Economic importance of the Flemish maritime ports: Report 2002

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4.1.5 Financial ratios (private companies)By clusterTABLE 13RATIOS BY CLUSTERClustersReturn on equity after tax(in p.c.)Liquidity in broad senseSolvency(in p.c.)2000 2001 2002 2000 2001 2002 2000 2001 2002Maritime cluster................. 8.3 2.4 5.7 0.9 0.9 0.9 33.9 35.7 40.5Non-maritime clusterWholesale trade............... - 1.7 5.0 - 3.9 1.2 1.1 1.1 24.3 25.9 24.3Industry ............................ 11.5 5.1 14.5 0.6 0.7 0.3 29.1 32.7 31.8Logistics services ............ 2.6 3.8 3.3 4.0 5.0 6.1 80.7 82.3 85.2Transport ......................... - 6.5 - 7.6 - 15.5 0.9 1.0 0.9 33.6 31.4 25.9Weighted average ............. 5.3 3.8 7.4 1.2 1.4 0.9 48.3 50.9 47.4Source: NBB.• Of the clusters shown in table 13, it is the industry segment which produced the best result with regard toprofitability (return on equity), with the sectors benefiting most widely in 2002 shown in table 14. On theother hand, margins were reduced further in the transport segment, which showed a significant fall in itsfinancial profitability. Helped by industry's excellent result, the average profitability of companies attachedto the port of Antwerp rose from 3.8 p.c. in 2001 to 7.4 p.c. in 2002;• The liquidity of companies at the port of Antwerp fell in 2002, a trend largely attributable to the industrysegment, whose ratio was halved. The average net working capital for industry therefore producednegative values. Table 14 presents some special circumstances which explain this phenomenon. Theother segments did not exhibit similar falls. With regard to logistics services (coordination centres here),whose liquidity is by far the highest, the capacity to honour short-term commitments continued to rise;• The solvency of the Antwerp companies in the study worsened slightly in 2002: a marginal decline wasobserved in industry, in addition to those noted in wholesale trade and transport. The trend wasmoderated by an improvement in this ratio in the maritime cluster and logistics services.By sector• The significant rise in profitability of companies dependent on the port of Antwerp is attributableparticularly to the industry segment (table 13). The most remarkable rises were recorded in thechemicals and energy industries and, to a lesser extent, the food industry. It was in fact in 2002 thatchemical companies, such as 3M Belgium and Borealis Polymers, started to see significant profits again,of 9.8 and 30.9 million euro respectively. For the maritime cluster, the rise was in large part attributableto the shipping agents and forwarders;• The decline in liquidity in 2002, which was particularly noticeable in industry, resulted from a sharp dropin this ratio in the oil industry. This is explained by a sharp rise in Exxonmobil Petroleum & Chemical'sshort-term debts (takeover of Exxon Diegem), which in 2002 exceeded the restricted current assets.Production by this company also increased sharply in the course of the year, helped by the good resultsof 2001. Note should also be taken in this industry of the investment agreed with Petroplus RefiningAntwerp (transfer of current assets to fixed assets). The car manufacturing and the other industries didnot exhibit any significant decline;• With regard to solvency, the slight decline observed in 2002 in industry was seen mainly in the chemicalsand car manufacturing industries. In the former sector, for example, the solvency ratio of AtofinaAntwerpen fell from 13.1 to 10.9 p.c. and Speciality Polymers Antwerp from 44.4 to 35.9 p.c. For the firstcompany, this related to a drop in its equity capital (from 34.1 million euro in 2001 to 27.6 million euro in2002) in the course of this year in which it invested 67.6 million euro in new plant. For the secondcompany, there was a significant increase in short-term debt (which rose in one year from 25.8 to36.4 million euro) due to fixed assets under construction and advance payments made which increasedfrom 4.5 to 22.7 million euro. In the car manufacturing it was G.M. Automotive Services and Opel30 NBB WORKING PAPER No.56 - JUNE 2004
Belgium, in the case of the latter following an increase in its contingency and loss provision, whichshowed the most significant falls.TABLE 14RATIOS BY SECTORSectorsReturn on equity after tax(in p.c.)Liquidity in broad senseSolvency(in p.c.)2000 2001 2002 2000 2001 2002 2000 2001 2002Shipping agents and forwarders 10.0 12.2 21.2 1.0 1.0 1.0 24.8 24.9 25.2Cargo handlers .......................... 9.7 2.4 1.7 1.1 1.0 0.9 43.1 46.2 47.8Shipping companies .................. 7.0 - 2.8 4.3 0.7 0.7 1.0 32.4 30.0 46.5Road transport ........................... 2.2 10.8 6.7 1.0 1.1 1.1 18.9 23.3 24.6Other services............................ 2.3 3.6 2.8 3.2 3.7 4.1 74.3 75.9 77.5Energy........................................ 19.0 17.4 21.6 0.7 0.9 1.5 42.2 39.1 38.5Oil industry................................. 39.3 29.4 22.9 0.7 0.7 0.1 15.3 14.1 29.0Chemicals .................................. 6.4 1.2 5.3 0.6 0.6 0.6 33.8 38.2 36.0Shipbuilding and repair.............. 9.6 18.0 - 11.7 1.1 1.2 1.2 18.6 23.3 19.7Car manufacturing ..................... 2.8 11.8 - 1.8 0.6 1.2 1.1 14.5 16.7 14.4Electronics ................................. - 4.9 - 9.7 8.4 0.9 0.8 0.7 7.1 9.9 11.0Metal-working industry............... 13.2 3.9 - 7.7 1.1 1.1 1.2 21.6 22.7 22.2Fishing ....................................... 8.1 - 5.0 - 10.1 1.0 1.1 0.9 32.5 35.3 36.0Food industry ............................. - 3.9 - 15.3 12.5 0.9 0.8 0.9 27.9 28.5 33.2Other industries ......................... 5.6 6.4 5.9 0.9 0.9 0.8 38.9 35.5 34.0Public sector .............................. n. n. n. n. n. n. n. n. n.Weighted average .................... 5.3 3.8 7.4 1.2 1.4 0.9 48.3 50.9 47.4Source: NBB.4.1.6 Cargo traffic at the port of Antwerp in 2002SummaryTable 15Antwerp(thousands of tonnes)Unloaded Loaded 2002 total 2001- 2002 change(in p.c.)2002 share(in p.c.)Containers................ 21,455 31,562 53,017 14.2 40.3Roll-on/roll-off........... 2,906 2,931 5,837 - 2.6 4.4Other general cargo. 6,001 8,482 14,483 - 9.1 11.0Liquid bulk................ 22,885 9,110 31,995 - 7.1 24.3Dry bulk.................... 19,348 6,950 26,298 - 3.6 20.0Total......................... 72,595 59,035 131,630 + 1.2 100.0Source: Vlaamse Havencommissie Annual Report 2002.From 1998 to 2002, traffic at Antwerp increased on average by 2.5 p.c. per annum. In 2002, like it was for the VAat the port (see above), good figures were recorded in line with those of 2000. With an absolute record of131.6 million tonnes for transhipment of goods (a figure which was topped again in 2003) it passed the 130 milliontonne mark for the third consecutive year. In spite of falls recorded in bulk traffic, particularly in crude oil, oilderivatives, general cargo and Ro-Ro, container traffic continued to grow in 2002. This year also saw a growth of14.2 p.c. (table 15), higher than that recorded the preceding year (+ 4.2 p.c.). The trend in transhipment of nonferrousmetals (+ 17.7 p.c.), fruit (+ 4.6 p.c.) and rolling material (+ 12.8 p.c.) is also rising.For those interested additional information on cargo traffic at the port of Antwerp in 2002 is presented in table 66of annex 8, by categories of goods.NBB WORKING PAPER No. 56 - JUNE 2004 31
Page 3: AbstractThis paper provides an exte
Page 8 and 9: conditions than those in Europe in
Page 10 and 11: 1 INTERNATIONAL CONTEXTIn 2002 the
Page 12 and 13: average 41.1 p.c. of the traffic in
Page 14 and 15: The study goes on to describe some
Page 16 and 17: 3.1.2 Changes in indirect VAAs poin
Page 18 and 19: 3.3 Comparison of change in value a
Page 20 and 21: 3.5.1 Contract type and human resou
Page 22 and 23: GRAPH 4TOTAL NUMBER OF STAFF EMPLOY
Page 24 and 25: as a whole (0.8 p.c. in 2002). Desp
Page 26 and 27: • A slight decline in solvency wa
Page 28 and 29: 4.1.2 Value addedTABLE 7 SUMMARY OF
Page 30 and 31: • The car manufacturing rose by 4
Page 32 and 33: TABLE 9 SUMMARY OF CHANGES IN EMPLO
Page 34 and 35: TABLE 11 SUMMARY OF CHANGES IN INVE
Page 38 and 39: 4.2 Port of Ghent4.2.1 Significant
Page 40 and 41: TABLE 16 SUMMARY OF CHANGES IN VALU
Page 42 and 43: 4.2.3 Salaried employmentTABLE 18 S
Page 44 and 45: At the port of Ghent, the major cha
Page 46 and 47: investments was seen (+ 26.9 p.c.),
Page 48 and 49: Binnenvaart Bulk en Container Trans
Page 50 and 51: 4.3 Port of Ostend4.3.1 Significant
Page 52 and 53: TABLE 25 SUMMARY OF THE CHANGES IN
Page 56 and 57: Changes by sector in direct effects
Page 58 and 59: continued in 2002. Hence, investmen
Page 60 and 61: TABLE 32RATIOS BY SECTORSectorsRetu
Page 62 and 63: 4.4 Port of Zeebrugge4.4.1 Signific
Page 64 and 65: TABLE 34(continued)SUMMARY OF THE C
Page 68 and 69: • Following two good years for th
Page 70 and 71: 36.0 p.c. in industry and by 51.9 p
Page 72 and 73: By sectorTABLE 41RATIOS BY SECTORSe
Page 74 and 75: 5 SUMMARY OF THE MAIN RESULTS AND P
Page 76 and 77: 5.2 Prospects for the Flemish marit
Page 78 and 79: List of abbreviationsd.w.t.ESA 95EU
Page 80 and 81: TABLE 45CLUSTERSClustersNACEcodesDe
Page 82 and 83: 3.2 SelectionNon-maritime companies
Page 84 and 85: Comment: This is why there is a two
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o 3413 early retirement (*)o 3423 d
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5.2 Estimation of indirect effects5
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means that this value grew by 4.0 p
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86 NBB WORKING PAPER No.56 - JUNE 2
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- ten zuiden: het kanaal Plassendal
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Haven van Gent - Port de Gand - Por
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Haven van Zeebrugge - Port de Zeebr
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Suttak Nace-bel Cluster Sector Defi
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Suttak Nace-bel Cluster Sector Defi
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ANNEX 4:LIST OF PUBLIC ADMINISTRATI
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1.2 EMPLOYMENTTABLE 50SUMMARY OF TH
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TABLE 59BREAKDOWN OF FINDINGS BY CL
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TABLE 63BREAKDOWN OF FINDINGS BY CL
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Table 65(continued)SOCIAL BALANCE S
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ANNEX 8: MARITIME TRAFFIC BY PORT I
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ANNEX 9:GLOSSARY AND MARITIME TRANS
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3 Intermodality 86In the transport
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KB Weekly Bulletin no. 51/16 (May 1
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NATIONAL BANK OF BELGIUM - WORKING
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53. « Does Financial Liberalizatio
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