Economic importance of the Flemish maritime ports: Report 2002

4.3.5 Financial ratios (private companies)By clusterTABLE 31RATIOS 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 ........... - 0.2 3.4 2.4 1.2 1.2 1.0 38.1 38.6 34.1Non maritime clusterWholesale trade .......... 15.5 5.8 2.5 1.3 1.3 1.4 28.1 31.9 36.0Industry........................ 11.1 18.9 12.2 0.6 0.6 0.7 15.8 15.6 26.7Logistics services ........ 2.6 5.3 6.6 1.5 1.8 2.3 42.6 45.7 50.2Transport ..................... 10.4 7.1 5.9 1.7 1.2 0.8 54.5 41.3 22.5Weighted average ......... 4.4 7.2 7.0 1.1 1.2 1.2 32.1 33.7 36.1Source: NBB.• The slight decrease recorded in 2002 with regard to the financial profitability of companies associated with theport of Ostend was due mainly to the maritime cluster and the industry segment (table 31). The increaseachieved by logistics services partly offset this decline. 2001 was an excellent year at the port of Ostend interms of profitability (return on equity), despite the fact that it proved impossible to maintain these good resultsthe following year;• On average, there was no change in the liquidity ratio, since the fall recorded at the maritime cluster level wasoffset by the increase in industry and logistics services;• In 2002, the port companies were, on average, more solvent than during the two previous years. This trendwas evident in industry and logistics services. The fall at the maritime cluster level did not lead to a trendreversal.In the transport segment, the three ratios continued to fall in 2002. As far as profitability was concerned, theprofits of companies like Vervoer Depoorter fell substantially. As far as liquidity is concerned, the short-term debtsof Ostend Office continued to rise, owing to investments in fixed assets and in the form of leasing.By sector• In industry, the slight fall in profitability in 2002 was due to the poor results in the chemicals and metalworkingindustries (minor change in relative terms but significant in nominal terms). The decreasingprofitability recorded by J M Huber Belgium – associated with a capital increase – and increasingdepreciation at Provironftal explain this phenomenon in the chemicals industry, while a capital increase atDaikin Europe following deferred profits accounts for the fall in the ratio in metal-working industry. The poorresults in the fishing and shipbuilding sectors explain the decrease in the ratio for the maritime cluster;• The apparent stability of the liquidity ratio at the port of Ostend concealed a decrease in the maritime clusterand an increase in the logistics services segment. The first observation stemmed from the noticeable fall inthe ratio for fishing (table 32), with, in particular, an increase of 44.8 p.c. in debts of more than one year atStolt Sea Farm. This company, which carries out fish processing operations, continued to invest in extendingits production site and, consequently, in the purchase of new equipment. This was reflected at the level ofdepreciations and by the increase in short-term debts, and in particular financial debts. The increase inlogistics services was the result of a significant drop (- 25.0 p.c.) in short-term debts at Daikin EuropeCoordination Center, a company dominating the other services sector;NBB WORKING PAPER No. 56 - JUNE 2004 53