Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop 50,1% belang in OVET Holding B.V. BAVA 23 juni 2014
1
Focus op Fos sur Mer Sosersid
Overzicht belangrijke operaties
Binnenvaart CNFR
Focus op Polen MTMG
2
Organigramme du Groupe ATIC Services
UPDATE 05/03/2014
ATIC Services SA EDF Trading Logistics 60%
CFNR 0,01% 99,9 %
40 %
STMC6
SNV 43% HES 31%
THSU 43% HES 31% 26 %
26 %
EKOM
ARCELORMITTAL France 2,94% Port Autonome de Strasbourg 3,08 % 100 %
97,06%
AS Finance
MANUFRANCE
100 %
100 %
MTMG
ASA
HES Beheer 33,33 % 100 %
OVET Holding
40 %
CEMP
100 %
SOMARSID
94,97 %
SOSERSID
PATIN SA 20% 80 %
CFNR
SCI
100 %
COGEMA 30% BARRA SNM 30%
AM MEDITERRANEE 60%
66,6 %
EMO
100 %
CFNR Lux
100 %
40 %
CITA Logistics
STE
RHEA 50 %
100 %
DHUG OXBOW COAL BV 32, 5%
BMA Cargadoors 25%
100 %
HES Beheer 50%
70 %
STEM 67,5 %
75 %
OVET Screening
OVET Shipping
100 %
OVET BV
50 %
OBA Group
50 %
ASTRAKHAN 50 %
SOMEF
50 %
AMESHA
99 ,94%
ARCELORMITTAL Belgium 29,9 % VULCAIN Holding 0,1 %
DESCHIETER
50 %
JOSHUA 50 %
20 % 100 %
ATIC Services SA 0,06%
PROVAART
OBA
GERJEAN
50 % IMPERIAL Mobility International 55% DE JONG Holding Group B.V. 25%
Brussel Shipping 50 %
DUFERCO 50%
SMET 40 %
Filiales ATIC Services Filiales Manufrance Filiales OVET Holding
100 %
NAVIS Transports
NAVIS 100 %
100 %
CFND Ports
CFNR Innovation 50 %
100 %
Filiales ASA Filiales SOSERSID Filiales STE Filiales CFNR Sous filiales CFNR
CFND Services
TFMN 64 %
CFND
100 %
CFND Logistics 100 %
BC Projects Log.
ATIC Services SA 36%
75 %
RHEDA 2 33 %
NANCY Port
3
15,9 %
STF
4
29 april : overeenkomst getekend met Arcelor Mittal over de aankoop door HES van 77,8% ATIC services (en 3% Manufrance) voor € 155.400.000.
29 april : overeenkomst getekend met Oxbow Coal BV over de verkoop door HES van 50,1% van de aandelen OVET Holding voor € 65.200.000.
5
6
EMO / EKOM OVET
van 36,6% naar 57,0% van 47,7% naar 49,9%
OBA
van 73,8% naar 74,9%
MTMG (Polen) MANUFRANCE (binnenvaart, terminals en boten) Belangen in zeehavens : SOSERSID, SOMARSID, (Fos, Marseille) Duinkerken, Le Havre
7
Mapping of operations Terneuzen
Rotterdam
Rotterdam Gdynia Amsterdam
Vlissingen Amsterdam Strasbourg
Paris
Beocin
Fos sur mer
+ Operations in USA and Australia
8
MTMG - Gdynia
SOSERSID – Fos sur Mer
MTMG is an operator of the bulk terminal in the port of Gdynia, Poland, and is a relevant alternative to Gdansk nearby, in the Baltic Sea
SOSERSID manages the ArcelorMittal private terminal in the port of Fos sur Mer on the French Mediterranean coast. 2.5Mt are handled yearly.
● 4 Mt of bulk handled yearly at Gdynia ● MTMG operates bulk terminal in Gdynia and renders the services of reloading, warehousing, big-bagging and sorting all kinds of bulk cargoes in port ● Terminal is composed of 5 different quays ● MTMG disposes of 1 657 m of quays with maximum draft of 13,5 m and an open storage area of 74.348 m2 ● Equipment: 17 grab-hook cranes of the lifting capacities of 8, 10, 16 & 25 t, 2 self - propelled grab - hook cranes of the lifting capacity of 24 t, post for handling liquid chemicals, stationary pneumatic-mechanical conveyor, covered device for grain reloading with the electronic container scales, hoppers, wheel loaders and other movable equipment
● Operations on two quays: steel quay (L: 410 m, max. draft : 11 m) and ore quay (L: 640 m, max. draft: 19,50 m). ● Sosersid operates the logistic activity of AM plant: discharge and handling on inbound raw materials (mainly core and ores), and handling / dispatching of AM products (mainly coils) ● In parallel, Sosersid operates handling of finished goods and heavy lift products for third part clients ● Equipment: 2 cranes (45 t at 18 m), 1 crane (240 t at 14 m), 4 loaders, 8 elevators, 1 reachstacker, 2 power shovels
Focus on MTMG and Sosersid will follow
9
STMC6 – Le Havre
STMC6 is the future operator of the coal terminal in the port of Le Havre • STMC6 is a joint venture company between ATIC Services and EDF Trading • The terminal handles coal destined to power plants of its major client EDF Trading • Accessible 300m long vessels and 180 000t capacity • Draft of 20m depth • 3 open storage areas for coal : West – capacity of 200,000t; East – capacity of 35,000 MT; both of them equipped with reclaimers and Parc 2 – capacity of 280,000t • Equipment: 2 gantry cranes with a capacity of 30,000t/day • Not controlled by ATIC Services (40% share)
STE – Dunkirk
STE is a terminal operator in Dunkirk public port, specialized in steel products • STE terminal is located on the North Sea in Dunkirk. This terminal is involved in the handling of the ArcelorMittal and Dillinger Hütte (GTS) products going from Dunkirk, such as slab, coils, flat products. • The quay is 640 m long with a maximum draft of 11,60 m. • The 130 000 m2 terminal has a 50 000 m2 outside storage area and 5 200 m2 covered storage area. It is equipped for coasters and inland waterways vessels. • Equipment: 2 cranes (32 t and 40 t), bridge for coasters and river boats and mobile equipment : 3 stackers, 2 locotractors, 3 tugs/eight 80 t trailers, 4 elevators (30 t and 16 t). • Not controlled by ATIC Services (40% share)
10
FOCUS ON MTMG
Maritime Bulk Terminal Gdynia ltd
11
The terminal is located at the main entrance to the Port of Gdynia. 12
MTMG handles mainly dry bulk and liquid bulks
Coal Crude Oil & its derivatives
Coke
Ores
Liquid Bulk 1
Products Handled Aggregates
Cereals
Feedstuffs – Soyabean meal
Minerals Biomass
1. Including chemicals of the 3rd, 6th, 8th and 9th classes according to the IMDG code
13
Main figures
14
FOCUS ON SOSERSID
15
Specialist for steel products, heavy lift, project cargo & drybulk cargo
• Terminal operations, Vessel operations • Transferring • L/S/D under IMO CODE • WAREHOUSING • Logistic solutions (especially for oversize cargos): • Inland transport (road transport/river transport) in France/Europe
16
Sosersid is located in the exceptional geographic area Fos-sur-mer, in South of France, on the French Mediterranean coast
• SOSERSID is connected by sea, river and railways • Connect to the economic centres of the Rhone/Saone axix • Reach all the main European capitals in 24h by river & rail ways
17
Overview of operations
Steel quay Ore quay RORO rampe
Darse III
Quay Gloria
18
Focus on Steel quay : handling of outbound steel products for AM and projects cargo for third part clients
Technical characteristics
Steel quay
Length
410m
Draft
11.5m
Volumes
220,000 tons of steel /month
Vsl handled
Vessels, barges, river boats
Equipme nt
• 1 lattice crane DEMAG 1800CC with capacity up to 240T and 14m outreach • 2 shore cranes with capacity up to 50T and 32M outreach • Heavy lift tackles • Spreaders • slings for heavy lift • loaders, elevators, power shovels, trailers
Storage surface
• 15 000m2
19
Mapping of operations Freight forwarding • CFNR freight forwarding organizes shipments for companies to get goods from the manufacturer or producer to a final point of distribution • The services include picking up, handling, storage, warehousing, stock management, delivery • Freight forwarding is strongly connected to inland ports • 47 FTE are dedicated to this activity (of which 1 in Danube) • Freight forwarding is operated by almost all CFNR agencies, CFND, Deschieter, Somef and TFMN
Lille
Ghlin
Inland ports
Inland port + freight forwarding Inland port Freight forwarding
+ operations in Danube basin
• CFNR operates in 9 inland ports terminals • CFNR operates in 3 main geographical areas : Moselle-Saar, Belgium, Danube • CFNR handles mainly dry bulk : coal, ore, cement, but also coils, and finished goods (heavy lift products) • CFNR tends to growing diversification of products, namely cereals • 77 people are dedicated to this activity (of which 14 in Danube) • Inland ports are operated by CFNR subsidiaries mainly (Deschieter, Somef, CFND, Nancy Port, DHUG, SMET, NAVIS), and Thionville (CFNR SA) 20 20
CFNR handling activity is sustainable due to long term operative rights SMET - Brussels, plot 2 Nancy Port - Frouart CFNR - Thionville Uckange Dillingen SMET - Brussels, (plot 1, 7780m2) SOMEF - Liège 1st phase
2011
CFND - Beocin 2nd phase NANCY PORT - Toul Valcourt NAVIS - Bâle DESCHIETER - Ghlin SCI - Karlsruhe 2
infinite
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2041
….
Example of operations inland ports SOMEF - Liège
CFNR SA – Thionville-Uckange
DESCHIETER - Ghlin
DHUG- Saarlouis Dilingen
• Trimodal terminal • 2 external quay and one covered dock • 32 FTE in handling
• Equipment adapted for the service provided to steel and coal industry • 4 portal cranes from 5 to 35 t • 15 FTE in handling
• Equipment adapted to containers and bulk handling • 1 reachstaker for containers, 3 cranes • 7 FTE in handling
• Investments in modern equipment • Omnidirectional crane (35 t) for big tonnages • 6 FTE in handling 21
Own fleet – strategic interest for shareholders in discussions • CFNR, as fleet owner, has significantly invested over the past few years. Business model has been transferred from push boats and barges to self propelled convoys which are the most effective technology package for long haul river transportation • Amesha, Astrakhan, Ger-Jan and Joshua Lany are vessels equipped with the most recent technologies for inland waterways with self propelled and pushing barges (Koppelverband) • Enable transport of bulk or containers – flexible usage according to market demand • Amesha and Ger-Jan work 100% for ArcelorMittal supply and are under contract (till July 2014) – These contracts will not be renewed, which leads to a significant decrease of the vessels value • Astrakhan and Joshua Lany work on spot market • Somef fleet is dedicated to ArcelorMittal and is consistent with the inland ports activity • Deschieter fleet was mainly dedicated to the client CBR, which has been lost in 2012 • 72 people are dedicated to own fleet (of which 12 on Danube) • Own fleet concerns CFNR SA, CFNR Lux, RHEA, Somef, Deschieter, CFND
KVs
Breakdown of own fleet and FTE by subsidiary CFNR Lux Own fleet KV Push boats Barges Self propelled convoys Dedicated employees FTE
2 X 0,5 -
RHEA 4 X 0,5 -
4130
SOMEF DESCHIETER 3 9 -
24
5
410
22 22
CFNR Group is actually in strategic transition : It is currently finishing the restructuring part of the turnaround plan Historically, CFNR has offered a large scale of services in the domain of inland waterway logistics : Transportation, freight forwarding, containers, handling, barging • CFNR had the particularity of being the “unique French fleet on the Rhine” • It has a built a significant fleet over the years. It has been a pioneer in transportation, first by introducing pushing of barges instead of pulling on the Rhine, and more recently by transferring from push boats and barges to self-propelled convoys on long haul destinations (upper Rhine /French Moselle/Saare) In 2012/2013, CFNR management has implemented a restructuration plan and a strategic reorientation : from a assets company, CFNR has become a service provider • It is today focusing on 3 core businesses : Freight forwarding, Inland ports, International operations • Restructuring of the Own fleet activity is still in progress: decision to divest this activity has been taken
Net result
2012 scope of activities
Current scope
Target scope
• • • • • • •
• • • •
• • • •
Freight forwarding Containers Barging Hydro Inland ports Fleet Danube
2012 : (6.2M€)
Freight forwarding Inland ports Danube Fleet
2013 actual : (13.9M€) 2014 budget : (0.2M€)
Freight forwarding Inland ports Danube Project logistics
2015 budget : 0.6M€
CFNR has incurred high losses in 2012 and 2013 to divest or close some activities and to reduce “non values”
23 23
Consolidated P&L ATIC Services Group and new scope proforma P&L
ATIC Services Group - Consolidated P&L - IFRS
New ATIC Services Group scope
In '000 €
Actuals 2012
Actuals 2013
Variation 13 vs 12
In '000 €
Actuals 2013
Revenue
258 085
204 067
(54 018)
Revenue
176 225
(249 991)
(208 030)
41 961
8 094
(3 963)
(12 057)
EBITDA
16 295
8 341
(7 954)
Financial result
(1 580)
(151)
1 429
6 514
(4 114)
(10 628)
(4 933)
(2 048)
2 885
1 581
(6 162)
(7 743)
Equity consolidated companies
10 889
13 564
2 675
Net result before minority interests
12 470
7 402
(5 068)
Minority interests
(4 297)
(2 542)
1 755
8 173
4 860
(3 313)
Operating costs Operating income
Profit before taxes Income tax Net result from integrated entities
Group net result
Including 66.7% of OVET BV
Operating costs Operating income
(181 608) (5 382)
EBITDA
3 826
Financial result
(136)
Profit before taxes
(5 518)
Income tax
(1 201)
Net result from integrated entities
(6 719)
Equity consolidated companies
8 712
Net result before minority interests
1 994
Minority interests Group net result "new scope"
222 2 216
Of which 9 845k€ recurring
Including 16.6% of OVET BV
24 2424
Consolidated Balance sheet and balance sheet proforma new scope ATIC Services Group - Balance Sheet - IRFS
Assets in '000 €
Goodwill Intangible assets Tangible assets Financial assets Equity consolidated shares Deferred tax assets Fixed assets % total fixed assets
31/12/2012 31/12/2013 Liabilities
10,314 125 87,848 3,475 99,944 4,197
10,314 Subscribed capital 301 Share premium 73,378 Reserves 3,911 Treasury stock 103,431 Translation adjustments 4,635 Net result
13,611 3,068 161,316 1,197 8,173
13,611 3,068 159,230 1,262 4,860
205,903 70%
195,970 Equity share - Group part 71%
187,365
182,031
Minority share Totaal equity % total equity Contingencies and provision Employee benefits Deferred taks Inventories and work in progress Trade accounts receivables Other receivables Cash & cash equivalents Current assets % current assets Total assets
31/12/2012 31/12/2013
4,005 31,979 31,933 18,595 86,512 30% 292,415
2,453 31,721 Financial debt 35,089 Trade payables 11,630 Other debts 80,893 Debts 29% % total liablities 276,863 Total liabilities
New ATIC Services Group scope - balace sheet proforma 22,417 209,782 72%
20,736 202,767 73%
15,599 7,421 4,865
14,711 6,899 5,301
19,472 21,302 13,974 82,633 28% 292,415
13,998 19,661 13,526 74,096 27% 276,863
Assets in '000 €
Goodwill & intangible assets Financial assets Tangible assets Deferred tax assets Fixed assets
Receivables Cash & cash equivalents Current assets
Total assets
Including 66.7% of OVET BV
Including 66.7% of OVET BV
31/12/2013 Liabilities
31/12/2013
10,615 Equity share - Group part 89,158 Minority share 43,844 Total equity 4,440 148,057 Provisions
151,460 3,467 154,927
Financial debt long term Trade payables 59,627 Other liabilities 10,373 Debts 70,000
11,807 18,525 14,355 63,130
218,057 Total liabilities Including 16.6% of OVET BV
18,443
218,057 Including 16.6% of OVET BV
25
Financials per entity ATIC Services Group - Contribution to Group Revenue
ATIC Services Group - Contribution to Group Net Result (IFRS) IFRS
K€ OVET Group (excl OBA) OBA EMO/EKOM MTMG CEMP SOSERSID (incl STE) STE SOMARSID Manufrance BV
Actual 2013 561 3 741 7 559 2 570 292 723 59 619
Actual 2012 4 529 3 378 5 599 1 615 878 633 (186) 62 157
Sea port handling
16 124
16 664
(540)
(12 047)
(6 138)
(5 909)
(12 047)
(6 138)
(5 909)
150
55
95
150
55
95
275 (2 274) 380 2 250
813 (3 747) 128 (93) 491
(538) 1 473 252 93 1 759
632
(2 408)
3 040
4 859
8 173
(3 314)
CFNR Group¹
Inland waterways logistics ASA / CITA
Seaborne logistics SCI ATIC Services (Holding) ATIC Services Finance BBCT IAS 19²
Other activities Group net result
13 vs 12 (3 968) 363 1 960 955 (586) 90 186 (3) 462
Budget 2014
Actual 2013
Actual 2012
12m 30 245 15 420 1 247 30 129 -
12m 27 842 15 713 1 247 25 950 30
12m 34 128 13 689 1 247 16 030 -
Sea port handling
77 041
70 782
65 094
SOMEF DESCHIETER CFNR SA + LUX RHEDA 2 RHEA CFND DHUG NAVIS CFNR Group
18 371 4 142 67 969 2 430 6 088 7 000 106 001
16 599 3 365 67 859 4 2 292 3 366 7 455 1 249 102 189
22 693 5 284 85 907 947 2 197 3 517 6 807 2 225 129 576
106 001
102 189
129 576
450 1 556
327 1 384
353 1 234
2 006
1 711
1 588
36 300 -
29 375 -
31 430 28 157
Other activities
36 300
29 375
59 587
Group Revenue
221 348
204 057
255 845
K€ OVET Group (excl OBA) MTMG CEMP SOSERSID (incl STE) Manufrance BV
Inland waterways logistics AS - Logistique Maritime ASA / CITA
Seaborne logistics SCI BBCT
26 26
Poland as a major player on coal market
27
Aannames en opmerkingen •
De balans van HES is gebaseerd op de wijziging per 1 januari 2014 van IFRS 11, waardoor OBA en RBT niet langer worden geconsolideerd.
•
De geconsolideerde balans van ATIC is gelijk aan de balans in de door de accountant van ATIC gecontroleerde jaarrekening van ATIC per 31 december 2013. Wijzigingen in de ATIC-groep na 31 december 2013 zijn niet in deze balans verwerkt, met uitzondering van de verkoop van OVET Holding (50,1%) en de koop van Manufrance (2,26%).
•
De consequenties van de verkoop van OVET Holding op de balans van ATIC zijn berekend door het management van ATIC en niet gecontroleerd door HES. Onjuistheden in deze berekening kunnen invloed hebben op de balans van HES (nieuw).
•
De transacties koop 78% ATIC, koop 2,5% Manufrance en ‘’verkoop 50,1% OVET holding’’ worden als 1 samengestelde transactie beschouwd.
•
Er heeft nog geen purchase price allocation (PPA) plaatsgevonden. Dit kan grote wijzigingen in balanswaardering en resultaatbepaling tot gevolg hebben. De verschillen tussen de boekwaarde en koop-/verkoopprijs zijn verantwoord als goodwill. Ook de opwaardering van het reeds door HES gehouden aandeel van 22,2% is als goodwill verwerkt.
28 28
Proforma balans HES Beheer vóór de aankoop van ATIC
Activa in '000 €
31/12/2013
Eigen vermogen en verplichtingen
31/12/2013
Goodwill Immateriële vaste activa Materiële vaste activa
15.574 61 121.614
Gestort kapitaal Agio Reserves
9.050 26.249 84.807
Financiële vaste activa Geassocieerde deelnemingen Latente belastingvordering
325 102.985 0
Reserve koersverschillen Onverdeeld resultaat
-982 24.300
Vaste activa % totaal vaste activa
240.559 94%
Voorraden Handelsdebiteuren Overige vorderingen Liquide middelen Vlottende activa % totaal vlottende activa Totaal activa
291 8.574 3.351 4.279 16.495 6% 257.054
Inclusief 22,2% ATIC
Eigen vermogen – aandeel van de groep
143.424
Minderheidsbelang derden Totaal eigen vermogen % totaal eigen vermogen
143.424 56%
Overige voorzieningen Voorziening personeelsbeloning Latente belastingverplichting
2.929 5.640 140
Schulden aan kredietinstellingen Schulden aan leveranciers Overige schulden Verplichtingen % totaal verplichtingen Totaal eigen vermogen en verplichtingen
83.097 9.154 12.670 113.630 44%
257.054
Inclusief 22,2% ATIC
29 292929
Proforma balans HES Beheer na aankoop van ATIC
Activa in '000 €
31/12/2013
Eigen vermogen en verplichtingen
31/12/2013
Saldo Goodwill en badwill Immateriële vaste activa Materiële vaste activa
-1.328 61 165.458
Gestort kapitaal Agio Reserves
9.050 26.249 84.807
Financiële vaste activa Geassocieerde deelnemingen Latente belastingvordering
3.534 157.139 4.440
Reserve koersverschillen Onverdeeld resultaat
-982 24.300
Vaste activa % totaal vaste activa
329.304 80%
Eigen vermogen- aandeel van de groep
143.424
Minderheidsbelang derden Totaal eigen vermogen % totaal eigen vermogen
3.467 146.891 36%
Overige voorzieningen Voorziening personeelsbeloning Latente belastingverplichting Voorraden Handelsdebiteuren Overige vorderingen Liquide middelen Vlottende activa % totaal vlottende activa Totaal activa
2.309 35.282 34.252 10.503 82.346 20% 411.650 Inclusief 100% ATIC
Schulden aan kredietinstellingen Schulden aan leveranciers Overige schulden Verplichtingen % totaal verplichtingen Totaal eigen vermogen en verplichtingen
11.732 11.740 3.680
182.904 27.679 27.024 237.607 64% 411.650 Inclusief 100% ATIC
30 303030
