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BAVA 23 juni 2014 Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop 50,1% belang in OVET Holding B.V. 1.

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Presentatie over: "BAVA 23 juni 2014 Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop 50,1% belang in OVET Holding B.V. 1."— Transcript van de presentatie:

1 BAVA 23 juni 2014 Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop 50,1% belang in OVET Holding B.V. 1

2 2 Overzicht belangrijke operaties Focus op Polen MTMG Focus op Fos sur Mer Sosersid Binnenvaart CNFR

3 Organigramme du Groupe ATIC Services UPDATE 05/03/2014 MTMGMANUFRANCEAS FinanceSTMC6CFNRSOSERSIDASASCI SOMARSIDCEMPOVET HoldingEMO OBA Group OVET BVOVET ShippingOVET Screening CITA Logistics STEM STE CFNR Lux DHUG SOMEF DESCHIETER PROVAART Brussel Shipping NAVIS SMET CFNR Innovation CFND TFMN RHEDA 2 NANCY Port CFND Ports CFND Services CFND Logistics BC Projects Log. RHEA ASTRAKHAN AMESHA JOSHUA GERJEAN NAVIS Transports ATIC Services SA Sous filiales CFNR Filiales CFNR Filiales STE Filiales SOSERSID Filiales ASA Filiales OVET Holding Filiales Manufrance Filiales ATIC Services 40 % 99,9 % 97,06% 100 % 94,97 % 80 % 100 % 50 % 100 % 70 % 99,94% 20 % 50 % 100 % 40 % 50 % 100 % 64 % 50 % 75 % 33 % 100 % 40 % 100 % 40 % 66,6 % 26 % 50 % 100 % 75 % 67,5 % ARCELORMITTAL France 2,94% EDF Trading Logistics 60% SNV 43% HES 31% HES Beheer 33,33 % AM MEDITERRANEE 60% OXBOW COAL BV 32, 5% BMA Cargadoors 25% HES Beheer 50% Port Autonome de Strasbourg 3,08 % PATIN SA 20% COGEMA 30% BARRA SNM 30% ARCELORMITTAL Belgium 29,9 % VULCAIN Holding 0,1 % ATIC Services SA 0,06% IMPERIAL Mobility International 55% DE JONG Holding Group B.V. 25% DUFERCO 50% STF 15,9 % 50 % 100 % OBA 100 % CFNR 0,01% EKOM 26 % THSU 43% HES 31% ATIC Services SA 36% 3

4 4

5 5 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.

6 6

7 7 EMO / EKOM van 36,6% naar 57,0% OVET 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

8 Rotterdam Amsterdam Mapping of operations + Operations in USA and Australia Paris Vlissingen Amsterdam Terneuzen Strasbourg Beocin Fos sur mer Rotterdam Gdynia 8

9 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 ●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 MTMG - Gdynia SOSERSID – Fos sur Mer SOSERSID manages the ArcelorMittal private terminal in the port of Fos sur Mer on the French Mediterranean coast. 2.5Mt are handled yearly. ●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

10 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 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) STE – Dunkirk 10

11 Maritime Bulk Terminal Gdynia ltd FOCUS ON MTMG 11

12 The terminal is located at the main entrance to the Port of Gdynia. 12

13 Products Handled CoalCokeOresCereals Feedstuffs – Soyabean meal BiomassMineralsAggregates Liquid Bulk 1 Crude Oil & its derivatives 1. Including chemicals of the 3rd, 6th, 8th and 9th classes according to the IMDG code MTMG handles mainly dry bulk and liquid bulks 13

14 Main figures 14


16 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 Specialist for steel products, heavy lift, project cargo & drybulk cargo 16

17 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 Sosersid is located in the exceptional geographic area Fos-sur-mer, in South of France, on the French Mediterranean coast 17

18 Overview of operations Quay Gloria Darse III Steel quay RORO rampe Ore quay 18

19 Steel quay Focus on Steel quay : handling of outbound steel products for AM and projects cargo for third part clients Technical characteristics Length410m Draft11.5m Volumes220,000 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

20 Mapping of operations Ghlin Inland port + freight forwarding Inland port Freight forwarding Lille + operations in Danube basin 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 Inland ports 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

21 CFNR SA – Thionville-Uckange DHUG- Saarlouis Dilingen SOMEF - LiègeDESCHIETER - Ghlin Trimodal terminal 2 external quay and one covered dock 32 FTE in handling Equipment adapted to containers and bulk handling 1 reachstaker for containers, 3 cranes 7 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 Investments in modern equipment Omnidirectional crane (35 t) for big tonnages 6 FTE in handling CFNR handling activity is sustainable due to long term operative rights Example of operations inland ports 21

22 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 Own fleet – strategic interest for shareholders in discussions KVs 30 4 2 22

23 2012 scope of activities Freight forwarding Containers Barging Hydro Inland ports Fleet Danube Current scope Freight forwarding Inland ports Danube Fleet Target scope Freight forwarding Inland ports Danube Project logistics CFNR Group is actually in strategic transition : It is currently finishing the restructuring part of the turnaround plan 2012 : (6.2M€) 2013 actual : (13.9M€) 2014 budget : (0.2M€) 2015 budget : 0.6M€ Net result 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 CFNR has incurred high losses in 2012 and 2013 to divest or close some activities and to reduce “non values” 23

24 Including 16.6% of OVET BV Including 66.7% of OVET BV Consolidated P&L ATIC Services Group and new scope proforma P&L Of which 9 845k€ recurring 24 2424 24

25 25 ATIC Services Group - Balance Sheet - IRFS Assets31/12/201231/12/2013Liabilities31/12/201231/12/2013 in '000 € Goodwill10,314 Subscribed capital13,611 Intangible assets125301Share premium3,068 Tangible assets87,84873,378Reserves161,316159,230 Financial assets3,4753,911Treasury stock-- Equity consolidated shares99,944103,431Translation adjustments1,1971,262 Deferred tax assets4,1974,635Net result8,1734,860 Fixed assets205,903195,970Equity share - Group part187,365182,031 % total fixed assets70%71% Minority share22,41720,736 Totaal equity209,782202,767 % total equity72%73% Contingencies and provision15,59914,711 Employee benefits7,4216,899 Deferred taks4,8655,301 Inventories and work in progress4,0052,453 Trade accounts receivables31,97931,721Financial debt19,47213,998 Other receivables31,93335,089Trade payables21,30219,661 Cash & cash equivalents18,59511,630Other debts13,97413,526 Current assets86,51280,893Debts82,63374,096 % current assets30%29% total liablities28%27% Total assets292,415276,863Total liabilities292,415276,863 Including 66.7% of OVET BV Consolidated Balance sheet and balance sheet proforma new scope New ATIC Services Group scope - balace sheet proforma Assets31/12/2013Liabilities31/12/2013 in '000 € Goodwill & intangible assets10,615Equity share - Group part151,460 Financial assets89,158Minority share3,467 Tangible assets43,844Total equity154,927 Deferred tax assets4,440 Fixed assets148,057Provisions18,443 Financial debt long term11,807 Trade payables18,525 Receivables59,627Other liabilities14,355 Cash & cash equivalents10,373Debts63,130 Current assets70,000 Total assets218,057Total liabilities218,057 Including 16.6% of OVET BV

26 Financials per entity 26

27 Poland as a major player on coal market 27

28 28 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. De koop- en verkoopprijs zijn afhankelijk van verschillende factoren. Wij hebben de prijzen gebruikt zoals berekend op 18 juni 2014.

29 29 292929 Proforma balans HES Beheer vóór de aankoop van ATIC Activa31/12/2013Eigen vermogen en verplichtingen31/12/2013 in '000 € Goodwill 15.574 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa 121.614 Reserves 84.807 Financiële vaste activa 325 Geassocieerde deelnemingen 102.985 Reserve koersverschillen -982 Latente belastingvordering 0 Onverdeeld resultaat 24.300 Vaste activa 240.559 Eigen vermogen – aandeel van de groep 143.424 % totaal vaste activa94% Minderheidsbelang derden - Totaal eigen vermogen 143.424 % totaal eigen vermogen56% Overige voorzieningen 2.929 Voorziening personeelsbeloning 5.640 Latente belastingverplichting 140 Voorraden 291 Handelsdebiteuren 8.574 Schulden aan kredietinstellingen 83.097 Overige vorderingen 3.351 Schulden aan leveranciers 9.154 Liquide middelen 4.279 Overige schulden 12.670 Vlottende activa 16.495 Verplichtingen 113.630 % totaal vlottende activa6% % totaal verplichtingen44% Totaal activa 257.054 Totaal eigen vermogen en verplichtingen 257.054 Inclusief 22,2% ATIC

30 30 303030 Proforma balans HES Beheer na aankoop van ATIC Activa31/12/2013Eigen vermogen en verplichtingen31/12/2013 in '000 € Saldo Goodwill en badwill -1.328 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa 165.458 Reserves 84.807 Financiële vaste activa 3.534 Geassocieerde deelnemingen 157.139 Reserve koersverschillen -982 Latente belastingvordering 4.440 Onverdeeld resultaat 24.300 Vaste activa 329.304 Eigen vermogen- aandeel van de groep 143.424 % totaal vaste activa80% Minderheidsbelang derden 3.467 Totaal eigen vermogen 146.891 % totaal eigen vermogen36% Overige voorzieningen 11.732 Voorziening personeelsbeloning 11.740 Latente belastingverplichting 3.680 Voorraden 2.309 Handelsdebiteuren 35.282 Schulden aan kredietinstellingen 182.904 Overige vorderingen 34.252 Schulden aan leveranciers 27.679 Liquide middelen 10.503 Overige schulden 27.024 Vlottende activa 82.346 Verplichtingen 237.607 % totaal vlottende activa20% % totaal verplichtingen64% Totaal activa 411.650 Totaal eigen vermogen en verplichtingen 411.650 Inclusief 100% ATIC

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