Assets

Description

Concession port businesses

Asset Class

Transport Infrastructure

Location

Strategic European locations

Acquired

Water Container Transport (Belgium) – July 2006
Tarragona Port Services (Spain) – May 2007
Manuport (Belgium, France, Bulgaria) – July 2007
Terminal Rinfuse Italia “TRI” (Italy) – August 2007
Rauma Stevedoring & Botnia Shipping (Finland) – October 2007
Westerlund (Belgium, France, China) – December 2007
Seehafen Rostock (Germany) – December 2007

BBI % Ownership

Majority interest in all except for Rostock (50% ownership)

Regulatory Environment

Unregulated

Customer Base

Mainly servicing industrial customers in the immediate hinterland of the ports on varied contract terms. Customers include multi-national chemical and energy companies. The majority of key customers are long term loyal customers who have been with the respective port businesses continuously for between 10 and 80 years.

Asset Age & Condition

Cranes, berths, warehouses, inloading and outloading equipment
Varied age: assets are generally in good condition. If capital expenditure is required, appropriate allowance has been made when valuing these assets at acquisition

Revenue Assurance

Mixture of long-term and short-term contracts in place common to the port industry. High revenue assurance from the hinterland trade component of each business.

Key Drivers

Demand for bulk and general commodities (generally for primary industries) in the geographic hinterlands serviced by the various ports in the portfolio.
Continued economic growth in Europe and the growth of both European and global trade. Growth is compounded above global and regional GDP growth in part because of the continuing and growing dislocation between the location of resources, the location of manufacturing bases and the location of key areas of consumption in the developed world.