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Full text: Annual report of the Duisport Group Issue 2003

CONNECTIONS
2003 Annual Report
of the duisport Group

DUISPORT GROUP KEY DATA 2000 – 2003

(million Euro)

Sales/total revenues

41.7
36.5
34.0
32.4

Total assets

194.5
181.9
174.8
169.7

Capital expenditure

27.5
40.0
54.0
51.0

Earnings before interest and tax (EBIT)

8.5*
6.6
5.7
2.6

Earnings before tax

2.3*
1.5
0.9
– 0.1

Earnings after tax

0.5*
0.3
0.2
0.022

Cashflow

11.1
6.6
6.2
5.9

Employees

199
211
223
236

2003
2002
2001
2000

* = adjusted for once-off effects

CARGO HANDLED IN THE PORTS OF THE DUISPORT GROUP
2003

2002

2001

2000

Ship

13.7

14.0

13.6

14.0

Train

7.5

6.1

6.4

7.0

Truck

18.2

17.0

16.3

not
available

Total

39.4

37.1

36.3

21.0

(Total quantity of cargo in million tonnes)

THE PORTS OF DUISBURG (INCL. PRIVATE COMPANY PORTS) CARGO HANDLED
Ship

46.4
47.1
45.6
49.8

2003
2002
2001
2000

(million tonnes)

PORT MAP
Dinslaken

Hannover/Arnheim

Oberhausen/Dortmund

Oberhausen/Essen

Oberhausen/Essen

Essen

Nimwegen
Venlo

Köln

Mülheim

Köln

zur A57

Düsseldorf

Düsseldorf

Düsseldorf/Köln

DUISPORT – WHO WE ARE
Duisburger Hafen AG owns and manages the Port of Duisburg, Europe’s largest public inland port, located on the confluence
of the Rhine and the Ruhr. The duisport Group offers complete port development, infrastructure and investor support services. It also provides a range of logistic services which back up the portfolio of Port customers. The role of the duisport Group
is therefore not limited to partnering with organizations in the logistics industry, but also encompasses an independent Port
contribution to the optimization of transportation chains. These activities are designed to strengthen the functions of
duisport as a hinterland hub interacting with the sea ports and a gateway for cargo movements to and from Central Europe.
Over 200 corporations with a focus on logistics operate in the Port of Duisburg. The Port provides directly or indirectly work
for more than 15,000 people and induces investments by Port customers which add up to some 500 million Euro each year.

THE DUISPORT GROUP BY SEGMENTS
INFRASTRUCTURE

Duisburger Hafen AG

TRANSSHIPMENT AND

STRATEGIC

LOGISTIC SERVICES

INVESTMENTS

duisport agency GmbH

DIT Duisburg Intermodal
Terminal GmbH

• Development and organization
of transportation chains
• Development, provision and

• Marketing and sales

terminals, cranage

• trimodal logport container
terminal operations

marketing of tracks, buildings,
dfl duisport facility logistics GmbH

Masslog GmbH
Logport Logistic-Center
Duisburg GmbH
• Facility management
• Maintenance of transportation
infrastructure
• Construction consulting
and support services
• All-around investor support
duisport rail GmbH

• Coordination, management
and control of complex bulk
cargo chains (mainly imported coal)

• Public-utility railroad services
• local and regional railroad
cargo transportation
PCD Packing-Center-Duisburg GmbH

• Container stuffing and stripping
• seaworthy packing
• packing contractor services

CONNECTIONS
2003 Annual Report
of the duisport Group

duisport connects ...
... people around the world. It is not obvious that the owner of a
Caddy utility vehicle in Shanghai benefits from the reliable work
of a Packing-Center-Duisburg specialist and the captain of a
Haeger & Schmidt ship helps England’s soccer to return home
to Wembley. duisport makes contacts. It is a platform for the
exchange of goods and services – and the transfer of ideas.
New ideas are often born through the creativity of contacts between people. duisport creates contacts between people who
network their ideas to develop strategies, programs and action.
Their relationships build on trust. The Port has many friends who
trust duisport and duisport is a dependable partner. Together,
challenges can be mastered and new opportunities developed.
Networking opens up new avenues – to Europe and beyond.

THE SEAMLESS CONNECTION
BETWEEN PERFUME AND
PRODUCT DISTRIBUTION

Connoisseurs realize that packaging
counts in the world of perfume nearly as
much as the fragrance. Elke Heinz appreciates this marketing wisdom. At the
Geodis facility in the Port of Duisburg,
she handles form and contents with
care. She knows that boxes packed with
perfume must be strong – and forwarded
to where they are expected. Shiseido in
one of Germany’s most famous shopping
malls in Düsseldorf is one of these
addresses. Stores in this upscale end of
town are visited by women like Jessica
Paggiotta, who is enticed by the slender
flask and the seductive fragrance of one
of the world’s leading brands.

2

CONTENTS

NOTE BY THE CHIEF EXECUTIVE OFFICER

4

REPORT OF THE SUPERVISORY BOARD

5

SUPERVISORY BOARD/EXECUTIVE BOARD

8

CHANGE OF PARADIGM IN CONTAINER TRANSPORTATION –
IS DUISPORT UP TO THE CHALLENGE?

12

CONSOLIDATED MANAGEMENT REPORT
AND MANAGEMENT REPORT OF DUISBURGER HAFEN AG

16

The Economic Environment

16

Business in 2003

17

Segments
Infrastructure

19

Transshipment and Logistic Services

22

Strategic Investments

27

Capital Projects

30

Staff

31

Risk Management

32

Outlook

36

ANNUAL FINANCIAL STATEMENTS
OF THE DUISPORT GROUP

41

Auditors’ Report

67

Stockholders

68

3

NOTE BY THE CHIEF EXECUTIVE OFFICER

2003 was a successful year and it is gratifying to note that we were
able to perform well in a difficult economic environment.
We are beginning to be rewarded for the strategic decisions we took
in earlier years. Growth rates in the imported coal and container
businesses developed at considerable cost were very encouraging
and our logistic services have also made a major contribution to the
progress we have achieved. Container movements by ship and railroad increased at a record rate. They hit a new all-time high of
500,000 TEU and continued to advance during the first five months
of 2004. The excellent position of the Port of Duisburg as the leading
hinterland hub of seaboard ports was again strengthened.
Numerous new chiefly international railroad links went into service in
2003 and enhanced the gateway functions of Duisburg. Capital projects have created important customer ties. The operations of the
Cobelfret Group at logport have for example brought the automobile
logistics business to Duisburg.
The interest we acquired in the Antwerp Gateway container terminal
scheduled for start-up in 2005 will build a closer relationship with
one of Europe’s most important sea ports.
Good connections are a valuable asset. They characterize our business with our customers and our associates as well as our work inside
the Duisburger Hafen Group itself. I would like to take this opportunity to thank our customers, stockholders and staff on behalf of the
management of Duisburger Hafen AG for their commitment to the
duisport Group.

Erich Staake
Chief Executive Officer
Duisburg, 24 June 2004

4

REPORT OF THE SUPERVISORY BOARD

The Supervisory Board kept itself informed about the position and
the development of Duisburger Hafen AG and its subsidiaries and all
essential business issues 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 2003 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
articles of association 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

Photo: Ossenbrink

report comply with all legal requirements and the memorandum and

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 of 429,448.03 Euro.

The Supervisory Board
Kurt Bodewig
Chairman
Duisburg, 24 June 2004

5

DUISPORT CONNECTION IS ONLY
A CLICK AWAY

duisport presents itself on
the Internet and at international trade shows.
At the transport logistic
trade show in Munich, the Port attracted guests from
around the globe together with its partners. Response
was excellent at Europe’s largest logistics event held
at intervals of two years. Day-to-day presence is
achieved by duisport’s Web site. The new online portal
opens the gates to the Port of Duisburg, its partners,
and all local services. www.duisport.com is the right
address for excellence in logistics.

DUISPORT
The new duisport Group
headquarters are now
built right on the water.
Civil engineer Professor
Waltraud von Grabe handed the symbolic key to
the building on Vincke
Canal to Supervisory
Board Vice Chairman
Bärbel Zieling, CEO
Erich Staake, and
Executive Board member
Thomas Schlipköther.

6

DUISPORT CONNECTION IS SUPER
LOGISTICS AND SUPER SERVICE

Logistics is the buzz word in duisport.
Automobile logistics companies
queued up to duisport, when NorthRhine Westphalia’s Minister of Economics Harald Schartau (right) officially opened the roll-on roll-off facility at logport. Cobelfret
and E.H. Harms Automobile-Logistics were the first operators to use the new connection.
A highly efficient but entirely different logistic service is provided by PCD Packing-CenterDuisburg, which now benefits from synergies – the other buzz word, with Repack IndustrieVerpackungs GmbH, which acquired a 30 percent interest in PCD. Apart from Duisburger Hafen
AG, the Kühne & Nagel Group, one of the logistics majors, continues to hold a 10 percent share.

CONNECTION IS TURN KEY READY BY KEY POSITIONS

The water front is now controlled by Kurt Bodewig, member of the German Federal Parliament and Vice Chairman of the European Union Affairs Committee. At the end of August, the
former Federal Minister chaired the first meeting of the new Supervisory Board of Duisburger
Hafen AG. By board rotation, the Duisburger Hafen AG had elected a new board of 12 members at the 2003 annual general meeting.

7

SUPERVISORY BOARD UNTIL 28 AUGUST 2003

Georg Wilhelm Adamowitsch

Klaus Beckmann

Undersecretary of State,

Director, Western Waterway Authority,

Federal Ministry of Economics and Labor,

Münster

Berlin
Chairman,

Margot Best

Member of the Board

Senior Counsel, Ministry of Finance of
the State of North-Rhine Westphalia,

Dr. Hans-Jürgen Froböse

Düsseldorf

Director, Federal Ministry of Transportation
Construction and Housing,

Ulrich Brottmann

Bonn

Electrician, Duisburger Hafen AG,

Vice Chairman,

Duisburg

Member of the Board
Egon Czayka
Peter Weidemann

Department Manager, Duisburger Hafen AG,

former Department Manager,

Duisburg

Duisburger Hafen AG,
Duisburg,

Klaus-Bernd Fretzdorff

Vice Chairman,

former Senior Counsel,

Member of the Board

Bergisch Gladbach

Bärbel Zieling

Jörg Hennerkes

Mayor, City of Duisburg,

Undersecretary of State,

Vice Chairman,

Ministry of Transportation, Energy

Member of the Board

and State Planning of the State
of North-Rhine Westphalia,
Düsseldorf
Dieter Nittka
Foreman, Duisburger Hafen AG,
Duisburg
Helmut Wieczorek
former Member of the Federal Parliament,
Duisburg

8

SUPERVISORY BOARD SINCE 28 AUGUST 2003 / EXECUTIVE BOARD

Kurt Bodewig

Benno Lensdorf

Member of the Federal Parliament,

Councilman, City of Duisburg

former Federal Minister,
Vice Chairman of the European

Ursula Lindenhofer

Union Affairs Committee,

Accountant, Duisburger Hafen AG,

Berlin,

Duisburg

Chairman,
Member of the Board

Ekhart Maatz
Associate Director, Ministry of

Gerd Hunsmann

Transportation, Energy and State Planning

Department Manager, Duisburger Hafen AG,

of the State of North-Rhine Westphalia,

Duisburg,

Düsseldorf

Vice Chairman,
Member of the Board

Berni Peters
Division Manager, Duisburger Hafen AG,

Dieter Krell

Duisburg

Associate Director, Ministry of
Transportation, Energy and State Planning

Dr. Uwe E. Plachetka

of the State of North-Rhine Westphalia,

Associate Director,

Düsseldorf,

Federal Ministry of Finance,

Vice Chairman,

Berlin

Member of the Board
Udo Vohl
Bärbel Zieling

Councilman, City of Duisburg

Mayor, City of Duisburg,
Vice Chairman,
Member of the Board
Margot Best
Senior Counsel, Ministry of Finance of

EXECUTIVE BOARD

the State of North-Rhine Westphalia,
Düsseldorf

Dipl.-Kfm. Erich Staake, Cologne,
Chief Executive Officer

Egon Czayka
Department Manager, Duisburger Hafen AG,

Dipl.-Ing. Thomas Schlipköther, Essen

Duisburg

9

THE STEERING CONNECTION BETWEEN
DUISPORT AND SHANGHAI

Thomas Gerlitz packs the box, which is unpacked by Man Hingh Lau in China. He needs
the parts because his Chinese Caddy would come off track without the steering gears from
Germany. duisport is a stopover on the way to Shanghai. PCD Packing-Center-Duisburg
ships the components right on schedule. Logistics connects Thomas Gerlitz in Germany
and Man Hingh Lau in China – linking the steering column and the track rod of the Caddy.
Said Man Hingh Lau on the prompt service, “PCD is right on track.”

10

11

MARTIN ILMER:
CHANGE OF PARADIGM IN CONTAINER TRANSPORTATION –
IS DUISPORT UP TO THE CHALLENGE?

MR. ILMER, WHAT ARE THE MOST RECENT TRENDS

a policy of reducing trucking without any regulatory action

AT THE LARGE SEA PORTS?

and lower environmental impacts and the density of traffic

Ilmer: Let me focus on container transportation. We have
seen major growth in shipments to the US and Europe as
the Chinese economy and the markets in the Far East are
booming. Projections estimate that container movements
will expand at an annual rate of 6 to 7 percent. If these forecasts are correct, transportation volumes will double over
the next ten years. Further, ships for this cargo are becoming larger. A capacity of over 8,000 TEU was still a sensation
not long ago. Over 100 vessels of this size have now been
ordered or gone into service. These very large container
carriers have practically become standard.

on European highway systems at the same time. Cargo
would thirdly be moved closer to the consumer. Last but not
least, it is a particularly important aspect that a new strategy of the type discussed would be rewarding approach in
financial terms. The possibilities of reducing sea transportation costs have become limited, while substantial savings
can still be made downstream on the route from the port to
the consumer. We are observing a true change of paradigm.
IS THERE A TREND TOWARDS HINTERLAND
STRATEGIES?
Ilmer: The Euromax Terminal in Rotterdam has already been

WHAT DOES THIS IMPLY FOR THE SEA PORTS?
Ilmer: A ship remains a ship, of course, and needs a port and
a terminal. European sea ports have initiated a number of
container terminal and storage projects to adapt their infrastructures to the developments I described. The Maasvlakte
2 project is a case on hand. However, these projects will not
really debottleneck the ports before 2010. Shipping lines, on
the other hand, do not want to lose the time and cost
savings they have achieved by larger ships through longer
laytimes. Sea ports and terminal operators are coming
under pressure.
HOW CAN THIS CHALLENGE BE ADDRESSED?

built for railroad transportation from the terminal to downstream markets. The duisport investment in the Antwerp
Gateway has been inspired by the same school of thought.
Just add the DIT terminal with its P&O Nedlloyd involvement, the ERS rail shuttle and the DeCeTe/ECT terminal
here in Duisburg. And the Port of Rotterdam is also seeking
strategie alliances in the hinterland. We can see the first clear
signs of the new trend. Many carriers are also about to go
ahead with their own hinterland plans. They have recognized
that they should no longer remain dependent on sea port
terminals and identified the opportunities in the new
European Union member states in the east. They have started
to ask the question why cargo should be stored in the very
west of the continent rather than somewhere more in the

Ilmer: Ports must use their resources even more efficiently.

center of Europe. New perspectives begin to change thinking.

There is still some optimization potential and some ports

P&O had good reasons to invest in the DIT terminal. They are

are more efficient than others. Nevertheless, this potential

preparing for the future.

is limited. Terminal operators will therefore have to decide
whether their core business is to store containers or to load,

WHO WILL PUSH THIS DEVELOPMENT OF SEPARATING

unload and forward containers fast and reliably. In addition,

THE SHIP LOADING AND UNLOADING FUNCTION

most governments are determined to take cargo off the

FROM THE STORAGE FUNCTION?

road and to concentrate trucking on distribution within a
radius of 50 to 100 kilometers. Against this backdrop, the
separation of container loading and unloading operations
from container storage is an obvious choice. The option is to
move containers directly by rail or barge to hinterland hubs
rather than to store extremely large numbers of containers
in the sea port.

12

Ilmer: Transporters will have a critical role to play. They see
themselves increasingly as door-to-door forwarders. They
load the container on board a ship in Milwaukee and deliver
it to the consignee in Krefeld. The customer only needs to
say where and when the cargo is needed. Transporters have
a natural interest in controlling the entire chain. The objectives of logistics services providers are similar. They also

The benefits of such an approach are substantial. First, sea

want to reduce costs by benefiting from synergies. Forward-

port capacities would be used much more efficiently with-

ers and logistics companies must now market the change in

out long lead times. Second, such a strategy would promote

strategy to their clients who remain in charge of transportation

MARTIN ILMER:
Martin Ilmer (37) is a professor at the Center for Maritime Economics and Logistics of Erasmus University in Rotterdam.
His students benefit from his experience as a marketing manager with P&O Nedlloyd. Ilmer who has specialized in
business development is a reputed author of papers published in scholarly and other journals and actively involved in
debates on transportation processes which link sea ports and their hinterland hubs.

routes. Strategic alliances between sea terminal operators

IS DUISPORT IN YOUR OPINION FIT FOR THE

and hinterland hubs are another element that may deter-

COMPETITION FOR HINTERLAND PROJECTS?

mine what the future will be.
WOULD THESE ALLIANCES NOT BE THE IDEAL
APPROACH TO ADOPT?

Ilmer: No doubt, duisport seems to be on the right track. It is
now necessary, though, to translate the current dynamics of
change into an ongoing process. Continuity is required.
Many organizations have opted for Duisburg. Since they

Ilmer: They make sense, but they also raise the exciting que-

have come to stay, others should follow. In short, the cur-

stion of what shipping lines will say about sea terminals and

rent development must become self-perpetuating. Duis-

hinterland hubs interfering with their transportation chains.

burg should not restrict its view to containers, though.

Alliances alone will not bring about the change in paradigm

Other cargo should not be lost out of sight. It would also be

we are talking about. I think that all factors will contribute.

wrong to focus on ports on Europe’s western seaboard only.

Developments will be driven by cost reduction potentials

In my opinion, connections to North Sea ports such as

and the limited capacities of the sea ports to handle the

Bremerhaven and Hamburg should equally be strengthened.

sheer cargo volume.

The new East European outlook should not be neglected,
either. In sum total, duisport faces a real challenge but it is

WHAT CONDITIONS WILL A HINTERLAND HUB HAVE

at the same time well equipped to master this exciting future.

TO SATISFY TO BENEFIT FROM THIS TREND?
Ilmer: It will undoubtedly have to be trimodal. Further, the
market potential within a radius of 150 to say 200 kilometers
must be sufficiently large both as regards imports and
exports. Further, I believe that such a hub must offer more
than just to forward cargo. Value added services are crucial.
Warehousing could for example include functions such as
processing, labeling and repacking. You will know what type
of services are called for. A forwarder can change his hinterland depot at any time. However, if the depot integrates
other functions, such a change becomes much more difficult.
Finally, strategic alliances should not be underrated.

13

14

THE STRAIGHT CONNECTION BETWEEN
ENDURANCE AND PRODUCT SELECTION
Matthias Raith is fit for the race. When leading rail4chem he is at his best. The marathon man
fired the starting shot for the Duisburg-to-Graz shuttle train, which rushes between the Graz
Cargo Terminal and the DIT at logport three times a week. Franz Glanz is less rushed when
the wine grower tastes his own product, but Franz Glanz is also the Managing Director of
Glanz Transport & Logistik GmbH. As time is of the essence in the transportation business,
he uses the fast Graz train connection to move his cargo. He knows that wine is the only
product that gains from long storage.

15

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
The Economic Environment

ZERO GROWTH IN 2003

TRAINS AND TRUCKS BENEFIT

The German economy may now be bottoming out.

FROM LOW WATER LEVELS

2003 was again a year of persistent stagnation,

Significant downward corrections of growth pro-

continuing a trend which has dominated since

jections had to be made during the course of 2003,

mid-2000 in spite of occasional timid signs of a

but transportation demand picked up slightly in

recovery. However, in autumn 2003, a notable

the second half of the year. Long-haul truck and

improvement in business climate indicators was

railroad transportation performed substantially

for the first time since the beginning of the down-

better than anticipated in summer. Apart from a

turn followed by a significant expansion of in-

minor expansion of demand, the considerable

dustrial output. However, although the economy

decrease in ship movements explains this trend, as

inched forward in the second half of the year, the

extremely low water levels in late summer shifted

gross domestic product adjusted for inflation

cargo from the waterways to the railroads and the

remained 0.1 percent below the 2002 level because

highways (see page 22 on the transportation

of the low level of activity during the first part of

market in Germany).

the year.
ECONOMY ACCELERATING
STIMULATED BY EXPORTS

Current economic indicators suggest that recovery

The German economy was stimulated by the global

in Germany will continue. During the last months

turnaround. The recovery in the United States and

of 2003, demand for industrial products widened

in Asia began to be felt in mid-2003. Over the year,

both in Germany and in other countries despite

exports grew by 1.6 percent and climbed to a

the high Euro exchange rate. The German Adminis-

record 662 billion Euro. Demand for German capi-

tration predicted a return to growth in 2004.

tal goods in other countries of the Eurozone
remained at low ebb because of the ongoing
economic weakness in this region and German
exports to the United States even declined as a
result of the fall of the US Dollar exchange rate.
Exports were boosted by strong demand in the
emerging markets of Central and Eastern Europe
(mainly Poland and Russia) and in Asia, though.
High growth rates were above all registered in
business with customers in China which has become
Germany’s most important trading partner in Asia.

16

Business in 2003

GROUP SALES UP AGAIN

in the Group’s results over the last five years. The

Total revenues of the duisport Group climbed in

average annual Group EBIT growth rate over this

2003 by 14 percent from 36.5 million Euro to 41.7

period was 25 percent. In the 2003 financial year,

million Euro. This expansion is chiefly explained by

earnings before tax (adjusted for the once-off

the 35 percent boost in Transshipment and Logistic

effect of the elimination of the tax reserve from

Services sales. The Infrastructure Segment was also

the Group accounts due to the repeal of Section

able to grow its revenues by 9 percent through its

308, paragraph (3), of the Commercial Code)

successful tract and building marketing strategy.

advanced from 6.6 million Euro to 8.5 million Euro.

Capitalized expenses were again nearly reduced by

For the first time in the history of the duisport

half due to the downturn in capital projects.

Group, the EBIT margin exceeded the 20 percent
threshold. Without the adjustment, earnings

DUISBURGER HAFEN AG’S

before interest and tax even totaled 14.1 million

TOTAL REVENUES UP BY 4 PERCENT

Euro.

Total revenues of Duisburger Hafen AG ran at 28.0
million Euro, up by 4 percent on 27.0 million Euro

OPERATING RESULT

in 2002. Sales by Duisburger Hafen AG also rose by

SUBSTANTIALLY IMPROVED

4 percent from 26.8 million Euro to 27.9 million

The improvement in the Group’s earnings was

Euro. New transportation links and the associated

achieved by a consistent value-focused strategy.

increase in port charges as well as lease adjust-

Added value potentials are tapped for the controlled

ments were the main contributing factors.

development of new business and the expansion

Earnings before tax improved from 1.5 million Euro

of the Duisburg site. Appropriate tools have been

in 2002 to 2.2 million Euro.

created (see Risk Management on pages 32 and
33). This approach ensures that new business

GROUP EBIT GROWTH OVER FIVE YEARS

makes a contribution to the financial success of

The sustained progress made by the duisport

the Group. While total revenues grew by 14 percent

Group is reflected by the continuous improvement

in 2003, the operating result soared by 42 percent.

DUISPORT GROUP – RESULTS
(million Euro)

Operating result

6.7
4.7

Nonoperating result

7.4
1.9

Financial result

2003

– 6.2
– 5.1

2002

17

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Business in 2003

CASH FLOW DOUBLED

in debt could therefore be slowed down to approxi-

In 2003, the cash flow generated to finance invest-

mately 10 percent. As in preceding years, subsidies

ment and the development of new business total-

also contributed to financing capital projects.

ed 10.3 million Euro. It moved forward from the
2002 level of 6.6 million Euro at a remarkable rate,

ALL BUSINESS UNITS PROFITABLE

increasing funds available for projects without

All business units of the duisport Group were

recourse to capital markets.

profitable during the 2003 financial year. The

The cash flow from operating activities of over 5
million Euro was largely utilized for funding investments. Additional cash was provided by optimizing
the Group’s property portfolio. The rate of increase

Group benefited from both opportunities provided
by its ongoing operations and the potentials
offered by new sites developed on both sides of the
Rhine over the last few years.

DUISPORT GROUP – REVENUES BY BUSINESS UNITS
(million Euro)

2003

2002

Tracts

17.0

15.1

Structures

9.0

8.8

Transshipment

7.9

7.1

Logistic Services

6.3

3.5

Others
Total

18

1.5

2.0

41.7

36.5

Segment Infrastructure

SALES UP BY 9 PERCENT

In October 2003, Cobelfret, the Belgian automobile

In spite of the low level of economic activity and

logistics operator, started up its 50,000sq.m. auto-

slow capital spending, the Infrastructure Segment

mobile terminal and the adjacent public roll-on

of the duisport Group was able to expand its sales

roll-off facility (see Capital Projects on page 30). A

in 2003 by 9 percent from 23.9 million Euro to

number of medium-sized businesses could be won

26.0 million Euro.

for logport. They include GUD Gesellschaft für
Umweltdienste which leased an 8,000sq.m. tract

TRACTS: MORE LAND MARKETED

in the port.

The total size of tracts leased for commercial and
industrial uses ran at 432 hectares in 2003 (2002:

STRUCTURES: MORE THAN 360,000SQ.M.

429 hectares), up by about 1 percent. Tract rental

OF WAREHOUSING AREA

income rose by 13 percent to 17.1 million Euro

A total warehouse area of 200,000sq.m. owned by

(2002: 15.1 million Euro). 15.7 million Euro were

the duisport Group was leased to contract logistics

accounted for by the traditional port on the

companies in 2003. Sales by the Structures Division

eastern bank of the Rhine (2002: 14.7 million Euro),

increased by 2 percent from 8.8 million Euro to 9.0

while the logport site on the western bank of the

million Euro. Rental income in the eastern part of

river contributed 1.4 million Euro (2002: 0.4 million

the port totaled 4.1 million Euro (2002: 4.3 million

Euro).

Euro), while leases paid by logport tenants

In the traditional port, a number of lessees increased
the size of their tracts. They include Häfen und
Transport AG (approx. 50,000sq.m.) and the DeCeTe
container terminal (about 14,000sq.m.). Emons

amounted to 4.9 million Euro (2002: 4.5 million
Euro). Including customer facilities, warehousing
capacities for contract logistics increased in 2003
from 320,000sq.m. to more than 360,000sq.m.

Speditions GmbH could be won to build a ware-

Repack Industrieverpackung started up a 5,000sq.m.

house on a 15,000sq.m. tract.

warehouse at the logport location at the beginning
of 2003. PCD Packing-Center-Duisburg also added

LOGPORT AUTOMOBILE LOGISTICS

4,000sq.m. at the logport site to its operations in

The development of logport for construction has

the eastern part of the port. A 10,000sq.m.

almost been completed. 95 percent of the total site

warehouse with associated office space was also

can now be built on. Uses have been agreed for

delivered to NYK Logistics, the Japanese operator,

two thirds of the total area. All tracts will probably

at logport in early 2003.

be marketed by 2008 rather than by 2015 as
scheduled originally.

UnionStahl also completed a steel warehouse and
an office building with a total surface area of
8,000sq.m. at logport. Kühne & Nagel, the logistics
group which operates on both sides on the Rhine,
started up another 17,000sq.m. of warehousing
facilities at the Kaßlerfeld Logistics Center in 2003.
A 3,500sq.m. warehouse was erected by Emons, a
forwarding company, in the Free Port of Duisburg.

19

THE UNJAMMED CONNECTION BETWEEN
RIGHT-ON-TIME AND LEFT-LANE-DRIVING

At logport, it is the automobiles that park and then ride. They roll onto
the auto transporter by which Cobelfret ships new German cars via the
Netherlands to the United Kingdom. Cobelfret manager Joris Pauwels
controls traffic flow across European borders. He ferries cars, which
will be on British roads the next day. It does not matter whether they
are standard model or special edition automobiles, but punctuality
does matter. Delivery on schedule is a good reason why Pauwels
prefers unjammed waterways.

20

21

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Segment Transshipment and Logistic Services

WEAK TRANSPORTATION

volumes handled by barge operators. The total

MARKET IN GERMANY*

quantity of cargo moved by ships dropped by

In 2003, the German transportation market

6 percent from 232 million tonnes to 218 million

remained suppressed in an environment marked

tonnes. Railroad transportation, on the other hand,

by a low level of economic activity. Following the

expanded by 4 percent from 285 million tonnes to

major decline in 2002, the total quantity of cargo

297 million tonnes. Trucks used for distribution

handled by carriers decreased again by almost

hold the largest share of the transportation

1 percent.

market. However, the quantity of cargo was down

In inland shipping, low water levels over a long
period also contributed to the reduction in cargo

by 1.5 percent from 3.0 billion tonnes to 2.9 billion
tonnes.

CARGO TRANSFERS IN THE PORTS OF THE DUISPORT GROUP
BY MODE OF TRANSPORTATION AND TYPE OF CARGO

Bulk cargo
General cargo

(million tonnes)

2003

2002

Change (%)

9.0

9.1

–1

4.7

4.9

–4

Ship cargo

13.7

14.0

–2

Bulk cargo

3.8

3.2

+16

General cargo

3.7

2.9

+29

Rail cargo

7.5

6.1

+23

21.2

20.1

+6

Truck cargo

18.2

17.0

+7

Total

39.4

37.1

+6

Ship and rail cargo

* All transportation market data as of March 2004, all percentages in this section based on absolute numbers

22

TRANSSHIPMENT: MORE CARGO TRANSFERS

INLAND BARGES, TRAINS AND

AND MORE REVENUES

TRUCKS MADE PROGRESS

In the ports of the duisport Group, the total cargo

With the exception of ships serving short sea ship-

volume handled increased against the general

ping routes, all carriers contributed to the increase

trend by 6 percent from 37.1 million tonnes to 39.4

in the cargo volumes handled by the duisport

million tonnes. Revenue-generating ship and rail-

Group. Inland barge cargo rose by 3 percent to 12.6

road cargo accounted for 21.2 million tonnes. Sales

million tonnes. Low water levels in summer, on the

by the Transshipment Division rose by 11 percent

other hand, slashed short sea shipping volumes by

from 7.1 million tonnes to 7.9 million tonnes.

34 percent. They decreased from 1.7 million tonnes
to 1.1 million tonnes and were the cause of a minor
decrease in total ship cargo. In the railroad segment of the market, new national and international lines increased total shipments substantially.
Truck transportation in the ports of the duisport
Group also increased again.

BULK AND GENERAL SHIP AND RAIL CARGO TRANSFERS IN THE PORTS
OF THE DUISPORT GROUP BY TYPES OF CARGO

(million tonnes)

2003

2002

Change (%)

Coal

6.0

5.0

+ 21

Oil/chemical products

3.9

3.4

+ 12

Building materials

1.2

2.2

– 45

Scrap/other

1.7

1.7

+/– 0

12.8

12.3

+4

4.2

4.7

– 10

Bulk cargo, total
Iron/steel/non-ferrous metals
Containers

4.2

3.1

+ 37

General cargo, total

8.4

7.8

+8

Grand total

21.2

20.1

+6

23

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Segment Transshipment and Logistic Services

NEW LINES AND LINES SERVED

LOGISTIC SERVICES:

MORE REGULARLY

REVENUES UP BY 80 PERCENT

In ship and rail transportation, the various types of

Apart from infrastructure services, the duisport

cargo fared differently. As coal demand in the

Group also provides logistic services to its customers.

public utility sector increased, railroad transportation

These operations of duisport agency GmbH,

soared by 47 percent, while ship transportation

duisport rail GmbH, dfl duisport facility logistics

expanded by 8 percent.

GmbH and PCD Packing-Center-Duisburg GmbH

In the liquid bulk cargo (oil products and chemical
products) sector, increased scheduled services
were the main reason why both ship and railroad
transportation volumes increased. The quantity of
oil products handled rose from 2.4 million tonnes
to 2.7 million tonnes, while chemical products
advanced from 1.1 million tonnes to 1.2 million tonnes.

have been merged in the Logistic Services Division.
Sales in the 2003 financial year totaled 6.3 million
Euro, up by 80 percent on 3.5 million Euro in 2002.
This encouraging progress is largely accounted for
by the remarkable growth of duisport rail and PCD
Packing-Center-Duisburg.
DUISPORT AGENCY – NEW REGULAR SERVICES

The low level of activity in the building sector

duisport agency GmbH is the cross-company

impacted building material transportation, whereas

marketing organization of the duisport Group. It

scrap and other cargo remained at the 2002 level.

develops and optimizes transportation chains. In

The decrease in iron, steel and non-ferrous metal
transfers is exclusively attributable to ship transportation which dropped by 16 percent to 2.6 million
tonnes. Railroad transportation, on the other hand,
totaled 1.6 million tonnes, nearly 1 percent up on
2002.
CONTAINER TRANSPORTATION BOOSTED
The strategic container business made gratifying
progress and recorded an excellent growth rate
of 37 percent. Ship transportation increased by
16 percent to 2.0 million tonnes. Railroad container
volumes were boosted by more frequent services

2003, the corporation developed a number of new
projects including two major transportation links
which it markets and manages. The South Eastern
Europe Railroad Shuttle Service operates between
Vienna and Duisburg and offers attractive connections from Duisburg to the North Sea ports and the
United Kingdom/Ireland as well as from Vienna to
Hungary. For Degussa, duisport agency has set up
a regular railroad service which connects the Marl
Chemical Park in the northern part of the Ruhr
region and Duisburg. An agreement was also concluded with Transpetrol, the railroad forwarding
company, to promote new railroad projects.

on existing lines (for example the line serving

duisport agency further developed new links to the

Bayer) and new links such as the South Eastern

eastern part of the Ruhr district and contributed to

Europe Shuttle Service between Duisburg and

optimizing combined road/rail transportation ser-

Vienna. Container railroad shipments soared by 64

vices. In addition to new train lines, duisport agency

percent to 2.2 million tonnes.

promoted short sea shipping routes to be introduced.
The company was finally a consultant for numerous ship, railroad and truck transportation chains
via Duisburg.

24

The port marketing operations of duisport agency

Together with rail4chem, duisport rail has operated

included the preparation of the Group’s participation

several tank car trains a week between the Degussa

in the transport logistic trade show in Munich in

Chemical Park in Marl and logport since the begin-

May 2003 and the organization of visits to Northern

ning of 2003. A container train which duisport rail

Spain as well as to Austria and Hungary together

runs five times a week has been serving the same

with duisport customers. An agreement on coope-

link since October 2003. Under arrangements

ration was negotiated with the Port Authority of

made with Rhenus Rail and Transpetrol, duisport

Bilbao. These activities were intended to present

rail has provided several weekly train services

the Port of Duisburg as a major hinterland hub and

between Duisburg and Stadtallendorf (coke) as

logistics center and to increase ship and raiIroad

well as between Duisburg and Herne (oil products)

cargo movements via Duisburg.

since summer 2003.

DUISPORT RAIL – NUMEROUS NEW SERVICES
duisport rail GmbH, the public-utility railroad company set up in 2001, made again very gratifying
progress in its second full year of operations and
was able to increase its sales substantially. duisport
rail is chiefly focused on local and regional services
and cooperates with a number of international railroad companies on long-distance and other hauls.
The company runs trains for the new scheduled

For the ERS Rotterdam shuttle train which starts in
Duisburg, duisport rail has been collecting cars in
Neuss five times a week since autumn 2003.
Together with Wiener Lokalbahnen, the Austrian
carrier, duisport rail operates its longest-distance
train run under a contract awarded by duisport
agency. The South Eastern Europe Shuttle Train
has connected the logport terminal and Vienna
three times a week since October 2003

services developed by duisport agency in 2003.

25

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Segment Transshipment and Logistic Services

DFL – SPECIALIZED IN FACILITY MANAGEMENT

Container stuffing revenues were moderate due to

dfl duisport facility logistics GmbH established in

the low level of economic activity. PCD was never-

2002 completed its first full year of operations. The

theless able to boost its sales substantially chiefly

company markets comprehensive facility manage-

because of its new services. The result was there-

ment services and is responsible for the mainte-

fore satisfactory. Apart from cost management and

nance of the waterway, railroad and road transpor-

marketing

tation infrastructure of the Port of Duisburg. It

Industrie Verpackungs GmbH helped to improve

maintains the Port’s buildings and structures and

profitability. Repack has held 30 percent of the

offers its services in the fields of technical and

shares of PCD since October 2002. The remaining

commercial building management, construction

10 percent interest is owned by the Kühne & Nagel

project support and logistics to organizations

Group. PCD added 4,000sq.m. of logport ware-

operating in the Port. In 2003, dfl started its own

housing area to its facilities on the eastern shore of

marketing activities to establish itself as a facility

the Rhine in 2003.

management contractor.
PCD – SUCCESSFUL ENTRY
INTO THE SYSTEMS BUSINESS
PCD Packing-Center-Duisburg GmbH is specialized
in container stuffing and stripping and the seaworthy packing of bulky and heavy cargo. The company also markets products for container humidity
control. In 2003, the company in which Duisburger
Hafen AG holds an interest of 60 percent also
entered the packing systems market and was able
to win a number of reference customers such as
GEA, the mechanical engineering group, for its full
supply chain services.

26

programs,

synergies

with

Repack

Segment Strategic Investments

THE DIT AND MASSLOG HOLDINGS

MASSLOG: INCREASED THROUGHPUT

Duisburger Hafen AG holds strategic investments

Masslog GmbH provides coordination, manage-

of some 20 percent in DIT Duisburg Intermodal

ment and control services for complex bulk cargo

Terminal GmbH, Duisburg, and, through Hafen Duis-

chains mainly in the coal importation segment of

burg/Amsterdam Beteiligungsgesellschaft GmbH, in

the market. The terminal is located directly on the

Masslog GmbH, Duisburg.

Rhine and provides access for large push barge
combinations. Masslog offers pure cargo transfer

DIT: EXCELLENT CONNECTIONS

services as well as ship and rail feeder and distri-

The DIT Duisburg Intermodal Terminal serves as

bution as well as storage and stockpiling services.

the trimodal cargo transfer center of the logport

Clients come mainly from the manufacturing

site in Duisburg Rheinhausen. The hinterland

industries and the power generation sector. As the

container hub was started up in September 2002.

importation of coal into Germany is growing, the

Trains connect the terminal directly with Antwerp

terminal has become a hinterland hub for the sea

and Rotterdam on the North Sea coast as well as

ports and a coal storage facility for its downstream

with Wiler (Switzerland), Domodossola (Italy) and

customers. In 2003, the terminal outperformed

Graz and Vienna (Austria) in South and South

objectives again and earned reasonable profits.

Eastern Europe. Barge shuttles serve the Duisburg-

Cargo throughput rose to almost 600,000 tonnes.

Antwerp and Duisburg-Rotterdam routes several
times a week. Further train and barge links are
under development. Container throughput totaled
some 50,000 TEU in the 2003 financial year.

27

THE SAFE CONNECTION BETWEEN CHEMICALS
AND CHILD’S PLAY
Vivian (11) and Johanna (10) do not know that molecules connect with each other
to form long polymer chains. And they do not need to. It is sufficient that Klaus
Meinders who works for UTM and Volker Schmitz who is on the staff of duisport
agency are familiar with the processes involved. They take chemicals off the road
instead transporting them by train, which carry hazardous goods safely from the
Marl Chemical Park to the Port of Duisburg. Some 10,000 containers are shipped
by the railroad shuttle service each year while Vivian and Johanna play in the park.

28

29

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Capital Projects

MASSIVE CAPITAL PROGRAM CONTINUED

ROLL-ON ROLL-OFF FACILITY AND

Capital spending by the duisport Group totaled

AUTOMOBILE TERMINAL FOR NEW

27.5 million Euro in 2003. The Port infrastructure

TRIMODAL OPERATIONS

had absorbed 40.0 million Euro in 2002. These

The development of the logport site on the

investments have been made under a massive

western bank of the Rhine has nearly been

multi-annual capital program which is continuing

completed. 95 percent of the logport tracts are

in 2004. In 2003, projects were chiefly funded from

ready for construction. Infrastructure projects

subsidies, the sale of properties not required for

which are still underway comprise the Rheinhausen

Port operations and cash provided by operating

East bypass road which will connect logport with

activities. 10.5 million Euro were invested into land

the A 40 interstate and the 473n intrastate high-

development, 13.8 million Euro into structures and

way which will be built by the State of North-Rhine

3.2 million Euro into other projects including the

Westphalia to link logport to the A 57 interstate.

purchase of locomotives.

The remaining site development work will be
carried out when appropriate projects have been

NEW FACILITIES FOR RAILROAD
AND BARGE OPERATIONS
A centralized traffic control (CTC) system was
installed at the logport site in 2003. The system
went into operation in October 2003 and controls
currently the Duisburg Port railroad station and
the logport trackage. Further sections of the Port
railroad system will gradually be integrated.

agreed with investors.
A public roll-on roll-off facility for automobile
logistics was constructed on the logport quayside
and went into operation at the beginning of October
2003. The facility is designed for both passenger
vehicles and trucks. The adjacent 50,000sq.m.
automobile terminal including associated trackage
and train ramps was delivered to Cobelfret, the

225 meters of the northern Rhine embankment

Belgian automobile logistics company, in October

were reinforced by anchored steel sheet piling. At

2003.

the same location, a 48,000sq.m. area was developed
for bulk cargo storage to allow the expansion of
the local bulk cargo operator.

On the northern outskirts of the logport site, work
started on the logport railroad terminal and
marshaling yard. The project calls for the removal
of old tracks and the construction of new track
systems and points and will probably be completed
during the 2004 financial year. The next phase of
port development at the logport location is also
underway and will continue until 2005.
In July 2003, the duisport Group moved into its
new office building on Vincke Canal. Construction
had started in 2002.

30

Staff

HIGHLY QUALIFIED AND COMMITTED
In the 2003 financial year, the duisport Group
employed an average 199 persons. In an economic
and market environment which remained difficult,
they were instrumental to achieving corporate
objectives. Per capita sales increased again at a fast
rate. Per capita revenues increased from 172,000
Euro in 2002 to 210,000 Euro in 2003. Productivity
growth was 22 percent.
The technical, economic and legal conditions under
which the duisport Group operates change continuously and the staff of the Group must respond
to increasingly complex challenges. Against this
background, the high qualifications of employees
must be upgraded regularly. The duisport Group
has for this reason developed a comprehensive
training program which consists of both internal
and external courses. Numerous employees participated in this program in 2003. Staff development
allowed the Group in particular to fill vacancies
from internal resources.

STAFF OF THE DUISPORT GROUP IN 2003
(annual average)

2003 2002

Duisburger Hafen AG

110

127

duisport agency GmbH

18

15

duisport rail GmbH

22

13

dfl duisport facility logistics GmbH

32

27

7

6

Logport Logistic-Center Duisburg GmbH
PCD Packing-Center-Duisburg GmbH*

10

23

Subsidiaries total

89

84

199

211

Total

* Certain operations were outsourced in 2003.

31

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Risk Management

INTEGRATED IN ALL CORPORATE PROCESSES

Under the risk management program, a risk manage-

The logistics industry is exposed to high competitive

ment team in which corporate functions are

pressures and operates in a globalizing market.

involved estimates risk probabilties and values at

These challenges and the weak economy in Ger-

risk and classifies risks by these data. Risks that

many and in neighboring countries have triggered

have been identified are controlled by appropriate

structural adjustment in the sector and increased

action and monitored. Risk reporting is directly to

risks to market participants. In this phase of

the Executive Board of Duisburger Hafen AG. The

change, the duisport Group focuses on customer

risk management team meets regularly. All risk

orientation and responds flexibly to new market

management activities are governed by corporate

requirements. Corporate action is based on

procedures. A risk management software is used to

existing control tools which are extended and

facilitate activities and to accelerate reporting.

improved in a continuous process. Risk control is a
crucial element of this management system.
The risk management system is tied into the
procedures of the duisport Group and therefore
integrated in all corporate processes. This organization creates a high value-oriented risk
awareness of all employees. The Group complies
with all requirements under the Corporate Control
and Transparency Act. The effectiveness and the
efficiency of the risk management system is
reviewed continuously by Duisburger Hafen AG’s
Audit Department to ensure that all business risks
are systematically identified, analyzed, evaluated,
documented, controlled and monitored.

GOOD CONNECTIONS STRENGTHEN
SALES AND MINIMIZE RISKS
As a provider of port infrastructure and logistic
services which competes with other inland ports
and logistic sites, the duisport Group is exposed to
sales and price risks. Sales risks are addressed by
developing new and existing services. Further, to
support sales, connections in logistics networks are
strengthened by agreeing cooperation with other
sites and corporations in Germany and in other
countries and by setting up joint ventures for
specific projects. These strategic alliances help to
reduce risks by spreading them between several
partners.
In addition, customized offers contribute to retaining customers and winning new clients. Price risks
are minimized by calculating prices for each project separately and by integrating information
from market and competitor research in the
Group’s pricing systems.

32

Market risks are also created by changes in the
legal, social and political environment in which the
Group operates. Active participation in the work of
associations and committees contributes to fostering dialogue with local, regional and national governments as well as with agencies and authorities.
MANAGEMENT OF OPERATING
AND FINANCIAL RISKS
The risks of business interruptions and technical
failures are addressed by the duisport Group by
comprehensive maintenance programs for its
infrastructure, plant and equipment. Insurance
contracts minimize the impacts of incidents.
Payments to and by the duisport Group are
controlled by appropriate review and audit procedures. To manage interest rate risks, interest rates
are largely hedged using interest derivatives.
Existing and new risks are always addressed by
appropriate control action in keeping with the
duisport Group’s risk management system procedures. Finally, all companies of the duisport Group
dispose of adequate equity resources which reflect
corporate objectives and company risks.

33

34

THE LOB CONNECTION BETWEEN STEEL AND STADIUM

The steel bars made in Germany that Reiner Wienke ships for England’s new home of soccer,
are favourites of the stadium builders. The captain of MS Gerhein G., sponsored by Haeger &
Schmidt, plays a lob pass directly to the gates of Wembley. He has played the German-English
match for over fifty years, starting well before the Wembley goal, and shuttled between
duisport and Dagenham via River Thames for his entire life. Even if short sea shipping has
now become a closer match, the professional always finds time for a cup of tea or some
fish ’n chips. Traditions must live on.

35

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Outlook

ECONOMIC RECOVERY IN GERMANY DELAYED

EXPORT GROWTH RATE TO DECELERATE

Economic progress in the first quarter of 2004 was

Analysts project that export growth rates will slow

slow. For this reason, economic analysts, the OECD

down in 2004, although investment in the Eurozone

and the Federal Reserve Bank published downward

will slowly recover in 2004 and 2005 and stimulate

corrections of their 2004 growth projections. The

demand for German capital goods and capital

limited upturn of the economy to-date has been

spending in the United States will have a positive

driven by exports, while domestic demand has not

effect. The recent rapid increase of the Euro

recovered. Currently, forecasts predict a 2004 GDP

exchange rate will however continue to affect the

growth rate of no more than 1.5 percent and

competitiveness of German industry on the global

0.5 percentage points of this growth is attributable

market in 2004. Export markets remain promising

to substantially more working days in 2004.

in the emerging nations of Eastern Europe, South
East Asia and China.

MEDIUM-TERM TREND MORE ENCOURAGING
Prospects in 2005 are more encouraging. Analysts

TRANSPORTATION MARKET

project on the one hand that the growth of

TO RETURN TO GROWTH

German exports will slow down in 2005 assuming

Slow economic recovery in Germany in 2004

that the Euro exchange rate will remain largely

suggests that exports and increasing domestic

unchanged and the global economy will grow at a

demand may stimulate the transportation market.

somewhat lower rate than in 2004. On the other

Against this background, ProgTrans, an economic

hand, though, they anticipate a faster expansion of

research organization, projected in spring 2004

domestic demand and estimate that corporate

that the total German transportation market will

investment will accelerate in an environment of

expand by approx. 2.6 percent in 2004 and outper-

sustained low interest rates and improving sales

form GDP growth. Analysts also estimate that

prospects. They also expect that employment will

medium-term transportation growth rates will

pick up and stimulate private-sector consumption,

stay relatively high.

suggesting that the economic recovery in 2005 will
chiefly be driven by domestic growth.

36

OPPORTUNITIES THROUGH

FURTHER EXPANSION OF RAILROAD

EUROPEAN UNION ENLARGEMENT

INFRASTRUCTURE

Efficient transportation systems and advanced

The Port’s railroad infrastructure will be improved

warehousing and distribution centers are key

further by the completion of the logport railroad

elements of a modern economy. Consultants such

terminal and marshaling yard and the upgrade of

as Cap Gemini Ernst & Young have shown in recent

railroad control and safety systems in the entire

studies that following the enlargement of the

port and will in future satisfy even the most

European Union Germany is in addition to the

stringent quality standards.

Netherlands and Belgium in the league of the top
three nations for pan-European warehouse and

LOGPORT DEVELOPMENT

distribution center sites. As the geographic center

logport will continue to be developed into a logistic

of Europe has moved east, Duisburg’s opportuni-

center with a high share of cargo movements by

ties are excellent considering the highly developed

transportation modes which minimize environ-

transportation infrastructure and the location’s

mental impacts. The existing infrastructure dating

vicinity to both the continent’s major economic

back to the Krupp steel mill days will be reactivated

regions and to consumers.

for modern logistic uses in a multi-phase approach.
By the end of 2005, the old Krupp port will be up-

EXCELLENT CONDITIONS NOT

graded to facilitate cargo transfers.

ONLY THROUGH LOCAL INFRASTRUCTURE
Services such as the regular South Eastern Europe

IMPROVED ROAD CONNECTIONS

Shuttle Train between Duisburg and Vienna and

OF THE LOGPORT SITE

other combined road/rail transportation links

As far as the road infrastructure is concerned, near-

operated by other carriers strengthen the position

term activities will focus on logport connections.

of Duisburg on a market which has grown through

The State of North-Rhine Westphalia plans to

the European Union enlargement. The trimodal

complete first-phase work on the 473n intrastate

infrastructure of facilities in Duisburg also back up

by early 2005. The second section of the intrastate

duisport’s claim to “excellence in logistics”.

which will connect logport with the north-south
A 57 interstate is scheduled to be opened in 2007.

37

CONSOLIDATED MANAGEMENT REPORT AND
MANAGEMENT REPORT OF DUISBURGER HAFEN AG
Outlook

The Rheinhausen East bypass road will also help to

PROJECTIONS OUTPERFORMED

reduce traffic loads in the Duisburg suburb of

BY CONTAINER MARKET DEVELOPMENTS

Rheinhausen which borders directly on the logport

The increasing use of containers for the sea trans-

site. The road will link logport with the east-west

portation of general cargo has in recent years

A 40 interstate. Construction will probably start in

impacted inland shipping and railroad transportation

mid-2005 after the completion of the regional

mainly in the hinterland of major sea ports.

planning and approval process.

Container barge shipments have outperformed all
projections. The transportation of containers by

FOCUS ON STRATEGIC BUSINESS

barges doubled between 1995 and 2003. The Port

To benefit from the growth of future-oriented

of Duisburg has been able to strengthen its lead-

markets, duisport has for some years pursued a

ing position in the container market continuously.

policy of focussing resources on strategic market

Container volumes handled in Duisburg increased

segments. Imported coal and containers have been

from 1.9 million tonnes in 1998 to 4.2 million

the types of cargo on which activities have centered.

tonnes in 2003. Due to low water levels in summer
2003, railroad container transportation soared in

THE GROWTH MARKET FOR IMPORTED COAL

2003 and even overstretched capacity over a cer-

The strong position of duisport in the coal cargo

tain period of time, while Rhine shipping capacities

market where port throughput increased from

will remain adequate for the foreseeable future.

5.0 million tonnes in 2002 to 6.0 million tonnes in
2003 and the growing demand for imported coal

INVESTMENT OF DUISBURGER HAFEN AG

to make up for the decreasing supplies of domestic

IN A SEA PORT TERMINAL

coal imply that coal transshipment is a strategic

In 2004, Duisburger Hafen AG invested in a new

growth business even if coal exports will decline

container terminal to be built in the Port of Ant-

more rapidly than originally anticipated. The result-

werp. The Antwerp Port Authority had already

ing near-term decrease in the quantity of coal

granted a joint venture consisting of P&O Ports,

handled by the Port cannot be accommodated

P&O Nedlloyd and Duisburger Hafen AG a con-

immediately, but the decline in domestic coal

tainer terminal license in 2000. The Antwerp Gate-

supplies reflected by this cutback of exports will

way terminal will be built on the eastern shore of

eventually have to be managed by coal users by

the Deurganck Dock currently under construction.

the importation of more coal. The construction of

Transportation between Antwerp and Duisburg

the coal terminal directly on the Rhine and the

will benefit from the strategic investment.

investment in Masslog GmbH have positioned
Duisburg for this development.

38

The Antwerp terminal will feature facilities for bar-

TRANSPORTATION AND LOGISTIC HUB

ges and its own railroad terminal to eliminate cur-

TO BE STRENGTHENED FURTHER

rent long waiting times and to reduce cost. The

The duisport Group will continue to make the Port

first-phase installations are scheduled for start-up

of Duisburg an even more attractive transportation

in late summer 2005. The investment of Duisbur-

and logistic hub for cargo flows to and from the

ger Hafen AG thus improves the integration of Duis-

sea ports. For this reason, the duisport Group is

burg in international transportation chains.

building efficient cargo handling facilities and
developing new services and solutions which are

CONTROLLED GROWTH OVER

all intended to move more cargo via Duisburg. Sub-

THE NEXT FEW YEARS

stantial progress was made in 2003, but the Group

Revenues of the duisport Group from its core

will continue to focus on this strategy. The

operations will grow substantially over the next

activities of port operators will stimulate this trend

few years. Sales will be expanded by marketing

and the duisport Group itself will expand business

unoccupied properties in the entire port and by

by new services and commitments and by new

boosting the services provided by duisport rail,

(transportation) connections.

dfl facility logistics and PCD Packing-Center-Duisburg. duisport agency will also continue to promote the railroad activities of duisport rail and
create new market-oriented services.

39

THE FLUID CONNECTION BETWEEN
“KAMPAI” AND CONTAINER
German hops for the Japanese Kirin
brewery is exactly “our cup of tea”,
said Thorsten Kroeger of the NYK
shipping line and Thilo Schmid-Dankward of duisport agency. Reliability,
service, and customer focus are the
ingredients of their magic potion. The
two logistics specialists stand up to
the challenge. In Tokyo and Kyoto, the
brewers of the Japanese beer market
giant use the German raw material to
make their Ichiban premium lager for
the Asian market. Aizuwa Hidenori
has his own comment on the German
connection, “Kampai” or “cheers” for
all those less versed in Japanese.

40

ANNUAL FINANCIAL STATEMENTS
of the duisport Group, Duisburg,
for the year ended 31 December 2003
78th Financial Year

ANNUAL FINANCIAL STATEMENTS OF
THE DUISPORT GROUP

41

Consolidated Balance Sheet

42

Consolidated Statement of Income

45

Consolidated Statement of Changes of Fixed Assets

46

Consolidated Statement of Changes of Stockholders’ Equity

48

Balance Sheet of Duisburger Hafen AG

50

Statement of Income of Duisburger Hafen AG

53

Statement of Changes of Fixed Assets of Duisburger Hafen AG

54

Consolidated Notes and Notes on the
Financial Statements of Duisburger Hafen AG

56

Auditors’ Report

67

41

FINANCIAL STATEMENTS
Consolidated Balance Sheet as at 31 December 2003

ASSETS
Note

A. Fixed Assets

31 Dec. 2003

31 Dec. 2002

Euro

1,000 Euro

232,899.36

294

(1)

I. Intangible Assets
1. Industrial property rights and similar rights and assets
and licences in such rights and assets
2. Advance payments made

0.00

39

232,899.36

333

153,495,989.32

140,888

21,202,689.40

18,118

II. Property, plant and equipment
1. Land and buildings
2. Plant and equipment
3. Other assets, fixtures, furniture and office equipment

1,332,279.50

1,399

4. Advance payments made and work in progress

4,167,149.37

11,977

180,198,107.59

172,382

133,161.67

146

319,452.64

337

94,509.47

124

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

547,123.78

607

180,978,130.73

173,322

33,183.09

57

B. Current Assets
I. Inventories
1. Supplies
2. Advance payments made

II. Receivables and other assets

2. Accounts receivable from companies in which investments are held
3. Other assets

C. Deferred Charges

42

7
64

5,241,739.88

2,897

180,748.27

26

(2. a)

1. Accounts receivable (trade)

III. Cash on hand and deposits with bank

0.00
33,183.09

(3)

(4)

4,718,574.30

3,374

10,141,062.45

6,297

2,687,532.88

1,523

12,861,778.42

7,884

638,502.57

682

194,478,411.72

181,888

LIABILITIES
Note

A. Equity

31 Dec. 2003

31 Dec. 2002

Euro

1,000 Euro

46,020,000.00

46,020

(5)

I. Capital subscribed
II. Paid-in surplus

1,533,875.64

1,534

27,065,746.96

3,248

IV. Surplus from consolidation

146,483.93

146

V. Profit

429,448.03

531

III. Retained earnings

VI. Minority interests

B. Tax Reserves

115,533.81

46

75,311,088.37

51,525

(6)

1. Tax reserve for investment incentives
2. Tax reserve pursuant to Section 6b of the Income Tax Act

1,092,059.01

1,400

0.00

20,285

1,092,059.01

21,685

3,559,030.00

3,667

C. Provisions
1. Provisions for pensions
2. Provisions for accrued taxes

(7)

1,541,414.15

2,245

3. Provisions for deferred taxes

(8)

2,567,456.28

0

4. Other provisions

(9)

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

E. Deferred Income

10,891,652.91

6,069

18,559,553.34

11,981.00

86,502,196.32

73,657

3,660,349.21

8,550

(10. a)

400,00

0

7,496,008.27

12,465

97,658,953.80

94,672

1,856,757.20

2,025

194,478,411.72

181,888

43

THE CLEVER STRATEGY, ESTABLISHING CONNECTIONS
FROM PORT TO OPEN SEA

duisport is moving to the open sea
by investing in the Antwerp Gateway
Terminal. Containers from across the
ocean are a growth market. A very large
container carrier terminal on the eastern waterfront of Deurganck Dock,
designed for 3.5 million standard-size
containers per year, will serve shipping
in 2007. The 1.4 million TEU first-phase facilities will open their gates in summer of 2004.
The first bridge between duisport and the Port of Antwerp was built in 1999 when connections of long standing were formalized by an agreement. duisport brings theory into action
thus positioning the all important hinterland hub near the coast. P&O Ports from the UK
and Royal P&O Nedlloyd from the Netherlands are strong partners for the Antwerp Gateway
Terminal construction project.
44

FINANCIAL STATEMENTS
Consolidated Statement of Income
for the Year Ended 31 December 2003

Note

1. Sales

(11)

2. Increase of work in progress

2003

2002

Euro

1,000 Euro

40,537,897.37

34,967

0.00

7

3. Capitalized expenses

(12)

1,145,234.87

1,561

4. Other operating income

(13)

10,439,753.13

4,509

52,122,885.37

41,044

5. Material

(14)

– 5,496,799.15

– 2,598

6. Labor

(15)

– 11,338,435.18

– 11,348

7. Amortization and depreciation of intangible
and tangible fixed assets
8. Other operating expenses

(16)

– 6,711,477.78

– 5,712

(17)

– 14,536,109.69

– 14,785

14,040,063.57

6,601

19,977.16

20

9. Income from fixed-asset loans
10. Financial result

– 5,422,336.08

– 4,414

11. Result of ordinary operations

8,637,704.65

2,207

12. Taxes on income

– 4,150,217.27

– 1,214

13. Other taxes

– 808,447.94

– 699

14. Consolidated net income

3,679,039.44

294

0.00

203

15. Profit carryover
16. Minority interests
17. Change in retained earnings
18. Profit

(19)

– 33,708.27

68

– 3,215,883.14

– 34

429,448.03

531

45

FINANCIAL STATEMENTS
Consolidated Statement of Changes of Fixed Assets
in the 2003 Financial Year

Cost
1 Jan. 2003

Additions

Retirements

Reclassification

Euro

Euro

Euro

Euro

1,900,150.54

66,211.60

4,472.78

38,418.50

I. Intangible Assets
1. Industrial property rights and similar rights and
assets and licences in such rights and assets
2. Advance payments made

38,418.50

0.00

0.00

– 38,418.50

1,938,569.04

66,211.60

4,472.78

0.00

148,820,846.36

12,407,001.65

2,413,373.20

5,084,673.82

13,739,869.70

409,424.45

0.00

227,464.65

11,291,762.81

18,468.32

0.00

0.00

1,952,480.37

0.00

0.00

0.00

II. Property, plant and equipment
1. Land and buildings
Tracts, 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

19,371,278.79

1,411,757.64

25,191.46

31,466.38

Railroad plant and equipment

8,267,694.52

3,350,422.76

7,260.94

0.00

3. Other assets, fixtures, furnitures and office equipment

6,263,582.46

601,220.86

665,545.66

20,963.97

4. Advance payments made and work in progress

11,977,065.00

69,287.36

2,514,634.17

– 5,364,568.82

221,684,580.01

18,267,583.04

5,626,005.43

0.00

145,943.97

0.00

12,782.30

0.00

337,452.64

0.00

18,000.00

0.00

III. Financial Assets
1. Investments

2. Loans to companies in which
investments are held

3. Other loans

46

123,624.13

0.00

29,114.66

0.00

607,020.74

0.00

59,896.96

0.00

224,230,169.79

18,333,794.64

5,690,375.17

0.00

Cumulated amortization and deprecition

Book values

31 Dec. 2003

1 Jan. 2003

Additions

Retirements

Appreciations

31 Dec. 2003

Euro

Euro

Euro

Euro

Euro

Euro

31 Dec. 2003 31 Dec. 2002
Euro

1,000 Euro

2,000,307.86

1,605,810.99

166,070.29

4,472.78

0.00

1,767,408.50

232,899.36

294

0.00

0.00

0.00

0.00

0.00

0.00

0.00

39

2,000,307.86

1,605,810.99

166,070.29

4,472.78

0.00

1,767,408.50

232,899.36

333

163,899,148.63

26,784,593.71

3,726,929.58

671,562.20

406,784.13

29,433,176.96

134,465,971.67

122,036

14,376,758.80

23,625.00

78,248.00

0.00

0.00

101,873.00

14,274,885.80

13,716

11,310,231.13

6,317,446.45

375,773.05

0.00

0.00

6,693,219.50

4,617,011.63

4,974

1,952,480.37

1,790,877.77

23,482.38

0.00

0.00

1,814,360.15

138,120.22

162

20,789,311.35

7,802,859.15

1,276,118.91

24,630.46

0.00

9,054,347.60

11,734,963.75

11,569

11,610,856.34

1,717,391.69

425,739.00

0.00

0.00

2,143,130.69

9,467,725.65

6,549

6,220,221.63

4,864,724.51

639,116.57

615,898.95

0.00

4,887,942.13

1,332,279.50

1,399

4,167,149.37

0.00

0.00

0.00

0.00

0.00

4,167,149.37

11,977

234,326,157.62

49,301,518.28

6,545,407.49

1,312,091.61

406,784.13

54,128,050.03

180,198,107.59

172,382

133,161.67

0.00

0.00

0.00

0.00

0.00

133,161.67

146

319,452.64

0.00

0.00

0.00

0.00

0.00

319,452.64

337

94,509.47

0.00

0.00

0.00

0,00

0.00

94,509.47

124

547,123.78

0.00

0.00

0.00

0.00

0.00

547,123.78

607

236,873,589.26

50,907,329.27

6,711,477.78

1,316,564.39

406,784.13

55,895,458.53

180,978,130.73

173,322

47

FINANCIAL STATEMENTS
Consolidated Statement of Changes of Stockholders’ Equity

Parent Company
Accumulated consolidated net income
Capital

Uncalled

Paid-in

Retained

Treasury stock

Translation

subcribed

capital

surplus

earnings and

for retirements

gains/

profit

losses

Euro

Euro

Euro

Euro

Euro

Euro

46,020,000.00

0.00

1,533,875.64

3,778,885.51

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

of treasury stock

0.00

0.00

0.00

0.00

0.00

0.00

Dividends paid

0.00

0.00

0.00

0.00

0.00

0.00

consolidated group

0.00

0.00

0.00

0.00

0.00

0.00

Other changes

0.00

0.00

0.00

0.00

0.00

0.00

Consolidated net income/loss

0.00

0.00

0.00

3,645,331.17

0.00

0.00

Other comprehensive income

0.00

0.00

0.00

13,081.70

0.00

0.00

46,020,000.00

0.00

1,533,875.64

7,437,298.38

0.00

0.00

31 Dec. 2002

Issue of stock

Acquisition/retirement

Changes in

Comprehensive
income
31 Dec. 2003

The other change in consolidated equity relates to the tax reserve classification as equity.

48

Accumulated other comprehensive income
Other non-

Equity pursuant

Treasury stock

Equity

Minority

Translation

Other

interest

gains/losses

nonoperating

Equity

Consolidated

operating

to consolidated

not for

transactions

balance sheet

retirement

equity

Euro

Euro

Euro

Euro

Euro

Euro

Euro

Euro

146,483.93

51,479,245.08

0.00

51,479,245.08

45,771.11

0.00

0.00

45,771.11

51,525,016.19

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

20,057,896.61

20,057,896.61

0.00

20,057,896.61

0.00

0.00

0.00

0.00

20,057,896.61

0.00

3,645,331.17

0.00

3,645,331.17

33,708.27

0.00

0.00

33,708.27

3,679,039.44

0.00

13,081.70

0.00

13,081.70

0.00

0.00

36,054.43

36,054.43

49,136.13

20,204,380.54

75,195,554.56

0.00

75,195,554.56

79,479.38

0.00

36,054.43

115,533.81

75,311,088.37

transactions

49

FINANCIAL STATEMENTS
Balance Sheet of Duisburger Hafen AG as at 31 December 2003

ASSETS
Note

A. Fixed Assets

31 Dec. 2003

31 Dec. 2002

Euro

1,000 Euro

232,899.36

294

225,513.60

254

(1)

I. Intangible Assets
1. Industrial property rights and assets and licences
in such rights and assets
2. Advance payments made

0.00

38

225,513.60

292

67,665,454.91

67,960

11,034,318.58

10,999

1,123,962.65

1,158

72,975.20

779

79,896,711.34

80,896

1. Investments in affiliated companies

20,988,275.58

20,959

2. Loans to affiliated companies

26,938,903.10

22,288

100,000.00

100

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

III. Financial Assets

3. Other investments
4. Other loans

94,509.47

124

48,121,688.15

43,471

128,243,913.09

124,659

1. Accounts receivable (trade)

2,849,522.25

2,247

2. Accounts receivable from affiliated companies

2,744,576.24

41

26,898.98

26

B. Current Assets
I. Receivables and other assets

(2. b)

3. Accounts receivable from companies in
which investments are held
4. Other assets

II. Cash on hand and deposits with banks

C. Deferred Charges

50

(3)

(4)

1,055,246.60

1,203

6,676,244.07

3,517

846,525.26

629

7,522,769.33

4,146

227,741.06

214

135,994,423.48

129,019

LIABILITIES
Note

A. Equity

31 Dec. 2003

31 Dec. 2002

Euro

1,000 Euro

46,020,000.00

46,020

1,533,875.64

1,534

3,807,565.20

3,277

429,448.03

531

51,790,888.87

51,362

21,789,972.38

20,285

3,559,030.00

3,667

(5)

I. Capital subscribed
II. Paid-in surplus
III. Retained earnings
1. Legal reserve
IV. Profit

B. Tax reserve pursuant to Section 6b of the Income Tax Act

(6)

C. Provisions
1. Provisions for pensions
2. Provisions for accrued taxes

(7)

1,198,610.00

1,922

3. Other provisions

(9)

8,471,981.93

4,996

13,229,621.93

10,585

44,600,024.99

36,533

2,497,007.11

2,368

57,805.10

622

D. Debt
1. Bank debt
2. Accounts payable (trade)
3. Liabilities to affiliated companies
4. Other liabilities

E. Deferred Income

(10. b)

213,798.57

5,243

47,368,635.77

44,766

1,815,304.53

2,021

135,994,423.48

129,019

51

THE SMART MOVE TO PLACE CONNECTIONS ON THE RIGHT TRACK
Germany's Federal Minister of Transportation
Dr. Manfred Stolpe broke the ground for the logport
railroad yard. The railroad terminal abandoned
by the legacy railroad carrier will be revamped for
marshalling operations. duisport rail is right on
track with the services it provides to logistics companies in the Port and other users. The shuttle train
between Duisburg and the Degussa site in Marl has
equally signalled that trains are often the priority
choice. Another freight train line, which runs three
times a week demonstrates that the railroads are
steaming ahead. The South Eastern Europe Shuttle
Services links logport and Vienna and offers connections to the North Sea ports, the United Kingdom,
Ireland, and Hungary. duisport rail and the Wiener
Lokalbahnen have coupled their railroad carrier capabilities for the operation of the train marketed by duisport agency and Far Freight in Austria.

52

FINANCIAL STATEMENTS
Statement of Income of Duisburger Hafen AG
for the Year Ended 31 December 2003

Note

2003

2002

Euro

1,000 Euro

1. Sales

(11)

27,899,522.56

26,764

2. Capitalized expenses

(12)

116,769.20

197

3. Other operating income

(13)

8,706,864.80

3,182

36,723,156.56

30,143

4. Material

(14)

– 466,466.57

– 515

5. Labor

(15)

– 6,677,899.79

– 7,504

(16)

– 7,648,412.50

– 3,051

(17)

– 16,432,617.68

– 13,408

5,497,760.02

5,665

6. Amortization and depreciation of intangible
and tangible assets
7. Other operating expenses

8. Losses from investments

(18)

– 1,662,741.44

– 2,548

9. Interest

(19)

– 1,184,370.26

– 1,137

10. Result of ordinary operations
11. Taxes on income

2,650,648.32

1,980

– 1,799,856.63

– 1,200

12. Other taxes

– 421,343.66

452

13. Net income

429,448.03

328

0.00

203

429,448.03

531

14. Profit carryover
15. Profit

53

FINANCIAL STATEMENTS
Statement of Changes of Fixed Assets of Duisburger Hafen AG
in the 2003 Financial Year

Cost
1 Jan. 2003

Additions

Retirements

Reclassifications

Euro

Euro

Euro

Euro

1,475,136.85

61,316.03

0.00

38,418.50

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

38,418.50

0.00

0.00

– 38,418.50

1,513,555.35

61,316.03

0.00

0.00

Tracts, operational, office and residential buildings

73,018,875.52

5,470,478.48

1,360,788.36

754,934.94

Port basin tracts (fixed values)

12,508,323.44

0.00

0.00

– 115,41

8,877,385.76

0.00

0.00

0.00

1,952,480.37

0.00

0.00

0.00

II. Property, plant and equipment
1. Land and buildings

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

15,155,575.91

0.00

0.00

0.00

4,664,773.43

1,203,806.76

0.00

0.00

5,411,148.61

500,474.97

372,480.80

20,963.97

779,471.34

69,287.36

0.00

– 775,783.50

122,368,034.38

7,244,047.57

1,733,269.16

0.00

20,959,057.88

42,000.00

12,782.30

0.00

22,288,155.64

13,155,747.46

8,505,000.00

0.00

100,000.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

III. Financial Assets
1. Investments in affiliated companies

2. Loans to affiliated companies

3. Participating interests

4. Loans to companies in which
investments are held

5. Other loans

54

123,624.13

0.00

29,114.66

0.00

43,470,837.65

13,197,747.46

8,546,896.96

0.00

167,352,427.38

20,503,111.06

10,280,166.12

0.00

Cumulated amortization and depreciation

Book values

31 Dec. 2003

1 Jan. 2003

Additions

Retirements

31 Dec. 2003

31 Dec. 2003

31 Dec. 2002

Euro

Euro

Euro

Euro

Euro

Euro

1,000 Euro

1,574,871.38

1,221,172.52

128,185.26

0.00

1,349,357.78

225,513.60

254

0.00

0.00

0.00

0.00

0.00

0.00

38

1,574,871.38

1,221,172.52

128,185.26

0.00

1,349,357.78

225,513.60

292

77,883,500.58

20,364,540.95

5,555,727.54

667,785.32

25,252,483.17

52,631,017.41

52,654

12,508,208.03

0.00

0.00

0.00

0.00

12,508,208.03

12,508

8,877,385.76

6,241,565.45

247,711.06

0.00

6,489,276.51

2,388,109.25

2,636

1,952,480.37

1,790,877.77

23,482.38

0.00

1,814,360.15

138,120.22

162

15,155,575.91

7,620,853.26

790,717.91

0.00

8,411,571.17

6,744,004.74

7,535

5,868,580.19

1,200,868.88

377,397.47

0.00

1,578,266.35

4,290,313.84

3,464

5,560,106.75

4,253,104.31

525,190.88

342,151.09

4,436,144.10

1,123,962.65

1,158

72,975.20

0.00

0.00

0.00

0.00

72,975.20

779

127,878,812.79

41,471,810.62

7,520,227.24

1,009,936.41

47,982,101.45

79,896,711.34

80,896

20,988,275.58

0.00

0.00

0.00

0.00

20,988,275.58

20,959

26,938,903.10

0.00

0.00

0.00

0.00

26,938,903.10

22,288

100,000.00

0.00

0.00

0.00

0.00

100,000.00

100

0.00

0.00

0.00

0.00

0.00

0.00

0

94,509.47

0.00

0.00

0.00

0.00

94,509.47

124

48,121,688.15

0.00

0.00

0.00

0.00

48,121,688.15

43,471

177,575,372.32

42,692,983.14

7,648,412.50

1,009,936.41

49,331,459.23

128,243,913.09

124,659

55

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

Duisburger Hafen AG and its subsidiaries prepared consolidated financial statements and a consolidated
management report for the year ended 31 December 2003 pursuant to Section 290 of the Commercial
Code. The consolidated financial statements are in accordance with accounting principles generally accepted
in the Federal Republic of Germany.
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
Company

Equity interest

Equity

Net income/

%

1,000 Euro

1,000 Euro

Hafen Duisburg-Rheinhausen GmbH, Duisburg

100

20,452

01)

duisport rail GmbH, Duisburg

100

100

01)

duisport agency GmbH, Duisburg

100

260

01)

dfl duisport facility logistics GmbH, Duisburg

100

180

01)

Logport Logistic-Center Duisburg GmbH, Duisburg

55

60

+ 11

PCD Packing-Center-Duisburg GmbH, Duisburg

60

206

+ 76

Hafen Duisburg-Amsterdam Beteiligungsgesellschaft, Duisburg

66

10

–5

net loss in 2003

1)

Control and pass-through agreement

The duisport 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.
Duisburger Hafen AG holds a direct interest of 20% in DIT Duisburg Intermodal Terminal GmbH.
DIT Duisburg Intermodal Terminal GmbH made a net loss of 0.203 million Euro in the 2002 financial year.
(the 2003 results were not yet available when these financial statements were prepared). The equity
of DIT GmbH totaled 0.297 million Euro on 31 December 2002. Through Hafen Duisburg-Amsterdam
Beteiligungsgesellschaft mbH, Duisburger Hafen AG owns an indirect interest of 19.8% in Masslog GmbH.
Duisburger Hafen AG exercises no significant control in either company. The two companies have therefore not been consolidated in accordance with Section 311, paragraph (1), of the Commercial Code.
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 was deducted
from retained earnings. Any surplus from consolidation resulting from retained earnings shown in the
balance sheet of the Group company before consolidation was added to Group retained earnings.

56

Intercompany loans and other intercompany receivables and payables have been eliminated.
Intercompany sales and other intercompany income were eliminated against associated expenses, unless
capitalized. No intercompany profits were made.
The untaxed reserve pursuant to Section 6b of the Income Tax Act and the accelerated depreciation
allowance pursuant to Section 6b of the Income Tax Act were eliminated from the consolidated accounts.
Deferred taxes were computed on amounts charged to income at the Group tax rate of 40%.
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.
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 decliningbalance method according to Section 7, paragraph (5), of the Income Tax Act. Appropriations were made to
the tax reserve account of Duisburger Hafen AG with respect to land in accordance with the provisions of
Section 6b of the Income Tax Act. Following the publication of the Transparency and Corporate Governance
Act which repealed Section 308, paragraph (3), of the Commercial Code, the untaxed reserve and the
accelerated depreciation allowance were eliminated from the consolidated accounts.
Mobile assets acquired during the first half of the year were depreciated at the full annual rate, while 50%
of the annual depreciation rate was applied to mobile assets acquired from July to December. Minor
assets of a value of less than 400 Euro 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 structure of port basin, embankment and port railroad assets on the eastern
shore of the Rhine 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.
Other financial assets are included in the accounts at cost or market whichever is lower.
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
were made for bad debts.

57

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

Upon resolution of the stockholders of Duisburger Hafen AG at the general meeting of 28 August 2003,
the 2002 profit of 530,647.46 Euro was appropriated to retained earnings.
Provisions for pensions were calculated by the differential method of Section 6a of the Income Tax Act by
an actuarial expertise on the basis of the 1998 Dr. Heubeck mortality tables, using a discount rate of 6%.
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. 46 and 47 and the changes in the fixed assets of the
parent company on pp. 54 and 55.
2. a Receivables and Other Assets – Group
31 Dec. 2003

Remaining term

31 Dec. 2002

over 1 year

Accounts receivable (trade)

Remaining term
over 1 year

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

5,242

0

2,897

0

Investments

181

0

26

0

Other assets

4,718

0

3,374

0

Total

10,141

0

6,297

0

Remaining term

31 Dec. 2002

Remaining term

2. b Receivables and Other Assets – Duisburger Hafen AG
31 Dec. 2003

over 1 year
1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

Accounts receivable (trade)

2,850

0

2,247

0

Affiliated companies

2,744

0

41

0

Investments

27

0

26

0

Other assets

1,055

0

1,203

0

6,676

0

3,517

0

Total

58

over 1 year

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 originally 0.4 million Euro under credit arrangements made by Hafen Duisburg-Rheinhausen GmbH in 2000.
5. Equity
The changes in consolidated stockholders’ equity are given on pp. 48 and 49.
6. Tax Reserve – Group and Duisburger Hafen AG
Group

Group

AG

AG

31 Dec. 2003

31 Dec. 2002

31 Dec. 2003

31 Dec. 2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

0

569

2,184

569

paragraph (1), of the Income Tax Act

0

19,716

19,606

19,716

Allowance for investment incentives

1,092

1,400

0

0

Total

1,092

21,685

21,790

20,285

Untaxed reserve pursuant to Section 6b,
paragraph (3), of the Income Tax Act
Accelerated depreciation allowance pursuant to Section 6b,

The allowance for investment incentives is shown in the balance sheet of Hafen Duisburg-Rheinhausen
GmbH, while the remaining extraordinary reserve items relate to Duisburger Hafen AG.
Following the entry into force of the Transparency and Corporate Governance Act, consolidated financial statements for the year ended 31 December 2003 and subsequent financial years may not show any tax reserves.
The accelerated depreciation allowance of 19.716 million Euro was therefore transferred to retained earnings
on 1 January 2003. 60% of the untaxed reserve was also appropriated to retained earnings, while 40% equivalent to the Group tax rate was charged to provisions for deferred taxes.
7. Provisions for Accrued Taxes – Group and Duisburger Hafen AG
The provisions mainly concern 2003 income tax and trade tax.
8. Provisions for Deferred Taxes – Group
Deferred taxes shown relate mainly to accelerated depreciation and tax reserves. 2.34 million Euro were
charged to income in 2003.
9. Other Provisions – Group and Duisburger Hafen AG
Other provisions mainly regard deferred maintenance, flexible retirement, uncertain liabilities to third parties
and accrued expenses.. The flexible retirement provision was exclusively made for parent company staff.

59

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

10. a Debt – Group
Remaining term

Remaining term

31 Dec. 2003

less than 1 year

over 5 years

1,000 Euro

1,000 Euro

1,000 Euro

86,502

32,698

34,971

Accounts payable (trade)

3,660

3,653

0

8,550

8,539

1

Other liabilities

7,497

3,335

2,200

12,465

8,065

2,640

(of which tax liabilities)

(167)

(167)

(3,629)

(104)

(104)

(0)

Bank debt

Remaining term

Remaining term

31 Dec. 2002

less than 1 year

over 5 years

1,000 Euro

1,000 Euro

1,000 Euro

73,657

18,439

35,790

(of which social
security liabilities)
Total

(112)

(112)

(0)

(72)

(72)

(0)

97,659

39,686

40,800

94,672

35,043

38,431

Consolidated bank debt totaled 86.5 million Euro on 31 December 2003. 38.6 million Euro 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 under its control and pass-through agreement with
Duisburger Hafen AG. Obligations were also undertaken with respect to maximum financial ratios in the
consolidated financial statements.
10. b Debt – Duisburger Hafen AG

Bank debt
Accounts payable (trade)
Affiliated companies
Investments
Other liabilities
(of which tax liabilities)

Remaining term

Remaining term

Remaining term

Remaining term

31 Dec. 2003

less than 1 year

over 5 years

31 Dec. 2002

less than 1 year

over 5 years

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

44,600

25,648

9,985

36,533

14,631

10,369

2,497

2,497

0

2,368

2,368

0

58

58

0

622

622

0

0

0

0

0

0

0

214

205

0

5,243

5,234

0

(88)

(88)

0

(62)

(62)

(0)

(74)

(74)

0

(56)

(56)

(0)

47,369

25,853

9,985

44,766

22,855

10,369

(of which social
security liabilities)
Total

60

Contingent Liabilities and Other Financial Commitments
Duisburger Hafen AG undertook a guaranty for a sum of 22.1 million Euro with the Federal Railroad
Administration to provide coverage for the repayment of funding granted to Hafen Duisburg-Rheinhausen
GmbH.
Duisburger Hafen AG agreed a guaranty for 245,000 Euro as security for a bank credit of PCD PackingCenter-Duisburg GmbH. Another partner of PCD Packing-Center-Duisburg GmbH provided Duisburger
Hafen AG with a back-up guaranty for 73,600 Euro.
Duisburger Hafen AG granted a service provider a guaranty of 65,000 Euro to cover commitments of
duisport rail GmbH, a duisport company, under purchase arrangements.
Interest rate swap agreements for a total of 44.3 million Euro (balance of forward and receiver swaps;
Duisburger Hafen AG: 41.3 million Euro) with a maximum remaining term of eight years were in operation
on 31 December 2003.
Encumbrances – Group

land affected

of which AG

sp.m

(%)

sp.m

Leasehold rights of port operators

966,073

10.0

966,073

Pipeline, well and other servitudes

1,481,854

14.8

292,809

Rights of way and other interests

385,362

3.9

317,467

2,833,289

28.7

1,574,579

Total

Commitments under contracts placed for capital and other projects amounted to 4.2 million Euro
including commitments of 0.9 million Euro agreed by Duisburger Hafen AG.
Consolidated other financial commitments totaled 0.6 million Euro including 0.5 million Euro due in 2004.
They comprised payment obligations under leases of 0.111 million Euro including a total of 0.11 million Euro
due in 2003. The other financial commitments of Duisburger Hafen AG ran at 0.3 million Euro. Leasing
obligations of the parent company of the Group amounted to 0.049 million Euro.

61

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

V. INCOME STATEMENT NOTES
11. Sales
Group

Tracts

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

17,052

15,124

15,726

14,697

Structures

8,960

8,821

4,127

4,258

Handling charges and logistic services

14,224

10,574

7,749

7,067

Other revenues
Total

302

448

297

742

40,538

34,967

27,899

26,764

12. Capitalized Expenses
Capitalized expenses of 1.1 million Euro in the consolidated statement of income comprised project
management and engineering design services provided by Duisburger Hafen AG and Logport LogisticCenter Duisburg GmbH for Hafen Duisburg-Rheinhausen GmbH.
13. Other Operating Income

Intercompany services

Group

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

0

0

1,811

1,759

7,480

2,221

5,758

111

Subsidies

828

465

369

265

Income earned in other accounting periods

479

163

67

58

Return of provisions

225

508

36

476

0

308

143

0

Gains on disposal of fixed assets

Return of tax reserves
Remaining other operating income
Total

1,428

844

523

513

10,440

4,509

8,707

3,182

Group

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

14. Material

62

Supplies

1,967

973

98

122

Services

3,530

1,626

369

393

Total

5,497

2,599

467

515

15. Labor
Group

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

Salaries and wages

7,964

8,770

5,040

5,589

Social security, pensions and fringe benefits

3,374

2,578

1,638

1,915

(of which pensions)

(753)

(756)

(637)

(672)

11,338

11,348

6,678

7,504

Total

Certain staff who do not hold pension entitlements against their employer have been insured with the
Rheinische Zusatzversorgungskasse Köln supplementary pension fund.
16. Amortization and Depreciation of Intangible and Tangible Assets

Intangible assets
Property, plant and equipment, ordinary
Property, plant and equipment, Section 6b Income Tax Act
Total

Group

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

166

350

128

248

6,545

5,362

3,464

2,803

0

0

4,056

0

6,711

5,712

7,648

3,052

Group

Group

AG

AG

17. Other Operating Expenses

Third-party maintenance
Appropriation to tax reserve

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

7,031

7,148

8,318

7,156

0

35

1,647

35

Insurance, legal and consulting

1,410

1,658

839

883

Advertising, corporate communications

1,003

964

715

263

47

317

35

6

Expenses charged for other accounting periods
Remaining other operating expenses
Total

5,045

4,663

4,878

5,066

14,536

14,785

16,432

13,409

63

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

18. Income/Losses from Investments
AG

Income from investments
(of which affiliated companies)
Income passed through

AG

2003

2002

1,000 Euro

1,000 Euro

+ 15

+9

(+15)

(+9)

157

0

Losses from investments

– 1,835

– 2,557

Total

– 1,663

– 2,548

Group

Group

AG

AG

2003

2002

2003

2002

1,000 Euro

1,000 Euro

1,000 Euro

1,000 Euro

19. Interest

Income from fixed-asset loans
(of which affiliated companies)
Other interest and similar income

0

0

+1,708

+1,038

(0)

(0)

(+1,706)

(1,034)

+37

+27

+27

+11

Interest and similar expense

– 5,459

– 4,441

– 2,919

– 2,186

Total

– 5,422

– 4,414

– 1,184

– 1,137

VI. OTHER DISCLOSURES
Average Number of Employees by Companies
Blue Collar

Duisburger Hafen AG
duisport rail GmbH
duisport agency GmbH
Logport Logistic-Center Duisburg GmbH
dfl duisport facility logistics GmbH

9

White Collar

Trainees

Total

Total

employees

employees

2003

2002

96

5

110

127

16

6

0

22

13

0

18

0

18

15

0

7

0

7

6

24

8

0

32

27

PCD Packing-Center-Duisburg GmbH

2

7

1

10

23

Total

51

142

6

199

211

Hafen Duisburg-Rheinhausen GmbH and Hafen Duisburg-Amsterdam Beteiligungsgesellschaft do not
employ any staff.
Application of Profit
The Executive Board proposes to carry forward the profit of Duisburger Hafen AG of 429,448.03 Euro.

64

Consolidated Statement of Cashflow
2003

2002

in TEuro

in TEuro

1. Operating Activities
+/– Consolidated net income/net loss

3.679

294

+

6,.711

5,712

Depreciation and amortization of fixed assets

+/– Increase/decrease in long-term provisions
+/ – Other non-cash expenses/income
Cashflow I
–

Gains from disposal of fixed assets

– 108

720

70

– 160

10,352

6,566

– 7,480

– 2,054

+

Non-cash fixed asset appreciations

980

0

–

Subsidies and incentives received, not capitalized

– 459

– 200

–/+ Increase/decrease in receivables and other assets

– 3,770

– 1,142

+/– Increase/decrease in tax reserves from operating activities

– 308

– 271

+/– Increase in short-term provisions

6,687

2,918

+/– Increase/decrease in payables and other liabilities

– 754

629

5,248

6,446

10,466

6,916

Cashflow from operating activities

2. Investment Activities
+

Cash inflow from the retirement of property, plant and equipment

+

Cash inflow from the retirement of financial assets

–

Investments in property, plant and equipment

–

Appreciations and similar

–

Investments in intangible assets

–

Investments in financial assets

0

61

– 27,538

– 45,849

– 4,113

0

– 65

– 138

0

– 137

– 21,250

– 39,147

11,025

26,640

459

200

–/+ Decrease/increase in receivables from subsidies granted

2,358

– 109

+/– Increase/decrease in Group reserves

– 249

80

Cashflow from investment activities

3. Financing Activities
+

Investment incentives received, capitalized

+

Investment incentives received, not capitalized

+

Loans and credits received

–

Loans and credits repaid

Cashflow from financing activities

Changes in liquid funds (balance of 1-3)

Liquid funds as at the beginning of the financial year
Liquid funds as at the end of the financial year

24,694

37,476

– 21,393

– 31,353

16,894

32,934

892

233

1,172

939

2,064

1,172

65

FINANCIAL STATEMENTS
Consolidated Notes and Notes on the Financial Statements
of Duisburger Hafen AG as at 31 December 2003

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 0.166
million Euro. Provisions for pensions to former Executive Board members and their dependents amounted
to 1.771 million Euro. Supervisory Board members received 0.017 million Euro in 2003.
The members of the Supervisory Board and the Executive Board are listed on pp. 8 and 9.
Credits to Executive Board and Supervisory Board Members
A building loan of approx. 4,000 Euro granted to a former Executive Board member was outstanding on
31 December 2003. Repayment totaled 250 Euro. The loan bears interest at a rate of 4%. The remaining
term is eight years.
Duisburg, 31 March 2004
Duisburger Hafen Aktiengesellschaft

The Executive Board
Staake

66

Schlipköther

FINANCIAL STATEMENTS
Auditors’ Report

We have audited the financial statements, including the accounting records, and the consolidated financial
statements of Duisburger Hafen AG, Duisburg, together with the notes on the accounts for the company
and the consolidated Group and the management report of Duisburger Hafen AG and the duisport Group
for the financial year ended 31 December 2003. Accounting and the preparation of these documents in
accordance with German commercial law and the memorandum and articles of association 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 accounting records, the consolidated financial statements
and the company and Group 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 Commercial Code and German generally accepted auditing principles
as established by Institut der Wirtschaftsprüfer. 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 generally accepted accounting principles as well as the company and Group management report will be identified with reasonable reliability. The determination of the audit procedures reflects
knowledge of the company’s and the Group’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 the consolidated financial statements as
well as the company and the Group management report are reviewed chiefly on a sample basis.
The audit comprises the accounting principles applied in the company’s financial statements and, for the
consolidated financial statements, the annual financial statements of the consolidated companies, the
consolidation principles and the accounting principles as well as for both the company and the consolidated
financial statements significant estimates of the company’s Executive Board and the overall presentation
of the company’s financial statements, the consolidated financial statements and the management
report for the company and the consolidated Group. 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 the 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 for the company and the Group gives, in sum total, a true view of the position of the
company and the consolidated Group and presents future risks adequately.
Düsseldorf, 3 May 2004
PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Trauer

ppa. Kroll

public accountant

public accountant

67

FINANCIAL STATEMENTS
Stockholders

The capital stock of Duisburger Hafen AG totals 46,020 TEuro. It is divided into 46,020 registered
non-transferable shares.

The stock is held as follows:

Federal Republic of Germany

15,340 TEuro

State of North-Rhine Westphalia
through Beteiligungsverwaltungsgesellschaft

68

des Landes Nordrhein-Westfalen mbH

15,340 TEuro

City of Duisburg

15,340 TEuro

THE ART OF CREATING
DIRECT CONNECTIONS

A sound connection has been established between the ports of Bilbao
and Duisburg. An agreement lays the
foundation for the design of common projects and the development of extended cargo shipping capacity between the two
locations, especially through short sea shipping. The contract
is designed for the future of transportation, as the future of
architecture has been shaped by Bilbao’s Guggenheim Museum.
Sixteen representatives of Duisburg enterprises were deeply
impressed by the city on the Spanish Atlantic coast from where

©FMGB. Guggenheim Bilbao Museoa, Bilbao, 2004. Photo: Erika Barahona Ede

they continued on to Barcelona on the Mediterranean Sea.

69

Duisburger Hafen AG
Alte Ruhrorter Strasse 42-52
47119 Duisburg
Phone +49(0)203-803-1
Fax +49(0)203-803-232
www.duisport.com
mail@duisport.de
Concept and realization
DWS Werbeagentur GmbH,
Duisburg
Photography
Frank Reinhold,
Düsseldorf
        
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