Rotterdam to repay Dutch State aid
Next month, the Port of Rotterdam is due to transfer €290m to the Dutch State, which was contributed towards the construction of Maasvlakte 2 development.
Prior to construction, it was agreed by the Dutch State, the Municipality of Rotterdam and the port authority that the port would receive a total of €726m from the Dutch State in 2011 and 2012 and would begin repaying the State in 2021, when the new port area is expected to have a significant income flow.
A combination of developments, including the fast progression of the first stage of construction and lower investments in the existing port area than previously estimated, has allowed the port authority to repay the Dutch State eight years ahead of the schedule which was agreed in 2005.
In addition to this one off repayment, the port authority will increase the annual dividend to the Municipality by around €13.3m and to the Dutch State by around €5.5m, also agreed in 2005.
Paul Smits, chief financial officer, Port Authority: “Last year we entered into discussion with both our shareholders where we changed the agreements from 2005 and this allows us to spread our cash outflows over a longer period which is more favourable for us. At the same time we are meeting the request of the shareholders to raise the dividend in the short term. On balance we pay the same amount in dividend in the end.”
So far, the two shareholders have received €65.1m, a 4% dividend on the value of the contributed capital in the port authority.
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