Goedkeuring aankoop 78% belang in ATIC Services SA en verkoop

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

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