e. including holidays, days off for illness etc.).
Code 130: In previous years, members of personnel on wage scale 1
were mentioned, whereas this year a stricter definition has been
adopted, on the basis of management positions.
REPORT BY THE STATUTORY AUDITOR
FOR THE FINANCIAL YEAR CLOSED
ON 31 DECEMBER 2007
SUBMITTED TO THE CITY COUNCIL
OF ANTWERP
Auditor’s report to Antwerp City Council on the financial statements
for the year ended on 31 December 2006.
Your Worships,
In accordance with the legislation and the Articles of Association,
we hereby report on the completion of the auditing task that you have
entrusted to us. This report contains our opinion on the financial
statements, together with the required additional explanations
and information.
Unqualified audit opinion on the financial statements
We have audited the annual accounts of Antwerp Port Authority for
the financial year ended on 31 December 2006, drawn up on the basis
of Belgian GAAP (generally accepted accounting practices), with the
balance sheet showing a total of 1,127,941 (000) euros and the income
statement showing a profit for the financial year of 99,181 (000) euros.
Drawing up the annual accounts falls under the responsibility of the
board of directors. This responsibility includes among other things:
designing, implementing and maintaining the system of internal controls
for drawing up and faithfully presenting the financial statements so that
these do not contain any anomalies of material importance as a result
of fraud or error; choosing and applying the accounting principles;
and making the accounting estimates which can be considered
reasonable under the circumstances.
It is our responsibility to express an opinion on these financial statements,
on the basis of the checks carried out by us. Our audit of the annual
accounts was carried out in accordance with the legal requirements
and auditing standards applicable within Belgium, as published by the
“Instituut der Bedrijfsrevisoren.” These auditing standards demand that
our audit should be organised and carried out so as to give a reasonable
degree of certainty that the annual accounts do not contain any anomalies
of material importance.
In accordance with these auditing standards, we carried out checks to
obtain verification of the amounts and comments in the financial statements.
The choice of these checks depends on our judgement, which in
turn is based on an assessment of the risk of the financial statements
containing anomalies of material importance as a result or fraud or error.
In making this risk assessment we take into account the company’s
existing internal controls for drawing up and faithfully presenting the
financial statements, so as to determine the most appropriate checks,
but not to form an opinion of the effectiveness of the company’s internal
controls. We also formed an opinion of the appropriateness of the
accounting principles, the reasonableness of the accounting estimates
made by the company, and the presentation of the financial statements
138 Annual Report 2007 139 Annual Acounts

as a whole. Finally, we obtained the necessary explanations and information
from the board of directors and the company managers, for us to
carry out our checks. We believe that the checking information obtained
by us provides a reasonable basis for our opinion.
In our opinion, the financial statements closed on 31 December 2007
give an accurate picture of the assets, the financial position and the
results of the company, in accordance with generally accepted accounting
standards within Belgium.
Additional explanations and information
Selecting the contents of the Directors’ Report and drawing it up falls
under 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.
It is our responsibility to mention the following additional explanations
and information in our report, which however do not affect the scope of
our opinion on the financial statements:
∙ The Directors’ Report contains the information required by law and is
consistent with the financial statements. However, we cannot pronounce
on the description of the main risks and uncertainties facing the company,
nor on the company’s position, its foreseeable development or the
significant impact of certain facts on its future development. On the
other hand, we can confirm that the data provided do not show any
obvious inconsistencies with the information available to us in carrying
out our task.
∙ 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, 14 May 2008
The Auditor
DELOITTE Bedrijfsrevisoren
BV o.v.v.e. CVBA
Represented by Piet Demeester
REPORT BY THE BOARD OF AUDITORS
FOR THE FINANCIAL YEAR CLOSED
ON 31 DECEMBER 2007
SUBMITTED TO THE CITY COUNCIL
OF ANTWERP
Report of the Independent Auditors for the financial year ended
31 December 2002 submitted to the City Council of Antwerp,
on the financial statements of the Antwerp Port Authority
Your Worships,
In accordance with the legislation and the Articles of Association,
we hereby report on the completion of the auditing task that you
have entrusted to us. This report contains our opinion on the financial
statements, together with the required additional explanations and
information.
Unqualified audit opinion on the financial statements
We have audited the annual accounts of Antwerp Port Authority for the
financial year ended on 31 December 2006, drawn up on the basis of Belgian
GAAP (generally accepted accounting practices), with the balance
sheet showing a total of 1,127,941 (000) euros and the income statement
showing a profit for the financial year of 99,181 (000) euros.
Drawing up the annual accounts falls under the responsibility of the
board of directors. This responsibility includes among other things:
designing, implementing and maintaining the system of internal controls
for drawing up and faithfully presenting the financial statements so that
these do not contain any anomalies of material importance as a result
of fraud or error; choosing and applying the accounting principles; and
making the accounting estimates which can be considered reasonable
under the circumstances.
It is our responsibility to express an opinion on these financial statements,
on the basis of the checks carried out by us. We have therefore
carried out checks to obtain verification of the amounts and comments
in the financial statements. The choice of these checks depends on our
judgement, which in turn is based on an assessment of the risk of the
financial statements containing anomalies of material importance as a
result or fraud or error. In making this risk assessment we take into account
the company’s existing internal controls for drawing up and faithfully
presenting the financial statements, so as to determine the most
appropriate checks, but not to form an opinion of the effectiveness of the
company’s internal controls. We also formed an opinion of the appropriateness
of the accounting principles, the reasonableness of the accounting
estimates made by the company, and the presentation of the financial
statements as a whole. Finally, we obtained the necessary explanations
and information from the board of directors and the company managers,
for us to carry out our checks. We believe that the checking information
obtained by us provides a reasonable basis for our opinion.
In our opinion, the financial statements closed on 31 December 2007 give
an accurate picture of the assets, the financial position and the results of
the company, in accordance with generally accepted accounting standards
within Belgium.
140 Annual Report 2007 141 Annual Acounts

Additional explanations and information
Selecting the contents of the Directors’ Report and drawing it up falls
under 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.
It is our responsibility to mention the following additional explanations
and information in our report, which however do not affect the scope of
our opinion on the financial statements:
∙ The Directors’ Report contains the information required by law and is
consistent with the financial statements. However, we cannot pronounce
on the description of the main risks and uncertainties facing the company,
nor on the company’s position, its foreseeable development or the
significant impact of certain facts on its future development. On the other
hand, we can confirm that the data provided do not show any obvious
inconsistencies with the information available to us in carrying out
our task.
∙ 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.
impressum
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
Entrepotkaai 1
B–2000 Antwerp
Belgium
T + 32 (0)3 205 20 11
F + 32 (0)3 205 20 28
E info@haven.antwerpen.be
www.portofantwerp.com
DESIGN AND LAYOUT
Catapult, Antwerp
FONTS
ITC Franklin Gothic Std
Glypha LT Std
PHotograPHY
Antwerp Port Authority
Catapult
Jimmy Kets
Thomas Vanhaute
PRINTING
Bema Graphics, Wommelgem
Antwerp, 21 May 2008
For the Independent Auditors
Ann Coolsaet
Antwerp City Councillor
Guy Lauwers
Antwerp City Councillor
FINISHING
Grafisch Afwerkcentrum Breda, Breda (Netherlands)
Paper
Arctic the Volume, FSC - certified
Reprobank
Olin, FSC - certified
142 Annual Report 2007 143

Representatives
abroad
Germany
Heinz Iffland
Taubenstrasse 87
46539 Dinslaken
Deutschland
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
Brazil
Madeleine Onclinx
Avenida Ipiranga, 200 – Bloco D/202
01046-925 São Paulo
Brasil
T +55 11 3258 6214
F +55 11 3259 2698
E mto@nw.com.br
Austria
Klaus Hagen
Haraldweg 24
9021 Klagenfurt
Österreich
T +43 463 50 96 50
F +43 463 50 96 50
E klaus.hagen@chello.at
India
Raj Khalid
50 Manuel Gonsalves Road
Bandra, Mumbai 400050
India
E Raj.khalid@haven.antwerpen.be