belang in ATIC Services SA en verkoop 50,1% belang in

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

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

3 Organigramme du Groupe ATIC Services
UPDATE 05/03/2014 ATIC Services SA 100 % EDF Trading Logistics 60% ARCELORMITTAL France 2,94% CFNR 0,01% Port Autonome de Strasbourg 3,08 % PATIN SA 20% 40 % 99,9 % 97,06% 100 % 100 % 100 % 94,97 % 80 % STMC6 AS Finance MANUFRANCE MTMG ASA SOSERSID CFNR SCI SNV 43% HES 31% THSU 43% HES 31% COGEMA 30% BARRA SNM 30% 100 % HES Beheer 33,33 % AM MEDITERRANEE 60% CFNR Lux 26 % 26 % 66,6 % 100 % 40 % 100 % 40 % 100 % EKOM EMO OVET Holding CEMP SOMARSID CITA Logistics STE RHEA 100 % 50 % 50 % DHUG ASTRAKHAN OXBOW COAL BV 32, 5% BMA Cargadoors 25% HES Beheer 50% 100 % 70 % 50 % 50 % STEM SOMEF AMESHA 67,5 % 75 % 100 % 50 % ARCELORMITTAL Belgium 29,9 % VULCAIN Holding 0,1 % 99 ,94% 50 % OVET Screening OVET Shipping OVET BV OBA Group DESCHIETER JOSHUA 20 % 50 % 100 % ATIC Services SA 0,06% PROVAART GERJEAN OBA 50 % IMPERIAL Mobility International 55% DE JONG Holding Group B.V. 25% Brussel Shipping 50 % DUFERCO 50% SMET 40 % 100 % NAVIS Transports NAVIS Filiales ATIC Services 100 % Filiales Manufrance 100 % CFNR Innovation CFND Ports Filiales OVET Holding 50 % ATIC Services SA 36% 100 % TFMN Filiales ASA CFND Services 64 % Filiales SOSERSID 100 % CFND CFND Logistics Filiales STE 75 % 100 % RHEDA 2 Filiales CFNR BC Projects Log. 33 % Sous filiales CFNR NANCY Port 15,9 % STF

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5 29 april : overeenkomst getekend met Arcelor Mittal over de aankoop door
HES van 77,8% ATIC services (en 3% Manufrance) voor € 29 april : overeenkomst getekend met Oxbow Coal BV over de verkoop door HES van 50,1% van de aandelen OVET Holding voor €

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7 MANUFRANCE (binnenvaart, terminals en boten)
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 Mapping of operations Rotterdam Terneuzen Rotterdam Gdynia Amsterdam
Vlissingen Amsterdam Strasbourg Paris Beocin Fos sur mer + Operations in USA and Australia 8

9 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 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 m of quays with maximum draft of 13,5 m and an open storage area of 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 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

10 STMC6 – Le Havre STE – Dunkirk
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 t 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 m2 terminal has a m2 outside storage area and 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)

11 Maritime Bulk Terminal Gdynia ltd
FOCUS ON MTMG Maritime Bulk Terminal Gdynia ltd

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

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

14 Main figures

15 FOCUS ON SOSERSID

16 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

17 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

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

19 Focus on Steel quay : handling of outbound steel products for AM and projects cargo for third part clients Technical characteristics Length 410m Draft 11.5m Volumes 220,000 tons of steel /month Vsl handled Vessels, barges, river boats Equipment 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 Steel quay

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

21 CFNR SA – Thionville-Uckange DHUG- Saarlouis Dilingen
CFNR handling activity is sustainable due to long term operative rights 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

22 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 2 30 4 22

23 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 2012 scope of activities Freight forwarding Containers Barging Hydro Inland ports Fleet Danube Current scope Target scope Project logistics CFNR has incurred high losses in 2012 and 2013 to divest or close some activities and to reduce “non values” 2013 actual : (13.9M€) 2014 budget : (0.2M€) Net result 2012 : (6.2M€) 2015 budget : 0.6M€ 23

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

25 Consolidated Balance sheet and balance sheet proforma new scope
ATIC Services Group - Balance Sheet - IRFS Assets 31/12/2012 31/12/2013 Liabilities in '000 € Goodwill 10,314 Subscribed capital 13,611 Intangible assets 125 301 Share premium 3,068 Tangible assets 87,848 73,378 Reserves 161,316 159,230 Financial assets 3,475 3,911 Treasury stock - Equity consolidated shares 99,944 103,431 Translation adjustments 1,197 1,262 Deferred tax assets 4,197 4,635 Net result 8,173 4,860 Fixed assets 205,903 195,970 Equity share - Group part 187,365 182,031 % total fixed assets 70% 71% Minority share 22,417 20,736 Totaal equity 209,782 202,767 % total equity 72% 73% Contingencies and provision 15,599 14,711 Employee benefits 7,421 6,899 Deferred taks 4,865 5,301 Inventories and work in progress 4,005 2,453 Trade accounts receivables 31,979 31,721 Financial debt 19,472 13,998 Other receivables 31,933 35,089 Trade payables 21,302 19,661 Cash & cash equivalents 18,595 11,630 Other debts 13,974 13,526 Current assets 86,512 80,893 Debts 82,633 74,096 % current assets 30% 29% % total liablities 28% 27% Total assets 292,415 276,863 Total liabilities Including 66.7% of OVET BV New ATIC Services Group scope - balace sheet proforma Assets 31/12/2013 Liabilities in '000 € Goodwill & intangible assets 10,615 Equity share - Group part 151,460 Financial assets 89,158 Minority share 3,467 Tangible assets 43,844 Total equity 154,927 Deferred tax assets 4,440 Fixed assets 148,057 Provisions 18,443 Financial debt long term 11,807 Trade payables 18,525 Receivables 59,627 Other liabilities 14,355 Cash & cash equivalents 10,373 Debts 63,130 Current assets 70,000 Total assets 218,057 Total liabilities Including 16.6% of OVET BV

26 Financials per entity 26

27 Poland as a major player on coal market
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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 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. 28

29 Proforma balans HES Beheer vóór de aankoop van ATIC
Activa 31/12/2013 Eigen vermogen en verplichtingen in '000 € Goodwill 15.574 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa Reserves 84.807 Financiële vaste activa 325 Geassocieerde deelnemingen Reserve koersverschillen -982 Latente belastingvordering Onverdeeld resultaat 24.300 Vaste activa Eigen vermogen – aandeel van de groep % totaal vaste activa 94% Minderheidsbelang derden - Totaal eigen vermogen % totaal eigen vermogen 56% 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 % totaal vlottende activa 6% % totaal verplichtingen 44% Totaal activa Totaal eigen vermogen en verplichtingen Inclusief 22,2% ATIC 292929

30 Eigen vermogen en verplichtingen
Proforma balans HES Beheer na aankoop van ATIC Activa 31/12/2013 Eigen vermogen en verplichtingen in '000 € Saldo Goodwill en badwill -1.328 Gestort kapitaal 9.050 Immateriële vaste activa 61 Agio 26.249 Materiële vaste activa Reserves 84.807 Financiële vaste activa 3.534 Geassocieerde deelnemingen Reserve koersverschillen -982 Latente belastingvordering 4.440 Onverdeeld resultaat 24.300 Vaste activa Eigen vermogen- aandeel van de groep % totaal vaste activa 80% Minderheidsbelang derden 3.467 Totaal eigen vermogen % totaal eigen vermogen 36% Overige voorzieningen 11.732 Voorziening personeelsbeloning 11.740 Latente belastingverplichting 3.680 Voorraden 2.309 Handelsdebiteuren 35.282 Schulden aan kredietinstellingen Overige vorderingen 34.252 Schulden aan leveranciers 27.679 Liquide middelen 10.503 Overige schulden 27.024 Vlottende activa 82.346 Verplichtingen % totaal vlottende activa 20% % totaal verplichtingen 64% Totaal activa Totaal eigen vermogen en verplichtingen Inclusief 100% ATIC 303030