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Full text: Annual report of the Duisport Group Issue 2001

POSITIONS
2001 Annual Report
of the Duisburger Hafen Group

Duisburger Hafen Group
Key Data 2001
million €
Sales/total revenues

34.0

Earnings before interest and tax

5.7

Result of ordinary operations

1.7

Net income

0.2

Capital expenditure
Total assets
Cash flow

54.0
174.8
6.2

Cargo Handled in 2001
Total Shipments

million tonnes

Ship

13.6

Rail

6.4

Truck

16.3

Total

36.3

The Ports of Duisburg
Cargo Handled in 2001
million tonnes
Ship

45.6

POSITIONS
2001 Annual Report
of the Duisburger Hafen Group

Setting milestones.
Optimizing interfaces.
Initiating developments.
For the duisport site.
For the objectives of
our customers.
For the future of the region.

“Love me tender” could be
the title for the get-together
of duisport and the port of the
“Elvis City” Memphis on the
Mississippi River. During a visit
in which North-Rhine Westphalia’s
Minister of Economics Schwanhold
participated, a duisport group
strengthened ties with the port
in the central U.S.

2

2001 Annual Report
Contents

Note by the Chief Executive Officer
New Services and More Capital Spending

5

Supervisory Board and Executive Board
6
Report of the Supervisory Board

7

Consolidated Management Report
Business in the 2001 Financial Year

9

Risk Management

13

Prospects

14

Capital Projects
17

Divisions
Property

19

Transshipment

21

Subsidiaries and Participating Interests
27

Staff
31

Annual Financial Statements of the Duisburger Hafen Group
33
Consolidated Balance Sheet

34

Consolidated Statement of Income

37

Consolidated Statement of Changes in Fixed Assets

38

Balance Sheet of Duisburger Hafen AG

40

Statement of Income of Duisburger Hafen AG

43

Statement of Changes of Fixed Assets of Duisburger Hafen AG

44

Notes

46

Auditor’s Report

59

Stockholders

60

3

Global thinking
strengthens local sites.
With this objective in
mind, duisport concluded
an agreement on cooperation with China’s second
largest inland waterway
port in Nantong. Duisburg
is building bridges to a
growth market.

4

Note by the Chief Executive Officer
New Services and More Capital Spending

he difficult economic environment in 2001 left its mark on the logistics sector and
the transportation industry. Less cargo to be shipped, consolidation, restructuring and a
reduced level of capital spending set the tune.
Since we partner with the forwarding business, we also went through a phase of negative
cargo growth. Nevertheless, the Duisburger Hafen Group did not curb its ambitious capital
program. We are rather convinced that logistics markets will soon recover and return to
their path of growth.
Apart from the strategic Logport, coal handling and container terminaling projects, we
developed our portfolio of port operations. duisport rail, our public-utility railroad company,
now provides our customers with efficient mainly local and regional transportation services.
In 2001, we also initiated the creation of a facility management activity which will enhance
the range of services offered by the Port. Plans of this nature support our clients and help
to make Duisburg an even more attractive logistics site.
Our stockholders promote this orientation of our corporate policy and I would like to
take this opportunity to thank them and, of course, our staff for their dedication and
commitment to our objectives.
Our customers assist us through their recognition of our efforts and the back-up we
receive from them. It is gratifying to note that numerous companies that have been located
in the Port for many years widened their operations in Duisburg in 2001. Such an expansion
of activities is an expression of trust which motivates us and imposes at the same time an
obligation on us to make an even greater effort – now and in future.

T

Erich Staake
Chief Executive Officer
Duisburg, 11 July 2002

5

Supervisory Board and Executive Board

Supervisory Board
Georg Wilhelm Adamowitsch
Undersecretary of State,
Head of the Prime Minister’s Office
of the State of North-Rhine Westphalia,
Düsseldorf
Chairman
Dr. Hans-Jürgen Froböse
Director, Federal Ministry of Transportation,
Construction and Housing,
Bonn
Vice Chairman
Peter Weidemann
Department Manager,
employee representative,
Duisburg
Vice Chairman
Bärbel Zieling
Mayor, City of Duisburg,
Vice Chairman
Dipl.-Ing. Klaus Beckmann
(as of 27 June 2001)
Director, Western Waterway Authority,
Münster
Margot Best
(until 27 June 2001)
Senior Counsel
Ministry of Finance of the State
of North-Rhine Westphalia,
Düsseldorf
Ulrich Brottmann
Electrician, employee representative,
Duisburg

6

Egon Czayka
Department Manager, employee representative,
Duisburg
Klaus-Bernd Fretzdorff
Senior Counsel, Federal Ministry of Finance,
Berlin
Jörg Hennerkes
Undersecretary of State, Ministry of Economics,
Small and Medium-Sized Industry,
Energy and Transportation of the State
of North-Rhine Westphalia,
Düsseldorf
Dieter Nittka
Foreman, employee representative,
Duisburg
Friedrich Prüßmann
Councillor,
City of Duisburg
Helmut Wieczorek
Member of the Federal Parliament,
City of Duisburg

Executive Board
Dipl.-Kfm. Erich Staake, Cologne
(Chief Executive Officer)
Dipl.-Ing. Martin Schlegel, Essen
(until 31 March 2001)
Dipl.-Ing. Thomas Schlipköther, Essen
(as of 1 April 2001)

Report of the Supervisory Board

The Supervisory Board kept itself informed about the position and the development of
Duisburger Hafen AG and its subsidiaries during the 2001 financial year through quarterly
Executive Board reports and the reports presented by the Executive Board members at the
Supervisory Board meetings. Through these reports and detailed debates of all matters submitted, it supervised the proper conduct of the business of the Duisburger Hafen Group.
The annual financial statements for the 2001 financial year, the accounts of the company
and the management report were audited by PwC Deutsche Revision Aktiengesellschaft,
Düsseldorf, elected auditors by the stockholders at general meeting in accordance with
the requirements laid down by law. The audit confirmed that the accounts, the annual
financial statements of Duisburger Hafen AG, the consolidated annual financial statements
and the management reports comply with all legal requirements and the bylaws of the
company. A final examination by the Supervisory Board has not given rise to any objections,
either.
The Supervisory Board has approved the annual financial statements of Duisburger
Hafen AG, the consolidated annual financial statements and the management report
prepared by the Executive Board at its meeting today.
The annual financial statements have hence been recognized as a true record of the
operations of the company in accordance with Section 172 of the Stock Corporation Act.
The Supervisory Board concurs with the Executive Board’s proposal to carry forward
the profit of Duisburger Hafen AG.
Duisburg, 24 June 2002
The Supervisory Board
Georg Wilhelm Adamowitsch
Chairman

7

Charles J. Rice,
Chairman of the Board of
Managing Directors,
P&O Trans European

Erich Staake,
Chief Executive Officer
Duisburger Hafen AG

Georg Wilhelm Adamowitsch,
Undersecretary of State,
Head of the North-Rhine Westphalian Prime Minister’s Office,
Chairman of the Supervisory Board of Duisburger Hafen AG

Lord Jeffrey Sterling,
Chairman P&O

A view back on the occasion
of the 75th anniversary
of Duisburger Hafen AG
showed that traditions meet
innovation at the confluence
of the Ruhr and Rhine rivers.
The Logport première of the
P&O EUROCenter in June
2002 was another milestone
on the road into the future.

Bärbel Zieling,
Mayor of the City of Duisburg

8

Consolidated Management Report
Business in the 2001 Financial Year

evenues of the Duisburger Hafen Group during the 2001 financial year totaled 34.0
million €, 5 percent up on 2000. Growth in the business of the Property Division
chiefly driven by new projects exceeded the decline in sales by the Transshipment
Division due to the impact of the low level of economic activity and certain structural
changes. Capitalized expenses increased as a result of the higher level of construction
activity during the 2001 financial year.

R

Duisburger Hafen Group Sales/Capitalized Expenses (million €)
2001

2000

Change
%

Land leases
Building and structure leases
Handling charges and logistics services
Other operating income
Capitalized expenses

14.2
7.7
8.3
0.6
3.2

13.4
6.1
9.8
0.5
2.6

+ 6
+ 26
- 14.5
+ 20
+ 26

Total Revenues

34.0

32.4

+

5

Revenues of Duisburger Hafen AG of 25.4 million € in 2001 were slightly higher than in
2000 when they ran at 25.2 million €. The growth is explained by a modest expansion of sales
and capitalized expenses. Sales of Duisburger Hafen AG in 2001 amounted to 25.2 million €.
The total surface area of tracts of land leased by the Duisburger Hafen Group to operators
increased by over 3 percent to 1,033 acres, while warehousing areas grew by about 21
percent to 187,000 sq.m. As in 2000, the expansion in the sales of the Property Division by
2.3 million € to 21.9 million € is largely due to new business.

9

Consolidated Management Report
Business in the 2001 Financial Year

Income from port dues, charges and logistic services of 8.3 million € was 14.5 percent
lower than in 2000. While the quantity of high-grade general cargo still increased in spite
of the weak economy, the bulk cargo segment which still accounts for most cargo at the
Port of Duisburg suffered a setback for a variety of reasons including the stoppage of
intra-German coal shipments.
The abandonment of the operations of DFL Duisburger Freihafen GmbH in mid-2001
also had a negative impact on sales.

Duisburger Hafen Group Ship/Rail Cargo Transfers (million tonnes)
2001

2000

Change
in %

Bulk cargo
General cargo

12.2
7.8

13.5
7.5

- 9
+ 3

Total

20.0

21.0

- 5

The total quantity of general cargo which passed through the Port of Duisburg increased
in 2001 by 3 percent to 7.8 million tonnes. Both containers and iron and steel products
contributed to the expansion.
In the bulk cargo business, volumes decreased sharply in all segments with the exception
of oil and building materials. The resulting drop in the total quantity of bulk cargo handled
was 9 percent, reducing bulk cargo transfers to 12.2 million tonnes. The main reason for
the decline was the discontinuation of German coal transportation chains.

I0

Duisburger Hafen Group Results (million €)
2001

2000

Operating result
Non-operating result
Earnings before interest and tax (EBIT)
Financial result
Result of ordinary operations
Taxes

+ 4.1
+ 1.6
+ 5.7
- 4.0
+ 1.7
- 1.5

+
+
+
+
-

Net income

+ 0.2

+ 0.022

1.7
0.9
2.6
2.1
0.5
0.4

A minor increase in sales and more efficient cost structures improved the results of the
Duisburger Hafen Group.
The 2001 net income of Duisburger Hafen AG was 0.2 million € and surpassed the
2000 result due to cost cuts.
Capital spending by the Duisburger Hafen Group totaled 54 million € and was essentially
funded by new debt. The financial result reflects the increase in interest charges associated
with the Group’s capital projects.
The operating result, on the other hand, was notably better than in 2000, since other
operating expenses were kept at the 2000 level due to productivity gains, while sales
expanded.

II

“We have for many years
been close associates of
the Port of Duisburg. Our
railroad terminals make
the port more attractive.
On the other hand,
combined transportation
in Duisburg is a vital
element of our business.”
Dr. Bernd Malmström,
Chief Executive Officer of DB Cargo AG
and member of the Executive
Board of Deutsche Bahn AG

I2

Consolidated Management Report
Risk Management

he Duisburger Hafen Group operates in an environment characterized by growing
competition between alternative logistic sites, continuing globalization and structural
changes in logistics markets. Against this background, the services provided by port
operators must satisfy increasingly higher standards set by port users. These demands
create opportunities which the Duisburger Hafen Group plans to exploit with proper consideration for all risks involved. The weighing of these opportunities and risks is the very
essence of an enterprise such as the Port of Duisburg.
To address risks, a comprehensive risk management system has been installed. All
business processes are monitored by an internal review and control system which identifies
in a very early phase all risks which could impair the development of the Duisburger Hafen
Group and allows immediate corrective action to be taken.
In view of the financial importance of the Logport project for the Duisburger Hafen
Group, all associated development and marketing risks are, of course, subject to particular
scrutiny. The risks involved in strategic programs and new services are equally examined
with great care and progress is evaluated regularly. In new operations, risks are minimized
by cooperation with experienced partners. Further, the risks of rising capital market interest
rates are hedged by derivative instruments. Finally, continuous close contacts with customers
help to reduce operating risks connected with the non-contractual use of tracts leased
from companies of the Duisburger Hafen Group.

T

I3

Consolidated Management Report
Prospects

he terrorist attacks in the US on 11 September 2001 had a major impact on the world
economy during the last quarter of the year and contributed to sustained weakness
in all regions of the globe. However, indicators now suggest a slow global recovery in
the second half of 2002, as indexes reflecting the economic climate in North America and
Western Europe, the world’s most important economic regions, have brightened.
In a projection published in December 2001, the International Monetary Fund (IMF)
predicted world economic growth at a rate of 2.4 percent for 2002, while the rate of
expansion of international trade will, according to the same estimate, be 2.2 percent in
real terms.
The Duisburger Hafen Group forecasts that ship and rail cargo transfers in Duisburg
which determine Group sales will remain substantially unchanged in 2002. The start-up or
expansion of operations at the Logport site will strengthen mainly the general cargo business,
but steel shipments are estimated to decline both because of the slow development of
economic activity and growing protectionist practices. duisport rail, the Group’s new railroad carrier, which offers its clients an efficient local and regional service will, on the
other hand, stimulate sales. As for real properties, revenues from new leases for tracts of
land and structures will continue to rise. The success of the Group’s Logport marketing
activities will make a growing contribution to turnover.
In 2000, the Duisburger Hafen Group launched a multi-annual capital program which
calls for expenditures of 230 million € to develop the Port of Duisburg and to make it a
highly competitive site on the international market. All major projects will be completed
by 2004 so that the Port will be positioned for the challenges of the future-oriented logistics
market.

T

I4

The first phase of the 655 acre Logport project ended in late 2001 as scheduled. The
remaining total area of about 125 acres will be developed for construction by 2004. Capital
spending will continue to focus on Logport with its facilities for high-grade general cargo
logistics. The DIT Terminal currently under construction on the Rheinhausen port basin for
commissioning in 2002 is the most important single installation. In the traditional part of
the Port of Duisburg, major sums will be invested into the conversion of the Speditionsinsel
and Kaiserhafen areas for general cargo use. Further, considerable capital expenditures
will be required for railroad tracks and the renewal of the Port railroad terminal to optimize
the efficiency and the costs of railroad operations.
The Duisburger Hafen Group will also continue to attach great priority to widening the
range of services it offers and to strengthening its joint venture projects. In 2001, the
establishment of duisport rail provided Port users with a railroad service which optimizes
connections to and from ships. The market introduction of these operations will be one of
the prime objectives in 2002. At the same time, the Group will develop facility management and telematics services in its portfolio.
The Duisburger Hafen Group will further step up its cooperation with other ports and
logistics sites to enhance its integration into international logistics networks. In 2001
already, a new agreement was concluded with the Port of Nantung, China’s second largest
inland waterway port located in the immediate vicinity of the metropolis of Shanghai. In
addition, closer contacts were developed with the ports of Ventspils and Tallinn, the most
important hubs in the Baltic nations, to improve cargo flows between Duisburg and the
nations of Eastern Europe.
In toto, the Duisburger Hafen Group has made substantial progress on the road towards
establishing the Port of Duisburg as a leading European logistics hub. It will continue to
improve its standing as a logistics services provider and to support its customers as a
reliable and dependable business partner.

I5

“Duisburg is a key hub
in Europe. It is a
junction for all modes
of transportation. We are
committed to the region
through the history of our
organization. The city is
the center of Imperial’s
worldwide operations.”
Gerhard Riemann,
Chairman of the Board of
Managing Directors, Imperial
Logistics International Duisburg

I6

Capital Projects

nder a comprehensive multi-annual capital program, the Duisburger Hafen Group
spent 54 million € on the development of the Port in 2001 (2000: 51 million €).
Projects in the traditional port area on the right bank of the Rhine River in Duisburg proper and the suburbs of Ruhrort and Hochfeld as well as the Logport area in Duisburg Rheinhausen again absorbed approximately the same funding.
Capital expenditures centered on strategic coal importation and general cargo (container)
operations. Work focused on the Rheinkai Nord, Kaiserhafen and Logport areas.
On the Rheinkai Nord embankment, a new terminal for the importation of coal was
commissioned in late 2001. Work finalized included the pavement of a surface of some
30,000 sq.m., the construction of a crane system and the installation of spur tracks. In the
Kaiserhafen part of the Port, backfilling and the new embankment were completed.
40,000 sq.m. of land were reclaimed by the project for general cargo services. The eastern
part of the terrain was connected to the road system in early 2002.
The infrastructural development of the Logport site is now nearly complete. Some 75
percent of the area was ready for construction by the end of 2001. Construction work on
the remaining tracts can commence by 2004. In mid-2001, a new railroad logistics center
started its operations. Some 30,000 sq.m. of warehousing, cargo handling and office area
as well as spur tracks were built on the 60,000 sq.m. tract. A trimodal container terminal
will be inaugurated in the former Krupp port area during the course of 2002. A new
embankment of a length of more than 300 m was completed for this container terminal
in 2001.

U

I7

“As a forwarder,
I have been at home
in Duisburg for 30 years.
The Port is where I am
provided with the qualified services I need for
performing my contracts.
These services are an
optimum in all areas.”
Wolfgang Schneemann,
Managing Director,
Gesellschaft für Umschlag
und Lagerung mbH

I8

Divisions
Property

n the 2001 financial year, 1033 acres of the Duisburger Hafen Group’s land were leased
for commercial operations, up by over 3 percent on 2000 (998 acres). The tracts are
used by more than 230 companies operating in the port. Sales from property management
operations (land and buildings) rose in 2001 by 12 percent from 19.6 million € to 21.9 million €
and accounted for 64 percent of the Group’s total revenues. The growth is explained by a
similar number of new leases in the traditional port area and at the Logport site.
In the Kaiserhafen area, Seacon Logistics, the Dutch organization, will start construction
for its containerized cargo contract logistics operations on a 32,000 sq.m. tract in 2002.
On the Rheinkai Nord embankment, the new terminal for the importation of coal with a
first-phase surface area of 30,000 sq.m. was transferred to Masslog, the operator of the
terminal, in 2001. Finally, Kühne & Nagel, the international logistics group which already
had operations in Duisburg, rented another 15,000 sq.m. of warehousing area in the free
port.
At the Logport site in Rheinhausen, Rhenus AG joined in 2001 NYK/New Wave Logistics,
the P&O Group, the Interspe Hamann Group, the Mackprang Group and numerous forwarders
which had already opted for Logport. Rhenus AG acquired a 91,000 sq.m. tract for the
construction of a general cargo distribution center which will eventually grow to some
50,000 sq.m. Kühne & Nagel also purchased a 50,000 sq.m. tract which will be used to
handle the North European business of the Thomson Group. Finally, in 2001, P&O Trans
European commissioned a 60,000 sq.m. rail logistics center.
In early 2002, Geodis Logistics, the leading French logistics group which has had operations
in the free port since 1996, decided to acquire a 40,000 sq.m. tract at the Logport site.
Geodis plans to build a distribution center mainly for customers in the consumer goods
industry. An option for another 50,000 sq.m. was agreed.

I

I9

“In the European
network of Rhenus sites,
Duisburg is one of our
top logistics locations.
We have for many years
organized European
exports and imports
through the Port
of Duisburg.”
Dr. Sven Rutkowsky,
Member of the Executive Board,
Rhenus AG & Co. KG

20

Divisions
Transshipment

The Economic Environment in the Year 2001
In spite of the accelerated economic downturn in the 4th quarter in the US, global trade
expanded over the entire year by 2 to 3 percent. German foreign trade also advanced.
Exports increased by some 7 percent, while imports rose about 2 percent.
The logistics industry, though, had already cooled down before the US events, as early
indicators had suggested in mid-2001 and suffered from overcapacities developed during
the boom years. The slowdown is reflected by crumbling container rates and a deterioration
of results in the logistics and transportation sectors.

Transportation in Germany
Against the background of these trends in the logistics market, the quantity of cargo
transported in Germany declined. While trucks had still carried 3.3 billion tonnes in 2000,
the quantity of cargo moved by road was only 3.2 billion tonnes in 2001, down by about
3 percent on the preceding year. Cargo forwarded by train added up to some 290 million
tonnes in 2001 and was almost 2 percent below the level of 294 million tonnes in 2000.
Inland waterway shipping also suffered a setback of 2 percent, as the total quantity of
cargo transported by ship dropped from 242 million tonnes to 237 million tonnes in 2001.
Air freight even fell by 4 percent.

Cargo Handled in the Port of Duisburg
The quantity of cargo loaded and unloaded by ships and trains in the ports of the
Duisburger Hafen Group totaled 20.0 million tonnes in the 2001 financial year, down by 5
percent on 21.0 million tonnes in 2000. Ships accounted for 13.6 million tonnes (3 percent
less than 14.0 million tonnes in 2000). Short sea shipping contributed 1.8 million tonnes
(2000: 1.9 million tonnes). Railroads handled 6.4 million tonnes which represents a decline of
9 percent from 7.0 million tonnes in 2000.
In addition to ship and rail cargo, truck cargo was for the first time registered in 2001.
It ran at 16.3 million tonnes and held a share of approx. 45 percent in total cargo transfers of
36.3 million tonnes in the ports of the Duisburger Hafen Group.

2I

“Duisburg is certainly
a key logistic hub
for serving our
customers.
I believe that the
importance of the
site will be growing.”
Wolfgang Lehr,
Member of the Executive Board,
VTG-LEHNKERING AG,
Duisburg/Hamburg

22

Divisions
Transshipment

Duisburger Hafen Group Transshipment (million tonnes)
2001

2000

Change
%

Ship cargo
Bulk cargo
General cargo
Rail cargo
Bulk cargo
General cargo
Ship and rail cargo
Truck cargo

13.6
8.9
4.7
6.4
3.3
3.1
20.0
16.3

14.0
9.3
4.7
7.0
4.2
2.8
21.0

Total cargo

36.3

N/A

- 3
- 4
+/- 0
- 9
- 20
+ 9
- 5

N/A

Both ship and rail carriers suffered losses in the bulk cargo segment of the market,
while ships moved the same quantity of general cargo as in 2000 and railroads even carried
9 percent more general cargo than in 2000.
Coal transportation suffered a particularly severe setback. The quantity of cargo handled
slumped by 19 percent from 6.8 million tonnes to 5.5 million tonnes mainly due to the
stoppage of rail shipments of coal produced in Germany. The decline of coal transfers was
the main reason why less bulk cargo passed through the Port. Adjusted for the decrease in
the quantity of coal handled, bulk cargo shipments defended the level recorded in the
year 2000.
Liquid bulk cargo transshipments totaled 3.0 million tonnes, down by 2 percent on 3.1
million tonnes in 2000. While a growth of 5 percent was achieved by oil products, a
downturn of 22 percent was registered for chemicals mainly due to reduced exports to
the US.
Building materials improved by 41 percent to 2.4 million tonnes. The quantity of cargo
handled grew notably as a result of backfilling operations in Ruhrort and Rheinhausen to
reclaim land for commercial use.

23

„duisport heeft zijn
containercapaciteit enorm
vergroot. Zeer interessant
voor de scheepvaart, maar
ook voor auto en spoor en
tegelijk een uitdaging voor
een goede economische
samenwerking.“ *

Henri de Vries,
Shipowner,
V.D.F. Forens

24

* “duisport has substantially expanded
its container handling capacities. Ship
transportation as well as truck and
railroad systems benefit. At the same
time, all operators are confronted with
a new challenge of intermodal networking.”

Divisions
Transshipment

Scrap and other cargo which ran at 1.3 million tonnes remained below the volume of
1.9 million tonnes in 2000. The decline in demand on the German scrap market as a result
of a reduction in steel output had a substantial impact on scrap importation which was
not made up by export growth.
Although steel output in Germany dropped, iron, steel and non-ferrous metal product
transfers in Duisburg increased by 3 percent to 4.8 million tonnes in 2001.
In container services, a strategic growth market of the Port of Duisburg, the Duisburger
Hafen Group again recorded an increase, moving forward from 2.9 to 3.0 million tonnes
in 2001. The expansion of containerized ship cargo by 2 percent is chiefly explained by
better connections to the sea port of Antwerp and high load factors on scheduled short
sea lines to and from the United Kingdom. Combined rail transportation advanced by
5 percent, although the reorientation of DB Cargo’s policy affected individual freight car
service. The development of new lines through Duisburg in which duisport rail participated
was necessary to stimulate the movement of containers by rail.

Duisburger Hafen Group Ship, Railroad and Truck Cargo (million tonnes)
2001

2000

Change
%

Coal
Oil/chemical products
Building materials
Scrap/other
Bulk cargo, total
Iron/Steel, non-ferrous metals
Containers
General Cargo, total
Ship and rail cargo
Truck cargo

5.5
3.0
2.4
1.3
12.2
4.8
3.0
7.8
20.0
16.3

6.8
3.1
1.7
1.9
13.5
4.6
2.9
7.5
21.0

Cargo, total

36.3

N/A

- 19
- 2
+ 41
- 32
- 9
+ 3
+ 3
+ 3
- 5

N/A

25

“Logport is the ideal
site for our warehousing
and logistics center.
At this center, we control
our worldwide imports
and exports of
pipes and fittings,
manufactured to
international standards.”
left and right: Karl and Bernhard Buhlmann,
managing directors and shareholders,
and center: Mathilde and Hanno Buhlmann, shareholders,
Buhlmann Rohr-Fittings-Stahlhandel GmbH + Co. KG

26

Subsidiaries and Participating Interests

Logport Logistic-Center Duisburg GmbH
Logport Logistic-Center Duisburg GmbH was established to develop and market the
former Krupp steel mill site in Rheinhausen on the left bank of the Rhine River. Some 80 percent of the area is owned by Hafen Duisburg-Rheinhausen GmbH, a 100 percent subsidiary
of Duisburger Hafen AG. The objective of the Logport project is the installation of a trimodal
logistics center for handling high-grade general cargo and site occupation chiefly by
international logistics service providers.
In the 2001 financial year, Logport development and marketing was again ahead of
plans. The development of the 655 acre area was nearly completed by the end of 2001 and
some 75 percent of the tracts were ready for construction. Approx. 250 acres equivalent to
50 percent of 500 acres available for construction had been marketed by December 2001.
A rail logistics center was completed and commissioned in mid-2001. The 200,000 TEU
trimodal container terminal which occupies an area of about 120,000 sq.m. will be started
up in 2002.

Port Agency Duisburg GmbH
Port Agency Duisburg GmbH (PAD), a 100 percent subsidiary of Duisburger Hafen AG, is
responsible for positioning and marketing the Port of Duisburg and the Duisburg logistics
hub both in Germany and in other countries. The company focuses on increasing traffic on
existing routes and on developing new routes serving the Port. Apart from close cooperation
with customers, the development and management of a national and international network linking Duisburg with other logistics sites and the introduction of new services by
the Duisburger Hafen Group are among the tools used by PAD to perform its function.
To underpin Duisburg’s position as the most important inland waterway port for the
importation of coal into Germany and to increase the quantity of cargo that passes
through Duisburg, the new Masslog coal terminal was commissioned in 2001. Port Agency
Duisburg was one of the promoters of Masslog, the operating company, whose shareholders
include the Port of Amsterdam. PAD also promoted an agreement on cooperation with the
Chinese port of Nantung concluded in 2001. Visits to the US, Estonia and Latvia strengthened
ties with the ports of Memphis, Tallinn and Ventspils. Further, Port Agency Duisburg presented
the Port and the Duisburg logistics hub at various trade shows including the transport
logistic trade fair in Munich, the Interfreight show in Rotterdam and the Coaltrans exhibition
in Prague.

27

Subsidiaries and Participating Interests

duisport rail GmbH
duisport rail, a railroad carrier which is a 100 percent subsidiary of Duisburger Hafen
AG, was established in April 2001. The new company mainly provides local and regional
train services. Some twelve employees of the Duisburger Hafen Group were trained in
railroad professions and two locomotives were purchased. The new operations were
introduced at the rail#tec 2001 trade show in Dortmund. Following a start-up phase, routes
have been served together with other railroad companies since autumn 2001. A regular
shuttle train has, for instance, been operated between Duisburg and Rotterdam since October
2001. A Ruhr shuttle train between Duisburg and Hamm was started in January 2002.

PCD Packing-Center-Duisburg GmbH & Co. KG
PCD Packing-Center-Duisburg is specialized in stuffing and stripping containers for
road, rail, air and water transportation and the seaworthy packing of heavy large-sized
goods. The company handled 6,700 containers as in 2000. It also obtained the exclusive
right to distribute a container desiccant in Germany, Austria, Belgium, the Netherlands
and Switzerland and successfully marketed the product.. However, as capacity utilization
varied mainly during the second half of the year, the company was unable to fully achieve
its objectives. Action was taken, though, to make better use of existing market potentials.

28

DFL Duisburger Freihafen GmbH
After its establishment in 1991, DFL Duisburger Freihafen GmbH marketed tracts in the
free port and provided a range of logistics services including cargo transfer and warehousing
mainly to develop the free port and logistic operations in Duisburg. Today, the logistics
service providers operating in the Port are able to satisfy any demand. It is therefore no
longer necessary for the Duisburger Hafen Group to develop activities in this sector. The
company abandoned its logistics operations in 2001 and will be restructured.

Other Participating Interests
Since 2001, Duisburger Hafen AG has held an indirect interest in Masslog GmbH, the
operator of the coal importation terminal, through Duisburg Amsterdam Beteiligungsgesellschaft. Duisburger Hafen AG also owns minor participating interests in GVZ DUNI
Entwicklungsgesellschaft für ein Dezentrales Güterverkehrszentrum Duisburg/Niederrhein
mbH and Flughafen Niederrhein GmbH.

29

*
Shigeto Hasegawa,
Managing Director,
New Wave Logistics
(Deutschland) GmbH

30

* “The expanding infrastructure and
the central location of the Logport
site were the key reasons why New
Wave Logistics decided to be one of
the pioneers in Rheinhausen.”

Staff

Action taken to position Duisburg as an international logistics hub and the objective of
establishing the Duisburger Hafen Group as a service-oriented problem solver for its
customers confronted staff again with a major challenge which called for substantial
flexibility and commitment. Productivity has risen at a remarkable rate over the last few
years. Per-capita sales totaled 155,000 € in 2001 (2000: 137,300 €).

Staff of the Duisburger Hafen Group*
2001

2000

Duisburger Hafen AG
Port Agency Duisburg GmbH
Logport Logistic-Center Duisburg GmbH
PCD Packing-Center-Duisburg GmbH & Co. KG

178
9
7
25

179
11
6
21

Total

219

217

* annual average

3I

“Logport is to P&O
the Silicon Valley of
transportation services.
For this reason, we
are committed to
Duisburg and implement
integrated supply
chains for our customers
at this site.”
Lord Jeffrey Sterling,
Chairman P&O

32

Financial Statements
of Duisburger Hafen Group
for the year ended 31 December 2001
76th Financial Year

Annual Financial Statements of the Duisburger Hafen Group
Consolidated Balance Sheet

34

Consolidated Statement of Income

37

Consolidated Statement of Changes in Fixed Assets

38

Balance Sheet of Duisburger Hafen AG

40

Statement of Income of Duisburger Hafen AG

43

Statement of Changes of Fixed Assets of Duisburger Hafen AG

44

Notes

46

Auditor’s Report

59

Stockholders

60

33

Financial Statements

Assets
Note

31 Dec. 2001

31 Dec. 2000

0.00

10

543,627.65
0.00
543,627.65

795
62
857

117,027,701.33
12,657,590.71
1,660,078.42
31,881,308.92
163,226,679.38

111,635
9,987
2,190
20,809
144,621

34,287.95
337,452.64
153,450.48
525,191.07
164,295,498.10

1
21
178
200
145,688

225,612.67

287

2,168,404.25
0.00
6,182,016.80
8,350,421.05

2,918
7
10,343
13,268

(3)

1,207,233.14
9,783,266.86

9,662
23,217

(4)

728,448.18
174,807,213.14

793
169,698

A. Startup expenses
B. Fixed assets
I. Intangible assets
1. Industrial property rights and assets and similar rights
and licenses in such rights and assets
2. Advance payments made

III. Financial assets
1. Investments
2. Loans to companies in which other investments are held
3. Other loans

C. Current assets
I. Inventories
1. Supplies

III. Cash on hand and deposits with banks
D. Deferred charges

34

1,000 €

(1)

II. Property, plant and equipment
1. Land and buildings
2. Plant and equipment
3. Other assets, fixtures, furniture and office equipment
4. Advance payments made and work in progress

II. Receivables and other assets
1. Accounts receivable (trade)
2. Accounts receivable from affiliated companies
3. Other assets

€

(2a)

Consolidated Balance Sheet as at 31 December 2001

Liabilities
Notes

31 Dec. 2001
€

31 Dec. 2000
T€

A. Equity
I. Subscribed capital

46,020,000.00

46,020

II. Paid-in surplus

1,533,875.64

1,534

III. Retained earnings

3,201,683.38

3,214

146,483.93

146

202,684.03

18

29,453.64
51,134,180.62

18
50,950

1,707,059.01
20,250,445.23
21,957,504.24

0
20,458
20,458

3,796,426.00
828,602.02
3,718,602.51
8,343,630.53

3,945
119
3,879
7,943

64,990,211.13
8,478,575.59
10,141.19
7,261.34
17,599,827.90
91,086,017.15

61,052
16,212
19
0
10,530
87,813

2,285,880.60
174,807,213.14

2,534
169,698

IV. Surplus from consolidation
V. Profit

(5)

VI. Minority interests

B. Tax reserves
1. Tax reserve for investment incentives
2. Tax reserve pursuant to Section 6 b of the Income Tax Act
C. Provisions
1. Provisions for pensions
2. Provisions for accrued taxes
3. Other provisions
D. Debt
1. Bank debt
2. Accounts payable (trade)
3. Liabilities to stockholders
4. Liabilities to companies in which other investments are held
5. Other liabilities

E. Deferred income

(6)

(7)
(8)

(9a)

35

36

Financial Statements
Consolidated Statement of Income
for the year ended 31 December 2001

Consolidated Statement of Income
Note

2001

2000

€

1,000 €

1. Sales
2. Capitalized expenses
3. Other operating income

(10)
(11)
(12)

30,827,868.86
3,204,167.62
3,558,989.51
37,591,025.99

29,849
2,574
3,349
35,772

4. Material
5. Labor
6. Amortization and depreciation
of intangible and tangible assets
7. Other operating expenses

(13)
(14)

- 1,340,291.79
- 11,310,318.30

- 1,743
- 11,384

(15)
(16)

- 5,215,427.79
- 14,061,877.54
5,663,110.57

- 4,772
- 15,257
2,616

2,397.96
- 3,999,889.51
1,665,619.02
- 678,374.89
- 823,622.30
163,621.83
18,541.90
- 2,887.40
23,407.70
202,684.03

3
- 2,164
455
79
- 512
22
0
-4
0
18

8.
9.
10.
11.
12.
13.
14.
15.
16.
17.

Income from fixed-asset loans
Interest
Result of ordinary operations
Taxes on income
Other taxes
Consolidated net income
Profit carryover
Minority interests
Change in consolidated retained earnings
Profit

(18)

37

Financial Statements

Cost

I. Startup expenses
II. Intangible assets
1. Industrial property rights and similar rights and
assets and licenses in such rights and assets
2. Advance payments made
III. Property, plant and equipment
1. Land and buildings
Tracks, operational, office
and residential buildings
Port basin tracts (fixed values)
Road pavements
Railroad bridges, public road bridges
and flood control structures

2. Plant and equipment
Port plant and equipment
Railroad plant and equipment

3. Other assets, fixtures, furniture
and office equipment
4. Advance payments made
and work in progress

IV. Financial assets
1. Investments
2. Loans to companies in which
other investments are held
3. Other loans

38

1 Jan. 2001
€

Additions
€

Retirements
€

Reclassification
€

39,727.38

0.00

0.00

0.00

1,673,691.41
62,444.58
1,736,135.99

114,478.58
0.00
114,478.58

65,731.43
0.00
65,731.43

62,444.58
- 62,444.58
0.00

118,542,547.26
11,833,925.00
7,206,331.59

9,026,185.01
531,449.85
0.00

3,966,024.34
0.00
0.00

2,980,443.20
77,688.50
0.00

2,095,768.90

0.00

0.00

0.00

12,911,865.20
4,648,213.80

686,842.89
1,226,085.26

0.00
0.00

1,523,058.57
69,724.00

6,946,331.97

299,617.83

522,706.02

-296,603.93

20,809,424.87
184,994,408.59

15,756,778.41
27,526,959.25

0.00
4,488,730.36

-4,684,894.36
-330,584.02

1,124.84

12,558.05

869.20

21,474.26

21,474.26
177,722.16
200,321.26
186,970,593.22

337,452.64
0.00
350,010.69
27,991,448.52

0.00
24,271.68
25,140.88
4,579,602.67

-21,474.26
0.00
0.00
-330,584.02

Consolidated Statement
of Changes in Fixed Assets
for the year ended 31 December 2001

Cumulated amortization and depreciation

Book values

31 Dec. 2001
€

1 Jan. 2001
€

Additions
€

Retirements
€

Reclassification
€

31 Dec. 2001
€

39,727.38

29,795.53

9,931.85

0.00

0.00

39,727.38

0.00

10

1,784,833.14
0.00
1,784,883.14

878,806.08
0.00
878,806.08

426,902.70
0.00
426,902.70

64,453.29
0.00
64,453.29

0.00
0.00
0.00

1,241,255.49
0.00
1,241,255.49

543,627.65
0.00
543,627.65

795
62
857

126,583,151.13
12,443,063.35
7,206,331.59

20,357,939.21
0.00
5,798,389.28

3,159,485.57
0.00
205,405.01

131,288.74
0.00
0.00

0.00
0.00
0.00

23,386,136.04
0.00
6,003,794.29

103,197,015.09
12,443,063.35
1,202,537.30

98,184
11,834
1,408

2,095,768.90

1,887,201.30

23,482.01

0.00

0.00

1,910,683.31

185,085.59

208

15,121,766.66
5,944,023.06

6,093,351.28
1,479,406.58

757,969.14
77,472.01

0.00
0.00

0.00
0.00

6,851,320.42
1,556,878.59

8,270,446.24
4,387,144.47

6,819
3,169

6,426,639.85

4,755,873.59

554,779.50

380,790.62

-163,301.04

4,766,561.43

1,660,078.42

2,190

31,881,308.92
0.00
207,702,053.46 40,372,161.24

0.00
4,778,593.24

0.00
0.00
0.00
512,079.36 -163,301.04 44,475,374.08

31,881,308.92
163,226,679.38

20,809
144,621

0.00

34,287.95

1

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
576,532.65 -163,301.04 45,756,356.95

337,452.64
153,450.48
525,191.07
164,295,498.10

21
178
200
145,688

34,287.95

0.00

0.00

337,452.64
0.00
153,450.48
0.00
525,191.07
0.00
210,051,855.05 41,280,762.85

0.00
0.00
0.00
5,215,427.79

0.00

0.00

31 Dec. 2001 31 Dec. 2000
€1

39

Financial Statements

Assets
Note
1
€

,

A. Fixed assets
I. Intangible assets
1. Industrial property rights and assets and similar rights
and licenses in such rights and assets
2. Advance payments made

0

B. Current assets
I. Inventories
1. Supplies

40

31 Dec. 2000
0

(1)

III. Financial assets
1. Investments in affiliated companies
2. Loans to affiliated companies
3. Other investments
4. Loans to companies in which other
investments are held
5. Other loans

III. Cash on hand and deposits with banks

€

0

II. Property, plant and equipment
1. Land and buildings
2. Plant and equipment
3. Other assets, fixtures, furniture and office equipment
4. Advance payments made and work in progress

II. Receivables and other assets
1. Accounts receivable (trade)
2. Accounts receivable from affiliated companies
3. Accounts receivable from companies
in which other investments are held
4. Other assets

31 Dec. 2001

409,215.10
0.00
409,215.10

617
2
619

61,943,064.76
11,863,903.03
1,402,848.96
1,925,946.73
77,135,763.48

60,656
9,952
1,607
2,461
74,676

20,863,446.30
13,337,452.64
143,531.87

20,747
10,226
91

0.00
153,450.48
34,497,881.29
112,042,859.87

30
178
31,272
106,567

214,527.81

229

1,652,070.05
2,748,356.32

1,891
797

0
1,486,788.70
5,887,215.07

6
3,197
5,891

373,151.90
6,474,894.78

302
6,422

(2b)

(3)

Balance Sheet of Duisburger Hafen AG
as at December 2001

Liabilities
Note
1
€

,

0

31 Dec. 2001
€

0

31 Dec. 2000
0

A. Equity
I. Subscribed capital

46,020,000.00

46,020

II. Paid-in surplus

1,533,875.64

1,534

III. Retained earnings
1. Legal reserve

3,276,917.74

3,277

(5)

202,684.03
51,033,477.41

18
50,849

(6)

20,250,445.23

20,458

(7)
(8)

3,796,426.00
720,000.00
2,857,278.20
7,373,704.20

3,746
15
2,301
6,062

25,493,973.29
1,855,698.91
154,838.07
22,660.68
10,315,415.45
37,842,586.40

19,012
2,999
1,402
0
9,953
33,366

2,282,703,14
118,782,916,38

2,532
113,267

IV. Profit

B. Tax reserve persuant to Section 6 b of the Income Tax Act
C. Provisions
1. Provisions for pensions
2. Provisions for accrued taxes
3. Other provisions

D. Debt
1. Bank debt
2. Accounts payable (trade)
3. Liabilities to affiliated companies
4. Liabilities to companies in which other investments are held
5. Other liabilities

E. Deferred income

(9b)

4I

42

Financial Statements
Statement of Income of Duisburger Hafen AG
for the year ended 31 December 2001

Statement of Income of Duisburger Hafen AG
Note
1
0

,

2001

2000

€

0

0

€

1. Sales
2. Capitalized expenses
3. Other operating income

(10)
(11)
(12)

25,245,890.22
164,279.18
4,045,916.35
29,456,085.75

25,072
83
4,500
29,655

4. Material
5. Labor
6. Amortization and depreciation of
intangible and tangible assets
7. Other operating expenses

(13)
(14)

- 530,244.09
- 9,432,570.95

- 490
- 9,033

(15)
(16)

- 3,024,088.15
- 11,463,081.33
5,006,101.23

- 3,104
- 12,925
4,103

(17)
(18)

- 2,766,283.91
- 973,326.07
1,266,491.25
- 662,541.26
- 419,807.86
184,142.13
18,541.90
202,684.03

- 3,040
- 763
300
95
- 377
18
0
18

8.
9.
10.
11.
12.
13.
14.
15.

Income/losses from investments
Interest
Result of ordinary operations
Tax on income
Other taxes
Net income
Profit carryover
Profit

43

Financial Statements

Cost

I. Intangible assets
1. Industrial property rights and similar rights and
assets and licenses in such rights and assets
2. Advance payments made
II. Property, plant and equipment
1. Land and buildings
Tracks, operational, office
and individual buildings
Port basin tracts (fixed values)
Road pavements
Railroad bridges, public road bridges
and flood control structures

2. Plant and equipment
Port plant and equipment
Railroad plant and equipment

3. Other assets, fixtures, furniture
and office equipment
4. Advance payments made
and work in progress

III. Financial assets
1. Investments in affiliated companies
2. Loans to affiliated companies
3. Other investments
4. Loans to companies in which
other investments are held
5. Other loans

44

1 Jan. 2001
€

Additions
€

Retirements
€

Reclassification
€

1,311,539.23
1,831.06
1,313,370.29

68.298.70
0.00
68,298.70

0.00
0.00
0.00

1,831.06
- 1,831.06
0.00

65,099,898.05
11,833,925.01
7,206,331.61

2,068,430.02
531,449.85
0.00

432,552.95
0.00
0.00

426,879.65
77,688.50
0.00

2,095,768.89

0.00

0.00

0.00

12,857,177.86
4,648,213.80

685,243.01
448,445.25

0.00
0.00

1,523,058.57
68,896.31

5,715,428.09

233,077.81

99,442.38

0.00

2,461,485.00
111,918,228.31

1,594,964.81
5,561,610.75

0.00
531,995.33

-2,130,503.08
-33,980.05

20,746,946.30
10,225,837.62
90,600.93

116,500.00
12,097,165.91
23,122.63

0.00
8,985,550.89
869.20

0.00
0.00
30,677,51

30,677.51
177,722.30
31,271,784.66
144,503,383.26

0.00
0.00
12,236,788.54
17,866,697.99

0.00
24,271.82
9,010,691.91
9,542,687.24

-30,677.51
0.00
0.00
-33,980.05

Statement of Changes of Fixed Assets
of Duisburger Hafen AG
for the year ended 31 December 2001

Cumulated amortization and depreciation

Book values

31 Dec. 2001
€

1 Jan. 2001
€

Additions
€

Retirements
€

31 Dec. 2001
€

31 Dec. 2001
€

31 Dec. 2000
1,000 €

1,381,668.99
0.00
1,381,668.99

694,024.96
0.00
694,024.96

278,428.93
0.00
278,428.93

0.00
0.00
0.00

972,453.89
0.00
972,453.89

409,215.10
0.00
409,215.10

617
2
619

67,162,654.77
12,443,063.36
7,206,331.61

17,894,648.23
0.00
5,798,389.27

1,286,916.80
0.00
205,405.02

131,288.74
0.00
0.00

19,050,276.29
0.00
6,003,794.29

48,112,378.48
12,443,063.36
1,202,537.32

47,205
11,834
1,408

2,095,768.89

1,887,201.28

23,482.01

0.00

1,910,683.29

185,085.60

209

15,065,479.44
5,165,555.36

6,074,336.35
1,479,406.59

751,642.82
61,746.01

0.00
0.00

6,825,979.17
1,541,152.60

8,239,500.27
3,624,402.76

6,783
3,169

5,849,063.52

4,108,593.46

416,466.56

78,845.46

4,446,214.56

1,402,848.96

1,607

1,925,946.73
116,913,863.68

0.00
37,242,575.18

0.00
2,745,659.22

0.00
210,134.20

0.00
39,778,100.20

1,925,946.73
77,135,763.48

2,461
74,676

20,863,446.30
13,337,452.64
143,531.87

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

20,863,446.30
13,337,452.64
143,531.87

20,747
10,226
91

0.00
153,450.48
34,497,881.29
152,793,413.96

0.00
0.00
0.00
37,936,600.14

0.00
0.00
0.00
3,024,088.15

0.00
0.00
0.00
210,134.20

0.00
0.00
0.00
40,750,554.09

0.00
153,450.48
34,497,881.29
112,042,859.87

30
178
31,272
106,567

45

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

Duisburger Hafen AG and its subsidiaries prepared consolidated financial statements
and a consolidated management report for the year ended 31 December 2001 pursuant
to Section 290 of the Commercial Code.
Duisburger Hafen AG exercised its option under Section 298, paragraph 3, of the
Commercial Code to combine the notes on the accounts of the parent company and the
consolidated notes.
To enhance the clarity of the income statement presentation, certain items have
been combined and are detailed in these notes.

I. Consolidated Group

Subsidiaries of Duisburger Hafen AG
Company

Equity
interest

Equity
capital

Net income/
net loss in 2001

in %

1,000 €

1,000 €

Hafen Duisburg-Rheinhausen GmbH, Duisburg

100

20,452

0 1)

duisport rail GmbH, Duisburg

100

100

0 1)

Port Agency Duisburg GmbH, Duisburg

100

269

DFL Duisburger Freihafen GmbH, Duisburg

100

180

Logport Logistic-Center
Duisburg GmbH, Duisburg

55

50

+ 9

PCD Packing-Center-Duisburg
GmbH & Co. KG, Duisburg

30

57

- 1

Hafen Duisburg-Amsterdam
Beteiligungsgesellschaft, Duisburg

66

21

- 4

1)

46

control and pass-through agreement

+ 13
0 1)

The Duisburger Hafen Group comprises Duisburger Hafen AG and seven further
companies. Duisburger Hafen AG and companies in which Duisburger Hafen AG holds a
majority of the voting rights have been consolidated in full, while the PCD PackingCenter-Duisburg GmbH & Co. KG joint venture has been incorporated at equity pursuant
to Section 310 of the Commercial Code.
duisport rail GmbH and Hafen Duisburg-Amsterdam Beteiligungsgesellschaft mbH
both established during the 2001 financial year have been included in the consolidated
group.
PCD Packing-Center-Duisburg Beteiligungs-GmbH is no longer consolidated, since
its operations for PCD Packing-Center-Duisburg GmbH & Co. KG terminated internally
as of 1 May 2001 when the partnership was reorganized as a limited liability company
pursuant to Section 190 et. seq. of the Reorganization Act.

II. Consolidation Policy
Intercompany investments shown at cost have been eliminated against equity on the
date of first consolidation.
Any goodwill at the time when the Group company was first consolidated has been
deducted from retained earnings, while any surplus from consolidation has been added
to retained earnings. The surplus from consolidation shown in the consolidated balance
sheet constitutes the paid-in surplus of DFL Duisburger Freihafen GmbH that existed
prior to the integration of DFL Dusiburger Freihafen GmbH in the consolidated accounts
of Duisburger Hafen AG.
Intercompany loans and other intercompany receivables and payables have been
eliminated.
Intercompany sales and other intercompany income were eliminated against associated expenses, unless capitalized.
The consolidated profit is stated at the amount shown in the balance sheet of Duisburger
Hafen AG. The results of the subsidiaries and other differences upon consolidation were
absorbed by consolidated retained earnings.

III. Accounting and Valuation Principles
The financial statements of Duisburger Hafen AG and its consolidated subsidiaries
were prepared in accordance with the same accounting and valuation principles. The
financial statements of all Group companies have been audited and approved by the
auditors without qualifications.

47

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

Intangible assets as well as property, plant and equipment are shown at cost less
subsidies, amortization and depreciation.
Ordinary depreciation is by the straight-line method at the maximum rates allowed
by tax legislation with the exception of buildings completed from 1990 through 1994
which are depreciated by the declining-balance method according to Section 7, paragraph 5, of the Income Tax Act. Appropriations were made to the tax reserve account
with respect to land in accordance with the provisions of Section 6 b of the Income Tax
Act. Further, the accelerated depreciation provisions of Section 6 b of the Income Tax
Act were applied to buildings, reducing the asset values shown accordingly.
Mobile assets acquired during the first half of the year were depreciated at the full
annual rate, while 50 percent of the annual depreciation rate was applied to mobile
assets acquired from July to December. Minor assets of a value of less than 400 € were
written off in full in the year of acquisition. The depreciation charge is shown in the
retirement column of cumulated depreciation in the statement of changes of fixed
assets.
The size, the value and the break-down of port basin, embankment and port railroad
track assets hardly change. These items are therefore shown at fixed values in accordance
with tax treatment and not depreciated.
Interest-bearing loans are stated at principal.
Supplies were placed at the lower of average cost or market.
Receivables and other assets are included in the balance sheet at nominal values.
Reasonable allowances have been made for bad debts.
Upon resolution of the stockholders of Duisburger Hafen AG at the general meeting
of 27 June 2001, the 2000 profit of 36,264.80 DM was carried forward.
Provisions for pensions were calculated by the differential method of Section 6 a of
the Income Tax Act by an actuarial expertise on the basis of the 1998 Dr. Heubeck life
tables, using a discount rate of 6 percent.
The other provisions accommodate all identifiable risks and uncertain liabilities.
Debts are stated at the amounts to be repaid. Differences between amounts to be
repaid and amounts disbursed (discounts) have been capitalized as deferred charges
and are amortized over the term of the debt.

IV. Balance Sheet Notes

1. Fixed assets
The changes in Group fixed assets are given on pp. 38 and 39 and the changes in the
fixed assets of the parent company on pp. 44 and 45.

48

2 a. Receivables and Other Assets – Group
31 Dec. 2001

Remaining 31 Dec. 2000
term
over 1 year

Remaining
term
over 1 year

1,000 €

1,000 €

1,000 €

1,000 €

Accounts receivable (trade)
Affiliated companies
Other assets

2,168
0
6,182

0
0
0

2,918
7
10,343

18
0
0

Total

8,350

0

13,268

18

Other assets largely consist of subsidies granted, but not yet paid to Hafen DuisburgRheinhausen GmbH.

2 b. Receivables and Other Assets – Duisburger Hafen AG
31 Dec. 2001

Remaining 31 Dec. 2000
term over
1 year

Remaining
term over
1 year

1,000 €

1,000 €

1,000 €

1,000 €

Accounts receivable (trade)
Affiliated companies
Other assets

1,652
2,748
1,487

0
0
0

1,891
797
3,203

18
0
0

Total

5,887

0

5,891

18

3. Cash on Hand and Deposits with Banks
Liquid funds are employed to reduce debt. Cash on hand and low-interest bank
balances are therefore minimized.

4. Deferred Charges

The consolidated deferred charges comprise discounts of 0.4 million € under 2000 credit
arrangements of Hafen Duisburg-Rheinhausen GmbH.

5. Profit
The consolidated profit and the profit of Duisburger Hafen AG comprise a profit
carryover of 0,018 million €.

49

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

6. Tax Reserve – Group and Duisburger Hafen AG
31 Dec. 2001

31. Dec. 2000

1,000 €

1,000 €

Untaxed reserve pursuant to Section 6 b,
paragraph 3, of the Income Tax Act
Accelerated depreciation allowance pursuant
to Section 6 b, paragraph 1, of Income Tax Act
Allowance for investment incentives

1,429

1,920

18,822
1,707

18,538
0

Total

21,958

20,458

7. Provisions for Accrued Taxes – Group and Duisburger Hafen AG
The provisions mainly relate to 2001 income tax and the associated solidarity
surcharge.

8. Other Provisions – Group and Duisburger Hafen AG
Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

Deferred maintenance
Others
(Early retirement, bonuses,
vacation entitlement etc.)

1,043

150

503

153

2,676

3,729

2,354

2,148

Total

3,719

3,879

2,857

2,301

Other provisions mainly concern deferred maintenance (1.043 million € at the Group
level), early retirement, accrued bonuses and accrued vacation entitlements. The early
retirement provision was exclusively made for parent company staff.

50

9 a. Debt – Group
31 Dec. 2001

Remaining
term less
than 1 year

Remaining
term over
5 years

31 Dec. 2000

Remaining
term less
than 1 year

Remaining
term over
5 years

1,000 €

1,000 €

1,000 €

1,000 €

1,000 €

1,000 €

Bank debt
Accounts payable (trade)
Stockholders
Companies in which
investments are held
Other liabilities
(of which tax liabilities)
(of which social
security liabilities)

64,990
8,479
10

10,567
5,984
10

29,976
0
0

61,052
16,212
19

26,073
11,221
19

26,588
0
0

7
17,600
(45)

0
17,600
(45)

0
0
(0)

0
10,530
(105)

0
10,138
(105)

0
303
(0)

(48)

(48)

(0)

(54)

(54)

(0)

Total

91,086

34,162

29,976

87,813

47,451

26,891

Consolidated bank debt totaled 65.0 million € on 31 December 2001. 38.6 million € of
these liabilities were secured by liens on land owned by Hafen Duisburg-Rheinhausen
GmbH. Further security provided includes negative pledges and pari passu clauses as
well as the assignment of loss pass-through rights of Hafen Duisburg-Rheinhausen
GmbH. Obligations were also undertaken with regard to maximum financial ratios. The
increase in bank debt reflects he increased financing requirements for the Rheinhausen
capital projects.

5I

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

9 b. Debt – Duisburger Hafen AG
31 Dec. 2001

Remaining
term less
than 1 year

Remaining 31 Dec. 2000
term over
5 years

Remaining
term less
than 1 year

Remaining
term over
5 years

1,000 €

1,000 €

1,000 €

1,000 €

1,000 €

1,000 €

Bank debt
Accounts payable (trade)
Affiliated companies
Companies in which other
investments are held
Other liabilities
(of which tax liabilities)
(of which social
security liabilities)

25,494
1,856
155

10,483
1,856
155

5,369
0
0

19,012
2,999
1,402

16,967
2,999
1,402

128
0
0

23
10,315
(45)

23
10,305
(45)

0
0
(0)

0
9,953
- 34

0
9,940
0

0
0
0

(48)

(48)

(0)

-5

0

0

Total

37,843

22,822

5,369

33,366

31,308

128

Other liabilities comprise short-term credits of 9.7 million € granted by governments.
Debts of Duisburger Hafen AG were not secured by liens on land.

Contingent Liabilities and Other Financial Commitments
In connection with the agreements under which Hafen Duisburg-Rheinhausen
GmbH purchased the former steel mill site from Krupp Hösch Stahl AG, Duisburger
Hafen AG issued a binding letter of comfort to the sellers under which Duisburger
Hafen AG undertook to provide its subsidiary with the financial resources needed to
perform all commitments under the agreements when due. The remaining commitments total 2.6 million €.
Duisburger Hafen AG undertook a guaranty for a sum of 22.1 million € with the
Federal Railroad Administration to provide coverage for the repayment of funding
granted to Hafen Duisburg-Rheinhausen GmbH. Further, Duisburger Hafen AG issued a
guaranty for 4.6 million € to a supplier of Hafen Duisburg-Rheinhausen GmbH.

52

Duisburger Hafen AG issued a letter of comfort to a bank to provide security for the
present debt of 126,000 € owed by PCD Packing-Center-Duisburg GmbH & Co. KG as
well as a guaranty covering 245,000 € as security for a bank credit of PCD PackingCenter-Duisburg GmbH & Co. KG. The other limited partners of PCD Packing-CenterDuisburg GmbH & Co. KG have provided the Duisburger Hafen Group with back-up
guaranties for 164,000 €.
Interest rate swap agreements for a total of 34.5 million € with a maximum remaining
term of eight years were in operation on 31 December 2001.

Encumbrances – Group
Land affected

of which AG

sq.m.

in %

sq.m.

Leasehold rights of port operators
Pipeline and well servitudes
Rights of way and other interests

1,011,109
2,582,384
366,369

10.2
26.1
3.7

1,011,109
224,067
339,030

Total

3,959,862

40.0

1,574,206

Consolidated other financial commitments totaled 0.2 million € annually. They comprised
payment obligations under leases of 0.1 million €. The other financial commitments of
Duisburger Hafen AG ran at 75,000 € annually.
Commitments under contracts placed for capital and other projects amounted to
25.8 million € including commitments of 4.0 million € agreed by Duisburger Hafen AG.

53

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

V. Income Statement Notes

10. Sales
Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

Rentals
Handing charges and
logistic services
Other operating income

21,861

19,566

17,762

16,890

8,348
619

9,766
517

6,923
561

7,366
816

Total

30,828

29,849

25,246

25,072

Sales by the Duisburger Hafen Group rose by 1.0 million € to 30.8 million €. The
expansion is mainly due to the notable increase in rental income from 19.6 million € to
21.9 million €.

11. Capitalized Expenses

Capitalized expenses of 3.204 million € mainly comprised project management and
engineering design services provided by Duisburger Hafen AG and Logport LogisticCenter Duisburg GmbH for Hafen Duisburg-Rheinhausen GmbH and capitalized interest
expense of Hafen Duisburg-Rheinhausen GmbH.

12. Other Operating Income

54

Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

Gains on disposal of fixed assets
Subsidies
Return of tax reserves
Return of provisions
Intercompany services
Remaining other operating income

1,360
112
716
542
0
829

1,347
995
0
154
0
853

412
0
207
309
2,698
420

1,137
33
0
69
2,527
734

Total

3,559

3,349

4,046

4,500

13. Material

Supplies
Services
Total

Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

351
989

371
1,372

166
364

178
312

1,340

1,743

530

490

Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

8,622

8,820

7,022

6,818

2,688
(911)

2,564
(769)

2,411
(900)

2,215
(757)

11,310

11,384

9,433

9,033

14. Labor

Salaries and wages
Social security, pensions
and fringe benefits
(of which pensions)
Total

Staff of Duisburger Hafen AG and staff of Port Agency Duisburg GmbH transferred to
Port Agency Duisburg GmbH by the parent company who do not hold pension entitlements
against their employer have been insured with the Rheinische Zusatzversorgungskasse
Köln supplementary pension fund. No provisions are required for these pensions.

55

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

15. Amortization and Depreciation of Intangible and Tangible Assets
Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

Startup expenses
Intangible assets
Property, plant and equipment,
ordinary
Property, plant and equipment,
accelerated to Section 6 b of the
Income Tax Act

10
426

10
268

0
278

0
139

4,779

4,326

2,746

2,797

0

168

0

168

Total

5,215

4,772

3,024

3,104

Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

7,387
942

7,738
1,184

6,283
478

6,959
713

958

849

487

512

4,774

5,486

4,215

4,741

14,061

15,257

11,463

12,925

16. Other Operating Expenses

Maintenance
Insurance and legal
Advertising, corporate
communications
Remaining other operating
expenses
Total

Consolidated other operating expenses totaled 14 million € in 2001, down by 1.2 million €
on 2000. The reduction is mainly due to savings achieved by a new budgeting system.
Maintenance expenses were cut by 0.4 million €.

56

17. Income/Losses from Investments
AG
2001

AG
2000

T€

T€

Income from investments
(of which affiliated companies)
Losses from investments

-2,766

19
(19)
-3,059

Total

-2,766

-3,040

18. Interest
Group
2001

Group
2000

AG
2001

AG
2000

1,000 €

1,000 €

1,000 €

1,000 €

Income from fixed-asset loans
Other interest and similar income
Interest and similar expenses

2
13
-4,013

3
281
-2,445

800
43
-1,816

180
103
-1,046

Total

-3,998

-2,161

-973

-763

The increase in interest expense is explained by credits raised to fund the comprehensive
capital program.

VI. Other Disclosures

Average Number of Employees by Companies

Duisburger Hafen AG
Port Agency Duisburg GmbH
Logport Logistic-Center
Duisburg GmbH
PCD Packing-Center-Duisburg
GmbH & Co. KG

Blue collar

White collar

Trainees

Total employees
2001
2000

49

123

6

178

179

0

9

0

9

11

0

7

0

7

6

16

7

2

25

21

57

Financial Statements
Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG
as at 31 December 2001

Hafen Duisburg-Rheinhausen GmbH, duisport rail GmbH and Hafen DuisburgAmsterdam Beteiligungsgesellschaft mbh do not employ any staff. The average number
of employees of DFL Duisburger Freihafen GmbH was four persons in 2001 (2000:
18 persons). As the company has not employed any staff since 1 October 2001 because
it has abandoned its operations, the average employee number is not included in the
above summary. PCD Packing-Center-Duisburg Beteiligungsgesellschaft mbH was no
longer part of the consolidated group in 2001 (2000: 1 employee).

Executive Board and Supervisory Board Emoluments
Executive Board emoluments are not disclosed under the exemption of Section 286,
paragraph 4, of the Commercial Code. Payments to former Executive Board members
and their dependents totaled 0.191 million €. Provisions for pensions to former Executive
Board members and their dependents amount to 1.812 million €. Supervisory Board
members received 0.021 million € in 2001.
The members of the Supervisory Board and the Executive Board are listed on page 6.

Credits to Executive Board and Supervisory Board Members

A building loan of approx. 4,000 € granted to a former Executive Board member was
outstanding on 31 December 2001. Repayment totaled 204 €. The loan is initially interestfree and will bear interest at a rate of 4 percent starting in 2003. The remaining term is
ten years. A building loan of approx 10,000 granted to a Supervisory Board member was
outstanding on 31 December 2001. Repayment totaled 405 €. The loan bears interest at
a rate of 4 percent. The remaining term is 13 years.

Duisburg, 31 March 2002
Duisburger Hafen Aktiengesellschaft
The Executive Board

Staake

58

Schlipköther

Auditor’s Report

Auditor’s Report
We have audited the financial statements and the management report of Duisburger Hafen AG and the company’s
consolidated financial statements and consolidated management report for the financial year ended 31 December
2001. Accounting and the preparation of these financial statements and these reports in accordance with German
commercial law are the responsibility of the company’s Executive Board. It is our responsibility to express an opinion
on the company’s financial statements, including the accounts, the consolidated financial statements, the company’s
management report and the consolidated management report on the basis of our audit.
We conducted our audit of the company’s financial statements and the consolidated financial statements in
accordance with Section 317 of the German Commercial Code and German generally accepted auditing principles as
established by Institut der Wirtschaftsprüfer in Deutschland. These principles require that we plan and perform the
audit so that any misstatement which materially affects the net assets, financial position and results of operations as
presented in the company’s financial statements and consolidated financial statements in accordance with German
generally accepted accounting principles as well as in the company’s management report and consolidated management report will be identified with reasonable reliability. The determination of the audit procedures reflects knowledge
of the company’s operations and its economic, commercial, financial and legal environment and expectations with
respect to potential misstatements. During the audit, the effectiveness of the company’s accounting controls and the
vouchers and other evidence supporting the disclosures in the accounting records, the company’s financial statements
and consolidated financial statements as well as the company’s management report and consolidated management
report are reviewed chiefly on a sample basis.
The audit comprises the accounting principles applied in the company’s financial statements, the annual financial
statements of the consolidated companies, the consolidation principles and the accounting principles applied in the
consolidated financial statements, significant estimates of the Executive Board made during the course of the preparation of the company’s financial statements and consolidated financial statements as well as the overall presentation
of the company’s financial statements and consolidated financial statements and the company’s management report
and consolidated management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not given rise to any reservations.
In our opinion, the company’s financial statements and consolidated financial statements provide a true and fair
view of the net assets, the financial position and the results of the operations of the company and the consolidated
group in accordance with German generally accepted accounting principles. The management report and the consolidated management report provide, in sum total, a true view of the company and the consolidated group and present
future risks adequately.
Düsseldorf, 14 May 2002
PwC Deutsche Revision
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Trauer
public accountant

ppa. Kroll
public accountant

59

Stockholders
The capital stock of Duisburger Hafen AG totals 46,020,00 €. It is divided
into 46,020 registered nontransferable shares.
The stock is held as follows:

60

Federal Republic of Germany

15,340,000 €

State of North-Rhine Westphalia
through Beteiligungverwaltungsgesellschaft
des Landes Nordrhein-Westfalen mbH

15,340,000 €

City of Duisburg

15,340,000 €

Duisburger Hafen AG
Alte Ruhrorter Strasse 42-52
47119 Duisburg
Tel: ++49-2 03-8 03-1
Fax: ++49-2 03-8 03-232
www.duisport.com
mail@duisport.de
Layout and design
DWS Werbeagentur GmbH,
Duisburg
Photography
Frank Reinhold,
Düsseldorf

61
        
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