EUROGATE records best year-end result since 2009

Bremen, 18 April 2012 +++ For fiscal 2011, the EUROGATE Group has posted its best operating result since 2009, closing the year with a 26.6% increase in net profit to EUR 78 million. Positive impacts came from the rising demand for container handling services as well as the ongoing cost-savings programme. Group revenue grew by 9.6% to EUR 657 million. At the same time, at EUR 79 million compared to EUR 24 million, the investment volume was significantly higher than in the previous year. Investments are principally related to developing the terminal-related superstructure for the EUROGATE Container Terminal Wilhelmshaven. With a current market share of 54%, EUROGATE continues to be the biggest container terminal operator at Germany’s seaports. The market share of the total handling volume at the North Range ports is over 20%. Last year the company set clear environmental targets. By 2020 it intends to reduce energy consumption per container by 20% and lower CO2 emissions per container by 25%. Since 2008 EUROGATE can already show a sustainable track record in the field of resource protection.

Thomas Eckelmann, Chairman of the EUROGATE Group Management Board: "In 2011, EUROGATE achieved an excellent operating result which, given the market situation, exceeded all expectations. The oil price development and the drop in sea freight rates meant that the shipping lines had to cushion losses despite rising container volumes. The emerging changes in the structures of scheduled container services could in the foreseeable future have repercussions for the container terminals. Since the impact of the government debt crisis in individual countries on the world economy is also hard to predict, we continue to live with an uncertain future. EUROGATE is stably positioned to weather the challenges. With the startup of operations of the EUROGATE Container Terminal Wilhelmshaven, Germany’s only deep-water container terminal, we are contributing to securing Germany’s economic future as a maritime business location. In Bremerhaven and Hamburg we are unfortunately still waiting for the deepening of the Outer Weser and Elbe navigation channels. There is also an ongoing urgent need for action when it comes to expanding the hinterland links. Examples are projects such as construction of the A20 motorway, the so-called "Y-Trasse" axis between Hamburg, Bremen and Hanover and the port link motorway in Hamburg."

Positive handling development of container volumes

The container terminals in the EUROGATE Group network recorded an increase in container handling volumes of 5.2% to 13.3 million TEUs in 2011. The volume increase in Germany was an encouraging 13.8 %. The handling volumes at the various sites developed at different paces. New scheduled services at the Bremerhaven container terminals resulted in a rise in handling volumes of 21.1% to5.9 million TEUs. EUROGATE Container Terminal Hamburg handled 2.1 million TEUs, 3.1% fewer than in the previous year. Overall, container handling at the German terminal facilities grew to over 7.9 million TEUs, which is one million standard containers more than in the previous year.In Italy the handling development was heterogeneous. The Medcenter Container Terminal (MCT) in Gioia Tauro lost 18.8% of its container volumes following the withdrawal of Maersk Line and handled 2.3 million TEUs. This trend was halted by the Mediterranean Shipping Company S.A. (MSC), the world’s second-largest container shipping line, as a strongly growing major customer at MCT. In January 2012, Contship Italia sold 50% of the shares in CSM ITALIA-GATE S.p.A., which holds 66.7% of the shares in the Medcenter Container Terminal, to Terminal Investments Limited (TIL), a related company to the MSC shipping line. This partnership is expected to bring sustained positive impulses for the further development of the Calabrian handling facility.Handling volumes at EUROGATE Tanger S.A. in Morocco showed a particularly satisfactory development. The Company increased container handling by 24% to 844,000 TEUs. LISCONT in Lisbon, Portugal, also recorded a rise in handling volumes of 5.8% to 244,000 TEUs.

After completion of construction work for the first development stage, the OJSC Ust-Luga Container Terminal, Russia, in which EUROGATE holds a 20% stake, went into operation in December 2011 with a handling capacity of 440,000 TEUs p.a..

Environmental targets 2020

EUROGATE already has a proven track record when it comes to protecting the environment and resources. With the introduction of an energy management system in compliance with DIN EN 16001, the Company is planning to steadily rationalise energy utilisation at the EUROGATE container terminals. The Group Management Board has set itself the clear target by 2020 to utilise 20% less energy per container and to reduce CO2 emissions by 25% compared to 2008. To this end, energy consumption will be recorded and analysed on a yearly basis. In this, EUROGATE is placing special emphasis on energy production, for example through solar power generation, energy efficient port transport systems and economical use of energy in the operation of port facilities, such as lighting.