2020 Annual Report About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Contents

Key figures Foreword Vision, mission Coronavirus: How the and strategy port continued to operate

3 4 7 12

Our environment Value creation Results 2020 Financial results

15 19 23 37

Our staff Governance Risk management Report of the Supervisory Board

43 49 54 63

About this Annual Report Financial statements GRI table Appendices

68 70 129 133

2020 Annual Report 2 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Key figures 2020

Clean shipping Port Engagement CO2 emissions (% ships with ESI discount) Score (PES) (x 1,000 tonnes) logistiek ruimte Schone en Transparantie 24.6 Stakeholder2.17 bereikbaarheid intensivering 2019 veilige scheepvaart 2019 24.4 2 betrokkenheid1.67

Throughput in Revenue Result* Amsterdam (€ million) (million tonnes)

87 169.4 56.5 2019 2019 2019

74.3 158.4 51.7

* Concerns the result after corporate income tax and excluding deferred tax.

2020 Annual Report 3 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Foreword

Port of Amsterdam had an eventful year. We already had to contend with PFAS measures and the nitrogen crisis. Then, in March 2020, the coronavirus pandemic broke out. Our revenue dropped dramatically, and our coal transhipments even decreased by 50%. Nonetheless, we have some reason to be proud: 2020 demonstrated that the port can continue to operate during hard times.

The year was dominated by the coronavirus. Some customers suffered heavy losses. We were forced to radically change our working methods and watch the sea and river cruise business come to a standstill. The crisis has also had a significant impact on our figures. We do not expect to achieve the 2019 transhipment levels again in the coming Koen Overtoom, CEO Alexander Kousbroek, CFO five years.

"The importance of the port to the city and the region has The crisis also had some positive effects. This period has made us more cost-conscious. become clearer than ever. Despite the restrictions, we have We also made an almost flawless transition to working from home. This spring it managed to continue operations at all times, albeit with the became clearer than ever how important the port is to the city and the region. Despite necessary precautions." the limitations, we were able to continue our operations, albeit with the necessary precautions.

Taking the lead

In March 2021, our shareholder, the Municipality of Amsterdam, approved our new strategy. Over the next few years, in its role as a European seaport, Port of Amsterdam will take the lead in the energy transition and the implementation of the circular economy in the city and the region. We will make every effort to ensure that customers,

2020 Annual Report 4 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Report from the Board of Directors

cargoes and activities grow in a more sustainable manner. We will also make the shipping process smoother, safer and more transparent and develop an energy and raw materials infrastructure to accelerate sustainability in the industry.

Our ambitions are in keeping with the ‘port vision’ published by the Municipality of Amsterdam in November 2020. This vision states that the Amsterdam port fulfils five important public tasks, including its function as a nautical distribution point, a location for industry and a driving force behind the energy transition. The municipality wants to work with the port to make the city and region climate-neutral and circular. We are We are constantly pleased with this recognition and determined to achieve these ambitions with the seeking municipality. cooperation with partners to drive forward the A driving force behind the energy transition energy transition.

One of the most important events in the energy transition took place in April 2020. That is when Port of Amsterdam signed an agreement to transform the dredging depot in the former Averijhaven near IJmuiden into an Energy Port. We are working with the Ministry of Infrastructure and Water Management, the Province of North Holland, the Municipality of Velsen, Tata Steel and the Port of IJmuiden to develop the area into a modern and sustainable port site. Among other things, this site will play an important role in the future construction and maintenance of wind farms in the North Sea.

We are constantly seeking cooperation with partners to drive forward the energy transition. We are investigating options for building a regional hydrogen infra­ structure with Gasunie, for example, and looking for ways to solve bottlenecks in With Schiphol and SkyNRG, among others, we are investigating options for the substations with Liander. We have developed the business case for the H2ermes developing synthetic kerosene and transporting it to the airport, and with our project in more detail with Nouryon and Tata Steel, with the aim of establishing a partners in the North Sea Canal area we have been working on a sustainability plan hydrogen plant on the Tata Steel site. for the region and better mutual coordination with the state and Europe.

2020 Annual Report 5 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Report from the Board of Directors

A year of ups and downs Bidding farewell to two esteemed directors

There was a lot of good news to report in 2020. We are pleased with the arrival of a In December 2020, Michiel de Brauw announced that he was stepping down as CFO of number of major customers at the HoogTij industrial estate. Furthermore, Global Petro Port of Amsterdam for health reasons. We would like to thank Michiel for the fruitful Storage (GPS) announced that it will construct a rail link next to its current terminal in cooperation and will miss his incisive input. We are pleased that he will continue to be the Amsterdam port. The company is also expanding its storage capacity with three tanks affiliated with Port of Amsterdam in a different role. Alexander Kousbroek will succeed for storing ethanol. Samskip’s new container service will help us achieve our aim of him as CFO on 1 January 2021. growing in the short sea market. In July 2020, the Amsterdam Joint Fire Brigade inaugurated its new fire station in the Western Port Area. In January 2021, Koos van der Steenhoven, chair of the Supervisory Board, also announced that he was leaving Port of Amsterdam. He has decided to do so based on We also had to deal with major disappointments. Indeed, Sail 2020 was cancelled, personal considerations. We are grateful to Koos for his immense commitment to as were the Olympic and Paralympic Games. We made a commitment to Mission H2, Port of Amsterdam, its employees and all developments in the port. a coalition of companies with which we were to promote the Netherlands as a hydrogen country during those events. We also had to cancel various events for stakeholders, such as a number of annual working visits and meetings during trade fairs and A huge challenge conferences. Port of Amsterdam wants to make a major contribution to the huge challenge of making In January 2020, software company Citrix was hit by a cyberattack. We shut down access our society more sustainable. We are faced with two challenges: we have to contend to our Citrix applications until the data breach was repaired. In March 2020, a report was with limited physical and environmental space, and it is becoming increasingly difficult published about an incident involving the barge Fox. During the voyage, which started in to meet the huge demand for energy from companies in the port. the Port of Amsterdam, the skipper was exposed to a high concentration of phosphine fumes. The investigation initiated by the Harbour Master’s Division of Port of Amsterdam That is why we want to develop a vision with the region that covers the implementation led to recommendations on how to put a safer process in place. of hydrogen, the electricity supply and the expansion of the heat network. If we can manage to join forces, we will have the knowledge, expertise and drive needed to make In July 2020, the advisory committee of Oeververbindingen Rijkswateren Amsterdam the city and the region climate-neutral and circular in the coming decade. We are presented its final report, Genereus verbonden (‘Well-connected’). The committee offered confident that together we will succeed. its opinion on the best way of connecting the river banks of the IJ. Although our preference is still for tunnels under the IJ, we can live with the proposal that is now on Koen Overtoom, CEO the table. Alexander Kousbroek, CFO

2020 Annual Report 6 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Vision, mission and strategy

Leading the As a European seaport, we are leading the way in the transition transformation to a sustainable society. Our goal is to be a climate-neutral port by 2050.

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Receptive to change

Vision, profile and mission

Climate change, urbanisation and digitisation: our society is undergoing sweeping changes. We are also being confronted with major events, such as the nitrogen crisis and the coronavirus pandemic. Our vision helps us to respond flexibly to these developments.

Vision Profile Mission

By 2030, the Amsterdam port • Development of the port region as an attractive • As market supervisor, we create an optimum As an independent port authority, region will be a dynamic location for businesses and constant improvement business climate. we have the scope to deliver metropolitan port combining in services for customers. growth and value. We create Amsterdam’s three core • As business matchmaker, we connect parties, opportunities for innovative and strengths: a world-class logistics • Construction, maintenance and renovation of the sectors and opportunities. enterprising collaborative work, hub, a high-value regional physical infrastructure, and management of the in both existing and new areas of industry and a versatile service Amsterdam port area. • As co-creator and risk bearer, we initiate new operation, within and outside the provider to the city. activities in the port to stimulate developments. North Sea Canal Area, nationally • Handling of smooth, safe and environmentally and internationally. This is our responsible shipping traffic in the North Sea Canal mission: to create value by Area, partly through regulation and enforcement. breaking new ground. CNB Noordzeekanaalgebied (Central Nautical Management North Sea Canal Area) has assigned this task to Port of Amsterdam’s Harbour Master’s Division.

Stakeholders Strategy

Customers Strategic partners Local residents Civil society 2017-2021: Setting a course for the Amsterdam Metropolitan Port organisations Government bodies Suppliers Employees 2021-2025: Taking the lead Shareholders Media Knowledge institutes

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Strategy

2020 was the last year in which we implemented the We will tell you more about these developments in the Results chapter. 2017-2021 strategy. This year, we developed a new strategy. In addition, we have diversified and innovated our activities in the port area. In the years to come, Port of Amsterdam will focus on For example, we have worked hard on creating a circular hotspot. We have also put sustainable accelerated growth in the port. customers in touch with each other and supported innovative companies by sharing knowledge or giving them a financial boost. For example, we decided to set up Prodock 2.0 in the port, a business centre for ambitious entrepreneurs who focus on the circular 2017-2021: Setting a course for the Amsterdam Metropolitan Port and bio-based economy, the energy transition and digitisation.

Our strategic plan for 2017-2021, Setting a course for the Amsterdam Metropolitan Port, Finally, we have worked towards becoming a preferred port. We have been intensely outlines our ambition to make the port faster, smarter and cleaner. We have been engaged in developing and promoting hydrogen, and we have positioned ourselves working on this in three ways. more emphatically as a short sea port for container logistics. In our business establishment projects, we paid attention to the type of customers we wanted to First, we have reinforced our networks and stimulated the energy transition. We have attract. This approach has resulted in, among other things, a circular plastic hub started to phase out the transhipment of coal in the Amsterdam port, prepared for the around AEB Amsterdam, a company that turns waste into energy. arrival of renewable energy and biofuels, and invested heavily in solar and wind energy.

Focus 2017-2021 Focus 2021-2025

Becoming a Allowing customers, cargoes preferred port Faster and activities to grow sustainably

2017-2021: 2021-2025: Diversifying and Making the shipping process innovating activities Smarter Setting a course for the Taking the lead smoother, safer and more transparent Amsterdam Metropolitan Port

Reinforcing networks Develop the port’s energy and stimulating the Cleaner infrastructure to accelerate energy transition the transition

2020 Annual Report 9 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Strategy

2021-2025: Taking the lead Genesis of the strategy

Our new strategy, Taking the lead: sustainable accelerated growth in the Amsterdam port, In developing our strategy, we explicitly took our communities into account. First, is based on three pillars. First, we will enable customers, cargoes and operations to grow we consulted the materiality analyses (see Appendix 5) and held discussions with more sustainably. Second, we will make the shipping process smoother, safer and more customers and other stakeholders to find out what they considered important issues transparent. Third, we are developing the port’s energy infrastructure to accelerate the and what role they saw for Port of Amsterdam. Our Board of Directors played an transition. Moreover, we want our own business operations to be climate-neutral by important role in this process. 2030. The discussions revealed that stakeholders expect us to put important matters on the In the coming four years, we want to accelerate the transition to sustainable activities agenda and to act as a driving force. They also regard us as the ideal organisation to bring in the port. The emphasis is less on growth in tonnage and more on diversification. parties in the port together and help meet the sustainability challenge in the near future. Investing in a future-proof infrastructure, for example, will accelerate the energy transition and allow for more intensive use of the port areas. We are therefore Based on this analysis, we then determined our course for the next four years. We anticipating potential challenges such as lack of space and the climate crisis. defined the ambition to accelerate the sustainability process in the port. We linked concrete goals to this aim, which we then tested with colleagues, customers, the shareholder and our communities. This process has resulted in seven measurable targets:

Seven measurable targets for 2021-2025

strengthening our achieving growth ensuring that growing storage committing to reducing carbon creating space competitive in non-fossil virtually all capacity for a more circular emissions for development position and turnover seagoing vessels alternative fuels process industry maintaining our depart on time market share

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A huge challenge

In the implementation of our strategy, we face various challenges and uncertainties. We are trying to achieve many targets at a time when environmental space is limited by nitrogen measures, for example. Building the necessary infrastructure to complete the energy transition with our partners is also a challenge. Moreover, the transition to green energy still consumes a great deal of electricity.

Nevertheless, we are still optimistic. As an energy port, we have extensive experience in transporting and storing fuels. By forging close and innovative partnerships, we can By 2030, the Amsterdam port region will be more than achieve the transition to sustainable, green fuels. Throughout the port area, we are a transhipment and transit port. It will be a dynamic introducing activities to get the transition off the ground. In IJmuiden, for instance, we international metropolitan port where international industry are working with Nouryon and Tata Steel on the construction of a hydrogen plant, and and the local circular economy converge. in Amsterdam we are exploring the possibility of producing green hydrogen on the site of the former coal-fired power station on Hemweg.

Another challenge is that we also need space to make a substantial contribution to the circular economy, whereas we are already struggling with a lack of space. We must brainstorm with existing and future customers to find solutions on how to use space more efficiently. Our policy of critically examining the type of customers we welcome to the port has borne fruit in recent years. The chapter on results discusses this in more We can only achieve our strategy by working with our partners and customers. detail. Our ambition requires us to maintain this critical attitude in the coming years Fortunately, there is great willingness among the parties in the port to achieve these and perhaps even intensify it. targets with us. There are construction companies electrifying the recycling of building materials, logistics organisations experimenting with hydrogen-powered trucks, companies exchanging electricity, and so on. Vital partner to the city and region

The function of the Amsterdam port has remained unchanged over seven centuries: to connect the city, region and world. However, the port’s cargo, goods and activities are constantly changing. The new strategy aims to write a new chapter to our centuries-old story. We are positioning the port not only as an essential link in the transport of goods and cargo flows, but also as a vital partner of the city and the region for the complex sustainability issues they face.

2020 Annual Report 11 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Coronavirus: how the port continued to operate

On Sunday, 15 March 2020, the Dutch cabinet announced an intelligent lockdown to combat the coronavirus. This unprecedented measure had major consequences for Port of Amsterdam. We managed to continue operations during this difficult time, however. We also supported clients whenever possible.

A few days after the intelligent lockdown, Port of Amsterdam closed the port to all sea We discussed which and river cruise vessels. It was the most counter-intuitive move we could imagine as a preventive and control port authority. Apart from that, we did everything we could to keep the port open. That measures we should was essential to keep the flow of goods moving to and from the city and the region. take internally and The port area also has several essential functions, such as producing energy, processing externally to continue waste and supplying drinking water. operations in a responsible way.

The port continues to operate

When the Netherlands went into lockdown, we consulted our safety advisors, the managers of the operational teams and several people from the workplace. We discussed which preventive and control measures we should take internally and externally to continue operations in a responsible way. The Harbour Master’s Division has written an additional chapter on the coronavirus for the operational manual. We update this as new information emerges and when measures are either tightened or relaxed.

2020 Annual Report 12 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Coronavirus: how the port continued to operate

In concrete terms, the measures include limiting the rotation between teams. consequences for the industry, the region and the city. We are immensely proud of Employees in operations have started working in permanent pairs on the patrol vessels. how professional and conscientious our colleagues have been in handling these As a result, we are no longer using a rotation system within the teams. We have also circumstances. As a result, we were able to always guarantee the smooth, safe and reduced the presence of management: when the team is not present, the managers work ecologically responsible passage of ships. at home. We have also adjusted compulsory training activities to meet national guide­ lines, so they can still be held. Impact on customers We designated berths in advance for vessels that need to go into quarantine. We have also obliged seagoing vessels to provide a Medical Declaration of Health. Before Some sectors have been hit hard by the coronavirus crisis. Cruise shipping, for example, they enter the port, they have to report on the medical condition of the crew. After has come to a standstill, and the demand for fuel has fallen sharply. As a result, consulting the police and the Public Prosecution Service, we intensified our supervision considerably less oil is being transhipped and traded in the port. Coal transhipment of compliance with coronavirus emergency protocols on the water. Finally, we digitised has also decreased considerably. Indeed, we are fortunate that a large group of a variety of work processes and projects to prevent necessary process improvements customers managed to stay afloat. and further developments from coming to a standstill. From the moment the crisis began, we kept our customers informed of developments in the North Sea Canal area. In a joint effort with Amports, ORAM and Amsterdam Different scenarios IJmuiden Offshore Ports, we assembled the latest news in a single newsletter. We also used our website and social media to provide our customers with information when­ We have worked with the nautical service providers, such as tug boats and mooring ever possible. launches to see how they can make their processes coronavirus-proof. Whenever necessary, we provided assistance. We also took a pragmatic approach to physical To absorb the heaviest blows, we temporarily offered our customers the possibility inspections. Initially, we wanted to inspect 20% of the vessels, but in this situation of using alternate payment arrangements for rent and ground lease, seaport dues decided to put quality before quantity. Our inspections focus more on risk. We also and inland port dues. In all cases, the extended payment period applied to invoices developed disruption scenarios in case employees of a sub-department, such as traffic dated up to and including 31 December 2020. We did not charge interest on the deferred control or lock operation, are affected by the coronavirus. We found that if 50% of our payments. We extended this grace period until mid-2021. operational staff were ineligible, we could safeguard operations for about three weeks.

During this period, the vital functions of our company became clearer than ever. Lock keepers, traffic controllers, inspectors and port officials are simply irreplaceable. Serious disruption could bring the port to a standstill. That would have disastrous

2020 Annual Report 13 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Coronavirus: how the port continued to operate

Furthermore, we have set up ‘Havenspot’. Companies in the port that are short of work can temporarily lend their employees to companies that are short of personnel. The platform has developed into a broad initiative that is supported by ports and industry in the Amsterdam and Rotterdam regions. Aviation Community Schiphol is now using Havenspot for the aviation sector.

Port of Amsterdam is satisfied that the port Vital infrastructure managed to continue its operations in these We hope we will never have to experience a year like 2020 again. Nevertheless, the difficult circumstances. coronavirus crisis has also had positive effects. For example, we have constantly needed The Amsterdam port to keep a close eye on the balance between giving our people maximum protection and has proven to be part guaranteeing continuity of operations in the port. That is a delicate and instructive of the vital infrastructure process. We have also learned more about the essential role of the port and the strengths of the Netherlands. and weaknesses of our processes.

Port of Amsterdam is satisfied that the port managed to continue its operations in these difficult circumstances. The Amsterdam port has proven to be part of the essential infrastructure of the Netherlands. We are doing everything in our power to make sure we come out of the crisis in the best possible way. Judging by the dedication and solidarity of the parties involved, we are confident that we will ultimately emerge stronger.

2020 Annual Report 14 About Port of Amsterdam OurOur communities environment ValueValue creation creation 2020Results results 2020 OurOur staff employees GovernanceGovernance FinancialFinancial statements statements

Our environment

The stakeholder dialogue is We are making progress in the energy transition a reliable barometer and the circular economy in cooperation with our customers, knowledge institutes, governments and other partners.

2020 Annual Report 15 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our environment

We actively engage with our stakeholders to find out what Stakeholder dialogue they think of us and what they expect from us. We study the impact of our operations and are open to potential criticism. This enables us to harmonise our business operations with our communities.

We carry out a materiality analysis every two years. This allows us to systematically identify the expectations, wishes and interests of our communities. During this process, we hold discussions with our stakeholders (see Appendix 5). In addition, we organise meetings and events. Some of these are one-off events and others are held periodically.

Stakeholders can contact us by telephone or online to inform us of any striking matters or things that may need improvement. If unexpected events occur, we always inform our stakeholders of the situation and explain our policy. In 2020, we stayed in touch with our stakeholders in various ways.

Port Debate 2020: Space for the port The theme of this year’s debate, which took place online in November 2020, was Space for the port. First, there were two keynote speeches by our CEO Koen Overtoom and ORAM Director Kees Noorman. Subsequently, council members, members of the provincial council and a representative of the province of North Holland debated four propositions relating to physical and environmental space.

2020 Annual Report 16 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our environment

“If unexpected events occur, we Port Update: webinar on the always inform our stakeholders of future of the port the situation and explain our policy. Together with ING Bank, ORAM and In 2020, we stayed in touch with our Amports, we organised a webinar on the state of affairs in the Amsterdam stakeholders in various ways.” port. The programme was broadcast from the National Maritime Museum. Our CEO, Koen Overtoom, was interviewed about our new strategy. Machiel Bode of ING Bank spoke about developments in the field of transport and logistics in the port. The webinar not only examined the current situation but also looked to the future.

Kick-off Shared Energy Platform (SEP) In September 2020, we organised a Circular Network webinar as part of the kick-off of our new In 2020, Port of Amsterdam and Shared Energy Platform. This is an ORAM, set up the Circular Network. initiative of Port of Amsterdam in which This initiative connects companies companies in the Amsterdam port area in the Amsterdam port who do can exchange energy. SEP also enables circular business and provides the us to use the energy infrastructure in and circular industry with a platform. The around the port more efficiently. The participating companies will use the webinar was organised for external network to identify the preconditions parties, interested parties and the for accelerating the transition to a companies involved in the initiative. circular industry.

2020 Annual Report 17 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our environment

Themes that matter

In 2019, Port of Amsterdam identified its material themes, as it does every two years. Appendix 5 contains a detailed explanation of this process. It shows how the material These are the themes that matter most to us and our stakeholders. The subjects and the themes are embedded in our management cycles. They have thus become part of our matrix from the 2018 annual report served as a starting point at the time. We reassessed policy. It also explains how this process led to the materiality matrix. This matrix of all the subjects based on various analyses and a reputation survey. We assessed the results the themes reflects how important they are to us and our stakeholders. This year, we internally and externally, for example by interviewing a representative from each reassessed the themes in the matrix. We wanted to find out whether there were any shifts stakeholder group. or realignments compared to 2019. The following seven themes are the most important subjects, or our material themes:

Keten Energy transition and Supply Energietransitie en Logisticslogistiek Milieuand en ruimteSchone en Verantwoorde circular economy accessibility Schone enWerk en kennis Transparantie circulaire economie bereikbaarheidleefomgeving intensiveringveilige scheepvaart Stakeholderhandelsketen veilige scheepvaart betrokkenheid Haven Harbour logistiek ruimte SchoneEnergietransitie en en EnvironmentMilieu anden TransparencyTransparantieSchone en Verantwoorde bereikbaarheid intensivering circulaire economie Stakeholderlivingleefomgeving environment Werk en kennis veilige scheepvaart betrokkenheid veilige scheepvaart handelsketen rganisati O e Organisation logistieklogistiek ruimteruimte CleanSchone and safe en Stakeholder Transparantie Transparantie Schone en StakeholderStakeholder bereikbaarheidbereikbaarheid intensiveringintensivering veiligeshipping scheepvaart engagement veilige scheepvaart betrokkenheidbetrokkenheid

impact influence logistiek Intensifyingruimte use of Transparantie Schone en Stakeholder bereikbaarheid availableintensivering space veilige scheepvaart The Portbetrokkenheid of Amsterdam has a certain influence and impact on all these themes. For example, we have a lot of influence on our own organisation, but a change in the organisation has less impact on the outside world. We can have a considerable impact on the supply chain if we manage to make a positive change, even though we have much less influence in that area. In the Results chapter, we discuss the results in 2020 on the basis of these material themes.

2020 Annual Report 18 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Value creation Social and economic value intrinsically linked We are capitalising on opportunities for a sustainable energy system that combines more locally produced electricity with new forms of energy storage.

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Our field of operations Shortsea- destinations: Port map Scandinavia Baltic states United Kingdom

Throughout by cargo flow

Million tonnes

Beverwijk -12% 41.1

Oil products Main destinations: 12 mile zone -53% 7.4 Rotterdam

Coal IJmuiden Antwerp

+11% 11.7 Zaandam Duisburg A8 Other dry bulk Hoogtij Cologne

-3% 7.6 A9 Achen

Agribulk A10 Port of Amsterdam Mannheim

+21% 4.0 Throughput (in million tonnes) Nuremberg Other liquid bulk Totaal Dortmund

74.3 -14.7% A5 -7% 1.4 Amsterdam Port Port Basel Ro/Ro and other break bulk imports exports 42.7 31.6 -20.0% -6.1% A10 Milan -12% 1.1

Containers

1. Haven Operatie Centrum (HOC), Seinpostweg, IJmuiden Total number 2. Havengebouw, De Ruijterkade, Amsterdam of employees Shortsea Rail Area of operations CNB management area Management area 3. Agidalex, Petroleumhavenweg, Amsterdam at the four 4. Technisch Coördinatie Centrum (TCC), locations Locations Capriweg, Amsterdam 369 Inland shipping Road transport

2020 Annual Report 20 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Where we add value

Our input Our business model Our output Impact

logistiek ruimte Transparantie Infrastructure/produced capital Schone en StakeholderTransparency bereikbaarheid intensivering veilige scheepvaart Land available for issue Spent on bio-based and 0.8 ha. betrokkenheid AMBITION circular activities Port infrastructure Amsterdam Metropolitan Port Invested in €30.5 mln. a dynamic metropolitan port logistiek ruimte Schone en Stakeholder Transparantie International hinterland connections bereikbaarheidport infrastructure intensivering Stakeholder veilige scheepvaartengagement betrokkenheid Energy infrastructure Port of Amsterdam throughput 74.3 mln. ton Amsterdam Metropolitan Port is a world-class Amsterdam sea cruise calls 0 logistics hub with a high-calibre industrial region and a versatile service provider for the city. Energy transition and Energietransitie en Milieu en Schone en Verantwoorde Natural capital Werk en kennis circular economy circulaire economie leefomgeving veilige scheepvaart handelsketen Land and water Proportion of clean ships 24.4%

Flora and fauna CO2 emissions 1.67 Kton

Environment and living Energietransitie en Milieu en Schone en Verantwoorde Financial capital environment Werk en kennis STRATEGY Added value NSCA* €7.03 bln. circulaire economie leefomgeving veilige scheepvaart handelsketen Capital Cash flow from €-36.2 mln. Invested capital Allow customers, Develop a future- Create a smoother, investment activities cargo and activities proof port complex safer and more Revenue €158.4 mln. to grow sustainably transparent Clean and safe shipping process Energietransitie en Milieu en Schone en Verantwoorde circulaire economie leefomgevingshipping Werk en kennis Intellectual/human capital veilige scheepvaart handelsketen

Information systems STAKEHOLDERS Employment NSCA 71.576 (Jobs directly/indirectly 2019)* Trained employees Personal development €188.583 Customers Media Knowledge partners employees Space intensification logistiek ruimte Transparantie Schone en Stakeholder Governments Local residents Employee health checks 77 bereikbaarheid intensivering veilige scheepvaart betrokkenheid Shareholders Employees Social capital Strategic partners Knowledge institutes Cooperation with stakeholders Prodock start-ups (cumulative) 27 Logistics and Suppliers Civil society logistiek ruimte Schone en Transparantie Sustainable relationships organisations Port engagement score 2 accessibility bereikbaarheid intensivering Stakeholder veilige scheepvaart betrokkenheid

* Most recent figure from the Harbour Monitor (2019) Higher than 2019 Lower than 2019 Newly reported figure.

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Value creation

Explanation of SDGs

Our strategy contributes to the achievement of the Sustainable Development Goals (SDGs). However, port activities can also have a negative impact on some of these goals. Our strategy mitigates and reduces this impact where possible. We cannot contribute equally to all goals. That is why we are focusing on the three goals to which we can contribute most. Primarily, these are SDG 7 (Affordable and clean energy), SDG 9 (Industry, innovation and infrastructure) and SDG 11 (Sustainable cities and communities). We consider SDG 13 (Climate action) and Ensure access to affordable, Build resilient infrastructure, Make cities and human settlements SDG 17 (Partnership for the goals) as preconditions. reliable, sustainable and modern promote inclusive and sustainable inclusive, safe, resilient and energy for all. industrialisation and foster sustainable. innovation.

Take urgent action to combat Strengthen the means of climate change and its implementation and revitalise impacts. the global partnership for sustainable development.

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Results

Continuity in We remain a strong European hub and a strong activity European processing port for vital goods and raw materials.

2020 Annual Report 2323 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Port of Amsterdam uses part of its positive operating result to manage the port area and to stimulate innovation in the port. Our projects contribute to a cleaner port, a more accessible port area and a sustainable society. This chapter discusses the results achieved in 2020 per material theme.

Throughput Land issue and construction activities

Compared to last year, there was a decrease of 15% in throughput. The largest cargo flow, Lease and ground lease contracts and land issues remained at the same level despite the liquid fuels, was dealt a heavy blow by the coronavirus crisis. Consumption and trade pandemic. We issued land to customers in highly diverse segments, such as the circular have dropped. Coal throughput almost halved, with a total throughput of about economy, large-scale logistics and sustainable fuels. By 2020, we issued 11 hectares of 7.4 million tonnes compared to 15.6 million tonnes in 2019. For coal, we do not expect land in Amsterdam. Our partnership with the Municipality of Zaanstad is also bearing to exceed 10 million tonnes in the coming years. This is partly due to the economic fruit. There, we issued eight hectares of land to three parties. We have purchased an situation and partly in keeping with our strategy. In the construction sector, projects are extra plot of land at HoogTij. We are consulting with the Municipality of Amsterdam at a standstill, partly due to the coronavirus crisis and partly due to the nitrogen crisis. on the future use of areas such as Port City. We are keeping the municipality informed As a result, transhipment figures of construction materials have dropped by about 10%. of the sites we are establishing there. We do not establish any companies there that could hinder the transition in the future. Where possible, we ensure that companies establish themselves at other locations in the port area. Throughput in Amsterdam Gross land issue (million tonnes) (in hectares)

87.0 74.3 2019 Throughput figures per area 2020 2019 20.3 19.9 2019 Throughput in Amsterdam (million tonnes) 74.3 87.0 Issue of plots in the Port of Amsterdam 2020 2019 Growth of throughput in NSCA (%) –12.0 4.5 In hectares Growth of throughput in Amsterdam (%) –14.6 7.0 Gross land issue 19.9 20.3 Throughput in Velsen/IJmuiden (million tonnes) 17.7 17.5 Repossessed plots 8.5 3.1 Throughput in Beverwijk (million tonnes) 0.5 0.6 Net land issue 11.4 17.2 Throughput in Zaanstad (million tonnes) 0.2 0.2 Plots issued for bio-based and circular activities 0.8 4.0

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Sea and river cruises

Worldwide, the cruise sector has been hit hard by the coronavirus crisis. The Port of Amsterdam is no exception. Since 15 March 2020, an emergency regulation has been in force in Amsterdam and the port has been temporarily closed to sea and river cruise ships carrying passengers. As a result, the Passenger Terminal Amsterdam (PTA) did not welcome any of the scheduled 113 sea cruise ships in 2020. Due to their small-scale nature, river cruises were gradually allowed to resume as of 15 June 2020. Because only a limited number of berths were used, the number of river cruise calls remained far below the forecast. In total, there were 204 calls instead of the budgeted 2,100 calls. Worldwide, the cruise industry has Sea and river cruise visits 2020 2019 been hit hard by the In number of ships coronavirus crisis. Number of sea cruises calling at Amsterdam 0 117 This also applies to Number of sea cruises calling at IJmuiden 16* 62 this business in the Number of sea cruises calling at Amsterdam and IJmuiden 16* 179 Amsterdam port. Number of river cruises calling at Amsterdam 132 1,913 Number of river cruises calling at Zaanstad 72 235 Number of river cruises calling at Amsterdam en Zaanstad 204 2,148 * Technical calls, without passengers.

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*

First bio-LNG plant in the Netherlands Energy transition and Energietransitie en Milieu en Verantwoorde Schone en Werk en kennis the circular economy circulaireThe first economiebio-LNG plant in the Netherlands will be establishedleefomgeving in the Port of Amsterdam. The plant has to be ready in June 2021 and is the result of a cooperation veilige scheepvaart handelsketen between Renewi, Nordsol and Shell. Renewi delivers organic material, such as fruit and vegetable waste and supermarket products that have passed their sell-by date, As an energy port, we want to play a leading and converts it into biogas. Nordsol then processes the biogas into bio-LNG. Shell role in the energy transition. Port of then supplies the bio-LNG to its LNG filling stations. The green CO2 that is released in Amsterdam is working hard with its partners this process is supplied to greenhouse horticulture. The plant is a striking example of and customers on the transition to cleaner circular cooperation in the chain. energy and putting a circular system in place.

Hydrogen filling stations in the port

In the field of hydrogen, various projects are in full swing. Last year, we already mentioned the hydrogen filling station of Holthausen. Unfortunately, that project has been delayed. However, we are making progress in this respect: since 2020, Orange Advanced biofuels Gas has been building a hydrogen filling station at the existing gas station in front of the entrance to AEB. In the field of advanced biofuels, we are engaged in an extensive establishment process. On 1 January 2021, the Renewable Energy Directive II (RED II) entered into force. Since then, there have been stricter biofuel blending requirements. The site that we are Growth in solar and wind energy developing with three other parties will boost the production of alternative fuels and 2 contribute to our strategic goals: we will use the space more efficiently and make the With the installation of a total of 120,000 m of solar panels, we have more than achieved 2 process industry more circular. In addition, new companies no longer fulfil isolated our target of installing 100,000 m of solar panels in the port area by 2020. We want to 2 functions, as they will provide input to neighbouring parties. This will create a circular more than double this number: our aim is to have 250,000 m of solar panels in the port ecosystem of companies in the port. area by 2025. In the field of wind energy, we have made efficiency gains. Eight small wind turbines on Nieuwe Hemweg were dismantled and have been replaced by six large wind turbines. This doubles the amount of wind energy generated at that location.

* Theme impacts this SDGs.

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CO2 emissions (Kton) EnergietransitieEnvironment en and Milieu en Verantwoorde Schone en Werk en kennis circulaireliving economie environment leefomgeving 2.17 veilige scheepvaart handelsketen 1.67 2019

Port of Amsterdam is aware of the impact that our activities have on the environment CO2 footprint of Port of Amsterdam organisation* and the living environment. We are working 10 2.56 2.69 2.84 hard to create a cleaner port. 1.67 2.17 2.30 2.32 0 -4.8 -5.3 -9.4 - -5.7 -0.9 10 -5.3 -9.9 -20 -23.0 -18.3 -30 -23.6 -19.0 -40 -41.2 Carbon footprint -50 2020 2019 2018 2017 2016 2015 2014 CO footprint Port of Amsterdam (CO x 1,000 tonnes) Development of CO footprint in % Last year, our carbon footprint was estimated to be 1.67 Kton CO2 equivalent. That is a 2 2 2 Total development of CO footprint compared with 2014 in % considerable decline of 502 tonnes (23.1%) compared to 2019 (2,171). The reason for this 2 decline is the coronavirus crisis. As a result of the pandemic, colleagues worked from * The figures for 2014 through to 2017 have been changed. These changes are due to the retroactive home, resulting in fewer travel movements and less energy consumption at our offices. inclusion of the electricity consumption of the general areas of the Port building. For further information regarding the CO2 footprint figures, see Appendix 6 Definition table KPIs and Appendix 7 Explanation 2CO Moreover, there was barely any air travel for business purposes. footprint and energy consumption.

In 2014, we set ourselves the goal of achieving a 25% reduction within five years. We had already achieved this goal in 2018. Compared to 2014, we have already reduced our carbon footprint by 41.2% by 2020.** The switch to cleaner fuel for our patrol vessels contributed most to this reduction. In our new strategy (see the section on Vision, mission and strategy), we have set ourselves the ambitious target of becoming climate-neutral by 2030.

* Theme impacts this SDGs. ** In 2020, the electricity in common areas was retroactively adjusted from 2014 onwards.

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Emissions inventory Emissions

Last year, we started an emissions inventory. This will enable us to keep track of various in the port types of emissions in our port area, including CO , sulphur dioxide, nitrogen and 2 (in μg/m3) particulates. We have developed a new model with TNO. That model stems from a baseline calculation based on the 2018 figures and enables us to periodically monitor emissions from shipping and industry. This detailed information provides us with new 42.9 30.1 2019 insights that allow us to take a proactive and controlling position.

The emissions inventory is the basis of our reduction strategies. Indeed, it underpins PM10 particulate NO2 nitrogen SO2 sulphur our goal to reduce carbon emissions, as formulated in the new strategy. The inventory matter (in μg/m3) (in μg/m3) (in μg/m3) will also affect decisions on spatial planning and how we communicate about our 2020* 13.8 15.9 0.4 impact on the environment. In 2021, we will further expand and refine the model, for 2019 18.7 23.5 0.7 example by adding emissions from recent years and other modalities. 2018 20.0 24.0 0.9 2017 19.4 24.7 1.1

* The 2020 measurements are for the whole year. Measurements for previous Other emissions years are for the first 3 quarters only.

The Municipal Health Service (GGD) also measures emissions in and around the port area every year. These measurements provide a picture of the trends and developments in the port’s air quality. A study carried out by GGD during the intelligent lockdown among other things. In addition, the department has been busy implementing a new revealed that PM10 decreased slightly in the spring of 2020. That may explain why there operational purchase order system. We began using this system on 1 February 2021. was an overall decrease in PM10. Compared to the previous year there was also a slight With the establishment of a central contract department, the creation of a standard decrease in the emissions of nitrogen and sulphur. program for orders and the contracting of core suppliers starting in 2021, we will have an overview and control of all purchases and suppliers, enabling us to take an important step towards making purchasing more sustainable. For 2020, the percentage Sustainable procurement of sustainable purchasing according to the current definition (see Annex 6) is 81% compared to 68% in 2019. Last year, we set up the procurement team. In 2020, this team focused on the procurement systems and set up a digital procurement platform for this purpose,

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Ship movements 2020 2019 Energietransitie en MilieuClean enand In number of ships Verantwoorde Schone en Werk en kennis circulaire economie leefomgevingsafe shipping Sea calls 6,621 8,019 handelsketen veiligeof which scheepvaart sea cruises 0 117 Inland navigation calls 32,014 37,203 of which river cruises 140 1,913 Port of Amsterdam developed the Clean Shipping programme to promote clean shipping. We contribute to the increased Traffic measures above Velserspoort tunnel sustainability of the shipping sector and encourage the arrival of ships with greener As a result of new data on dynamic keel clearance, HMD took traffic measures above engines and fuels. We also guarantee nautical Velserspoort Tunnel in July. We imposed a speed limit and tug obligation on safety in the port. deep-hulled vessels. We are investigating with the Directorate-General for Public Works and Water Management (Rijkswaterstaat) how and when these measures can be lifted.

Just culture

Safety in the port region In 2018, we launched the Just culture programme. HMD is aiming to create a culture in which employees feel safe to discuss incidents and near-misses and to learn from them. The Harbour Master’s Division (HMD) is responsible for the safety of shipping in the In 2019, the programme resulted in three recommendations, which the division North Sea Canal area and for security in the port, with specific attention to cyber­ implemented in 2020. In 2020, HMD evaluated incidents and near-misses again and set security. In addition, the division monitors compliance with nautical legislation and up a safety evaluation board. The board gives the division the opportunity to evaluate regulations by carrying out inspections. In 2020, HMD wrote the Harbour Master’s incidents and near-misses with internal and external stakeholders. Vision 2030 to guide the choices that now need to be made. The vision is based on four pillars: a safe, accessible, clean and digitally-driven port. These pillars have been Nautical incidents 2020 2019 translated into four programmes which contain the goals of HMD for the coming years. In number of ships Nautical accidents 23 43 Of which significant 2 4

* Theme impacts this SDGs.

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Clean Shipping Team LNG bunker pontoon

In the context of an agile organisation (see section Our employees), the Clean Shipping Last year, we started using the world’s first LNG bunker pontoon. The new port Team was launched in September 2020. The team aims to reduce emissions from regulations introduced this year stipulate that the pontoon can take on fuel at various shipping in the port. Our primary focus is on reducing airborne emissions such as locations in the port. We have drawn up an LNG bunker map showing the locations nitrogen, particulates and CO2, the main pollutants being the energy systems of the where fuel can be bunkered. Bunkering at a terminal and not at the location where the ships. We also focus on other sources of pollution from ships, such as ship-generated pontoon is situated is more efficient and reduces unnecessary ship movements. waste and emissions released during the loading, unloading and cleaning of vessels.

The Clean Shipping Team is an interdisciplinary team with members who work Environmental Ship Index throughout the organisation. This creates a rich mix of content and strategy. The team determines its priorities independently and has a mandate. It is therefore able to come The Environmental Ship Index (ESI) is a score that is awarded on the basis of the up with concrete solutions for the Port of Amsterdam that will contribute to cleaner design of a ship and the fuels it uses. The ESI measures various forms of environmental shipping. impact. Port of Amsterdam is a member of the International Association of Ports and Harbors, which developed the ESI. We reward ships that score high on the ESI and thus perform above average. In addition, we give ships that run on LNG an extra discount First degassing trials on seaport dues. In time, these incentives will reduce costs for shipping companies, thus encouraging cleaner shipping. This is in keeping with our aim and strategy to be In a large part of the Netherlands, vessels are not allowed to degasify benzene or a leader in this field. cargoes containing benzene while underway. For some time now, Port of Amsterdam has been discussing with various parties the permit conditions and a suitable location For the 2020 calls, we paid an incentive to 24.4% of the arrivals. In 2019, this was more for a degassing installation that processes these cargoes in a responsible manner. In than 30%. We came to realise that with such a high percentage, the ESI is not only September 2020, the first trials started at Groene Kade. We hope that the North Sea rewarding ships that excel in clean ship management, whereas that is the purpose of the Canal Area Environmental Department will soon grant permission for the mobile incentive. Therefore, on 1 January 2020, we raised the threshold for incentives. At the installations so we can deploy them in our port area. same time, the IMO 2020 regulation entered into force, reducing the maximum amount of sulphur in ships’ bunkers. This would already lower the average score slightly.

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ESI-incentives HMD evaluated this situation internally. HMD discussed how internal communication could be improved in the event of major incidents. HMD also concluded that cooperation with the Amsterdam Joint Fire Brigade went well. This was one of the Incentive year Score after adjustment* Score before adjustment** first large-scale incidents where HMD cooperated with the public-private fire service unit in the Amsterdam port area. 2020 24.4% 29.2% 2019 24.6% 30.7% Every incident is recorded in HMD’s registration system. This provides the division 2018 20.5% 27.3% with data on the number of contaminations, their location and the substances released. 2017 18.6% 24.4% In 2020, 38 water contaminations were detected or reported at the Harbour Master’s * Score after adjustment (>1-1-2020). Division, compared to 34 in 2019. In 2020, HMD did not detect any major ** Score before adjustment (<1-1-2020). contaminations.

Water contamination Number of incidents by Water Cluster 2020 2019

In the case of water contamination, the Harbour Master’s Division (HMD) provides 01 Westsluis 2 4 the initial input: HMD makes the first choices and takes the first measures. After that, 04 NZK Sluis-Houtrak 3 1 Rijkswaterstaat takes over. This agreement was made because HMD has patrol vessels 05 Havens Beverwijk Port 0 2 on the water 24/7, all year long. The Port of Amsterdam also has nine inspectors who 07 Amerikahaven Cluster 8 7 focus on hazardous substances and the environment. At least one of these inspectors is 08 Westhaven Cluster 9 5 on duty at any given time. This ensures uninterrupted staffing. 10 Oliehavens Cluster 7 5 11 Mercurius/Coenhaven Cluster 7 6 HMD bases the size of an incident on the degree of contamination. Major incidents 12 Central Cluster 1 2 are always followed by an extensive evaluation. This is especially the case when 13 Oostelijk havengebied Cluster 1 2 contamination occurs as a result of calamities. In 2020, for example, there was a fire at Total 38 34 a company in one of the harbour basins. The contaminated fire extinguishing water

from the fire brigade emptied into the canal.

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Three data centre towers on Radarweg logistiekIntensifying the use ruimte Transparantie Schone en Stakeholder bereikbaarheidof available space intensiveringIn 2021, Caransa Groep will build threeveilige towers scheepvaart on Radarweg to house data centres. The towers will be 80 metres high and will be connected to Westpoort Warmte’s heat betrokkenheid network. This makes them the first data centres in the Netherlands to function as a heat source. The towers will also have solar panels on their façades, so they can run partly on Space in the port area is becoming green electricity. The data centre towers are not only an example of intensive use of increasingly scarce. That is why Port of space. They also contribute to our strategic goal of increasing our non-fossil revenues. Amsterdam wants to use the available space as efficiently as possible. We are critically examining optimal ways of using the space More intensive use of Basisweg 30 and are in continuous dialogue with our stakeholders. Recently, in close cooperation with the City of Amsterdam, Port of Amsterdam concluded a contract on the conditions for the intensive use of Basisweg 30, where Mediahuis is currently located. The construction in this part of the port will focus on using space intensively with a partially sunken parking area and will also offer space for offices and media companies that want to strengthen each other.

* Theme impacts this SDGs.

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GPS: rail connection and three ethanol tanks Logistics and logistiek ruimte Transparantie Schone en Stakeholder accessibility bereikbaarheidIn November 2020, Global Petro Storage (GPS)intensivering announced that it would start building veilige scheepvaart a rail connection next to the current terminal. Furthermore, the company is building betrokkenheid three ethanol tanks on its own site with a total capacity of 15,000 m3. Port of Amsterdam is investing over €3 million in the project. We are doing this because As the gateway to Europe, the Amsterdam GPS is improving the rail connection to and from Amsterdam and because the port contributes to a positive business ethanol storage dovetails with our strategy for 2025. climate in the city and the region. Good accessibility of the port is necessary to ensure that the Netherlands retains its position as an Accessible Port Programme efficient and reliable logistics hub. Our Accessible Port Programme describes the actions required to keep the port accessible. We take into account a number of trends and developments in the field of accessibility, including low water levels due to drought, growing pressure on the IJ and the scarcity of nautical space.

The programme focuses on sea and inland shipping and on places where land and Direct rail shuttle between Amsterdam and Duisburg water meet, such as quays, harbour basins and moorings. We are working towards a situation in which shipping can smoothly and effortlessly adapt to the port’s facilities. Since August 2020, Samskip’s rail terminal in Duisburg and Amsterdam’s TMA The physical and digital infrastructure we are aiming for is reliable, sustainable and terminal have been connected by a direct rail service. The shuttle has strengthened the sufficient for current and future flows of goods and passengers. The berths are also intermodal network via Amsterdam. The rail shuttle also connects with short sea clean and safe. services to the United Kingdom, among other countries. Given the train connection between Duisburg and China, the shuttle also offers a reliable, flexible transport option to China.

* Theme impacts this SDGs.

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We have set ourselves two goals after participating for the first time: logistiek ruimte TransparantieScore more points than the previous year on the Transparency Benchmark. Schone en Stakeholder · bereikbaarheid intensivering veilige scheepvaart Transparency · Take steps to obtain assurance on the entire annual report. betrokkenheid For 2019, this meant we had four social KPIs verified by our auditor.

We obtained this assurance for our 2019 annual report, published in 2020. This was We aim for optimal transparency. After all, a great step towards producing a more transparent report. We have discussed our to maintain a good relationship with our roadmap for obtaining assurance for the entire annual report in the coming years with stakeholders it is essential that we are open our auditor. We hope to score better with the current annual report than we did with and honest about our activities and their the 2018 report. impact on our environment.

Poseidon

We also aim to be transparent with our customers. Poseidon was launched in January 2020. This application digitally maps the presence of free and occupied berths for barges in port areas and shares this information with barge operators. The application also Transparency Benchmark enables us to charge inland port dues automatically by the hour. In addition, operators now know in advance where they can park the barges. That way, they do not have to We also want to be transparent in our reporting. That is why we participated in the travel unnecessary distances to find a berth. That saves time and fuel. Transparency Benchmark for the first time with the 2018 annual report. This is a biannual study into the transparency of CSR reporting among approximately 500 of the largest companies in the Netherlands. We decided to participate voluntarily because we want to improve our social reporting and because we want to be transparent about our policy. In our first year, we received an honourable mention as the highest-scoring newcomer.

* Theme impacts this SDGs.

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In 2020, 28% of those questioned were promoters: they spoke positively about logistiek ruimte their experiences with Port of Amsterdam.Transparantie 45% of those questioned were neutral and Schone en Stakeholder bereikbaarheid intensivering Stakeholderveilige scheepvaart engagement 26% were detractors. These results led to a Port Engagement Score of 2 (28-26=2). betrokkenheidOur ambition is to increase the PES by at least 10% percent over the next five years.

As Appendix 4 illustrates, we deal with Regional cooperation is essential various stakeholder groups. We have open and equal discussions with each of these Port of Amsterdam participates in the North Sea Canal Area (NSCA) Administrative groups about our objectives and Platform, which was established to monitor the balance between living, working and developments in the short and long term. nature in the North Sea Canal area. The platform is chaired by the Province of North Holland and includes the state, port managers and representatives of the municipalities along the North Sea Canal. The platform enables us to take actions that are in line with the plans and activities of the other parties. In 2021, it will become clear whether the government will designate the NSCA as a NOVI area (National Strategy on Spatial Planning and the Environment), where the government will work with the region to tackle the primary spatial and environmental challenges. As a NOVI area, we can stimulate and receive extra support for, among others, the intensification of space and Port Engagement Score the sustainability of the port.

Since 2020, we have been conducting continuous research into customer satisfaction. We are also members of the NSCA Energy Transition Administrative Platform, which Previously, we conducted a customer satisfaction survey once a year. After an internal was set up on behalf of the NSCA Administrative Platform with network managers evaluation, we decided to use a different approach. We now measure the Port and representatives of industry. This platform includes TenneT, Alliander and Gasunie, Engagement Score (PES). This method examines how positive stakeholders and users Tata Steel, Vattenfall, the ORAM business network and all parties from the NSCA of the port are when they speak about their experiences with Port of Amsterdam. We Administrative Platform. The platform published the NSCA Regional Plan in June also measure reputation scores, satisfaction with services and ease of doing business. 2020. This outline the plans and conditions for achieving a carbon-neutral economy The continuous feedback allows us to take immediate action to improve our services. by 2050.

* Theme impacts this SDGs.

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Results 2020

Joining forces with the city This year, we integrated our leading role in making supply chains more sustainable into our new strategic plan. The focus in the new strategy is on attracting non-fossil cargo. The port and the city have been wanting to join forces for some time. In the autumn of This may lead to an increase in the storage and transhipment of agribulk in the Port of 2020, this intention started to take shape when Amsterdam alderman Victor Everhardt Amsterdam. In the CSR risk analysis we conducted in 2019, agri-flows were given a presented the Municipal Port Vision 2020-2040. The document describes five public high priority because of the social and environmental risks involved in production. interests that are priorities for the municipality in its cooperation with the Port of Amsterdam. We are pleased with this vision, which will help us, together with the city, As a result, in 2020 we started to develop our own CSR agenda for the largest to let the port flourish and deliver our sustainability programme. The city can decide agri-chains: soy, cocoa and palm oil. First, we investigated the palm oil chain, for on spatial planning and financing. We can help customers prepare for the energy example by talking to the Rainforest Alliance, WWF and the Roundtable for transition, attract the right new companies and build the necessary infrastructure. Sustainable Palm Oil (RSPO). As a result of this research, we are now developing a clear positioning regarding the palm oil chain. In 2021, we will investigate the soya and cocoa chains in a similar way. Information sessions for political leaders We have also started to develop a CSR framework for new establishments and In November and December, we updated all chairs of the political groups in the City of expanding customers. This will include themes such as transparency, sustainability Amsterdam on our new strategic plan. Thanks to these information sessions, which and International Corporate Social Responsibility (ICSR) risk mitigation. took place through a video call, all the chairs were well informed when the plan was  discussed in the city council in December. Winner of the IAPH Award 2020

Chain responsibility Together with the other Dutch seaports, Port of Amsterdam is this year’s winner of the World Ports Sustainability Award in the Governance & Ethics category. The award is an Chain responsibility has been important to Port of Amsterdam for a long time now. initiative of the International Association for Ports and Harbors (IAPH). We are pleased Since 2018, we have been implementing the OECD Guidelines for Multinational with this acknowledgement of our research into how seaports can contribute to making Enterprises. In doing so, we cooperate with the other Dutch seaports, among others. cargo flows such as cocoa and palm oil more sustainable. Not only are the results of In 2020, we continued to actively apply our vision of chain responsibility in our policy, that research valuable to us, but the project has also laid an important foundation for processes and management. closer mutual cooperation between the Dutch seaports in terms of corporate social responsibility.

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Financial results

Effective policy to The coronavirus crisis had a negative impact on Port of Amsterdam’s results control costs in 2020. Revenue was significantly lower than in 2019.

2020 Annual Report 37 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Key financial figures

Revenue Operating costs Result* (€ million) (€ million) (€ million)

169.4 100.6 56.5 2019 2019 2019 158.4 94.0 51.7

Solvency Shareholders’ Investments (in %) (€ million) equity (€ million)

57.0 634.8 52.8 2019 2019 2019 54.7** 655.7 32.9

* Concerns the result after corporate income tax and excluding deferred tax. ** Solvency is calculated after taking into account the proposed dividend for 2020. The dividend will be presented to the general meeting for a decision.

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Financial results

The coronavirus crisis had a negative impact on Port of Key figures 2020 2019 Amsterdam’s results in 2020. Revenue was significantly Amounts in € Revenue 158,443,070 169,370,887 lower than in 2019. The operating result was also lower Personnel expenses -36,707,081 -36,755,331 than last year. The decline in revenue is mainly due to a Depreciation -24,358,972 -23,972,927 decline in transhipment and the cancellation of sea and Other operating expenses -32,910,050 -39,872,152 river cruises. This is in line with the expectations that Operating result 64,466,967 68,770,477 we described a year ago in the 2019 annual report. Financial income -1,874,154 -3,985,441 A change in the system for soil decontamination also Share in results of participating interests -1,851,126 1,146,276 had an impact on this year’s results and on assets. Profit before corporate income tax 60,741,687 65,931,312 Thanks in part to an effective policy to control costs, the impact on the results remained limited. Corporate income tax payable -9,037,659 -9,454,812

Profit after corporate income tax 51,704,028 56,476,500

Movement in deferred taxes 30,550,795 7,472,029

Net profit 82,254,823 63,948,529 The largest decrease concerned seaport dues, which fell by €7.3 million. Revenue Contract revenue, on the other hand, increased by Revenues decreased by €10.9 million to €158.4 million. The largest decrease concerned 3% in accordance with the seaport dues, which fell by €7.3 million. Contract revenue, on the other hand, increased tariff indexation. by 3% in accordance with the tariff indexation. The decrease is mainly due to a decline in throughput in the Energy cluster (-€6.5 million) and the fact that there was no income from sea cruises. River cruise revenue was also low (-€3.3 million). The decrease of the inland port dues is similar to that of the seaport dues.

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Financial results

The decrease in other revenue (-€2.7 million) was mainly caused by decreases in Other operating expenses revenue from shore power and waste charges, which go hand in hand with the decrease in shipping traffic. Other operating expenses decreased by €5.9 million in 2020. This is mainly because in 2019 a transfer of €6.2 million was made to the decontamination provision. This did not Revenue 2020 2019 happen in 2020. However, there has been a change in the valuation of the contamination Amounts in € provision due to a mandatory change in the Dutch Accounting Standards on the valuation Contract income 92,854,714 90,041,916 of provisions (RJ 252). Since the valuation must now be determined on the basis of net Seaport dues 54,344,369 61,591,669 present value, the costs of €2.6 million are included in the financial income and expenses. Inland port dues 6,427,252 6,884,951 The measures introduced as a result of the pandemic are another cause. We have mainly Revenue from mooring reservations 278,659 3,580,182 saved on costs for management and maintenance, communication and research and Other 4,538,076 7,272,169 advice. The increase in ICT costs is mainly due to expenditure on services provided by Total revenue 158,443,070 169,370,887 third parties.

Other operating expenses 2020 2019 Personnel expenses Amounts in € Environment and spatial planning 3,926,119 9,073,436 Personnel expenses fell slightly in 2020 due to the lower average number of FTEs as Management and maintenance costs 5,672,271 7,154,539 a result of the recruitment freeze that was implemented due to the coronavirus crisis. ICT costs 7,162,018 6,791,690 This was offset by periodic salary rises. At the end of 2020, the workforce consisted of Communication, marketing and acquisition 3,003,584 3,748,987 358 FTEs compared to 361 FTEs in 2019. This comes down to nine fewer FTEs than Accommodation expenses 2,604,689 3,049,023 estimated in the previous annual report (367 FTEs). The cost control policy included Research and consultancy expenses 2,697,530 3,029,485 limiting recruitment. In addition, Port of Amsterdam spent less hiring external staff. Rental and ground lease charges 2,618,184 2,027,052 Other personnel expenses, such as travel costs, recruitment and selection costs and Other expenses 5,225,654 4,997,941 meeting expenses, also decreased as a result of the coronavirus crisis. Total of other operating expenses 32,910,050 39,872,152

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Financial results

Share in results of participating interests Development of the balance sheet

The decrease in results from associates is largely due to Waterkant C.V. and Port of The adjusted solvency of Havenbedrijf Amsterdam N.V. amounts to 54.7% (end of Amsterdam Activities B.V./Sail Beheer B.V. The result of Waterkant C.V. depends on the 2019: 57.0%). In this calculation, based on the agreements with the bank, we have number of cruise calls. These have been partially suspended until further notice as a result deducted the deferred tax and the proposed dividend payments from the balance of the pandemic. Consequently, Waterkant C.V. is generating barely any turnover. sheet total and shareholders’ equity. The bank covenant requires that the adjusted The cruise season, with April and May as high season months, can be considered as lost. equity on 31 December 2020 is at least 35% of the total assets. Havenbedrijf Port of Amsterdam Activities B.V./Sail Beheer B.V. did not achieve any results this year. Amsterdam N.V. meets this requirement. The solvency is relatively high as a result The participating interest Sail Event Partners C.V. was expected to achieve results from of the share premium reserve formed when becoming an independent entity. the activities of SAIL 2020 in August. However, the event was cancelled due to the coronavirus crisis. Movements in liquidity

Corporate income tax After the operating result is adjusted for depreciation, movements in assets and liabilities, interest received and corporation tax paid, there remains a net positive cash flow of As of 31 December 2020, the shareholders’ equity in the fiscal balance sheet was €77.4 million from operations activities. In 2020, we invested €32.9 million in tangible €849 million higher than the shareholders’ equity in the commercial balance sheet on and intangible fixed assets, mainly in hydraulic engineering works and the acquisition of that date. The main reason for this difference between the shareholders’ equity in the a site at Hoogtij in Zaanstad. We also paid out €61.4 million in dividends to the share­ commercial and fiscal balance sheets is a higher valuation of the item ‘Prepaid ground lease holder this year. The difference between the operating cash flow and the investments and for land and sites’. The corporate income tax payable amounts to €9.0 million (in 2019 it dividend distribution is covered in part by securing additional financing. Apart from the was €9.5 million). The deferral was increased by more than €37 million in connection financing facilities available to it, Havenbedrijf Amsterdam N.V. does not use financial with the change in the top rate of the corporate income tax. This rate was supposed to instruments to hedge operating or financial risks. The available financing facility was not drop to 21.7% from 2020 onwards, but the government has decided to leave it at 25%. extended in 2020. This decision affects the deferred taxes and results in an allocation of over €37 million.

Risks and uncertainties

Port of Amsterdam recognises several risks and uncertainties. These are explained in further detail in the Risk Management chapter.

2020 Annual Report 41 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Financial results

Investments We also foresee various research and consultancy costs that generate the necessary data regarding the reduction of carbon emissions and the transition to hydrogen. In addition Investments in 2020 fell short of our expectations last year. We invested a total of to preserving and improving the existing infrastructure, the investment agenda outlines €32.9 million in new wet and dry infrastructure, replacements, purchase of land and our vision for the future. All this is possible within the current financing structure. buildings, and operational management. We had intended to invest €55.1 million. No additional facilities need to be used. Due to external factors such as the nitrogen restrictions, PFAS and the coronavirus crisis, tender and permit procedures have taken longer than expected.

Research and development 8.0% In 2020, we spent €1.9 million on research and development costs. These investments 2019 Market share of were mainly related to an upgrade of various financial systems such as Inner Port Dues and various reports and dashboards in DataWareHouse. Our activities in the area of Hamburg-Le Havre climate change and the energy transition will require specific efforts in the field of 7.8% research and development in the near future. We have set aside sufficient space for range 2020 this in the investment agenda.

Forecasts for 2021 Rotterdam Bremen Zeeland Seaports Antwerp Le Havre Ghent 2021 is the starting point for our new strategic plan, which prioritises further Hamburg Dunkirk Wilhelmshaven development towards a sustainable port. The effects of the coronavirus crisis will Amsterdam Zeebrugge continue to be felt in 2021. Despite the fact that we expect lower transhipment figures and a lower turnover from limited cruise operations, we have not significantly altered Key figures for the North Sea Canal Area 2020 2019 2018 our targets. We have also developed several cost scenarios for 2021 that we can apply Imports (million tonnes) 57.75 53.40 50.37 in the event of a decline in turnover. We foresee an increase in staff by 16 FTEs to Exports (million tonnes) 34.92 37.70 31.89 approximately 374 FTEs in 2021, so we can achieve all our other ambitions in addition Ranking of port in Western Europe (tonnage) 4th 4th 4th to continuing the operational processes. Market share of Hamburg-Le Havre range 7.8% 8.0% 8.0%

2020 Annual Report 42 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our staff Market-focused, innovative and engaged

We believe the key to a satisfied customer begins with healthy, involved and enthusiastic employees. That is why we want to be an organisation where people feel welcome, involved and valued.

2020 Annual Report 43 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Key HR figures

Number of Number of FTEs % male/female employees ratio (based on FTEs)

Unspecified period: 336

372 361 70 30 2019 Specified period: 36 2019 2019 2019

Unspecified period: 341 369 Specified period: 28 358 72 28

Joiners/leavers Age distribution Absenteeism (number) (in %) 122 2019

95 89 2019 117 2019 103 IN OUT 88 48 38 30 2019 4.0 2019 18 2019 IN OUT 2019 46 21 20 15 3.9

<30 30-40 40-50 50-60 >60

2020 Annual Report 44 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our staff

Two years ago, Port of Amsterdam presented a new vision In general, there for the organisation. We developed this vision in 2020 has been a positive by focusing on sustainable employability and projects to response as to how make the organisation agile. Our aim to encourage flexible the organisation has working has been accelerated by the coronavirus crisis. been dealing with the coronavirus crisis.

When the government declared an intelligent lockdown in the spring of 2020, there were concerns about the situation. Will the port continue to operate? Will businesses in the port be able to cope with the situation? What does the crisis mean for the future of the company? Will my colleagues stay healthy? Many of us had similar questions. Nevertheless, companies in the port area and in Port of Amsterdam understood why the measures were necessary. When these measures were relaxed in the summer, a partial In the summer, we occasionally used the spacious Passengers Terminal Amsterdam lockdown went into effect in October. Many of our employees found this to be a more (PTA) as a coronavirus-proof workplace for larger teams and extensive strategy sessions. difficult period to cope with mentally speaking. We set up two floors of the Havengebouw to comply with coronavirus guidelines.

Coronavirus accelerates flexible working Positive response to crisis policy

The transition to working from home was essentially flawless. We set up a coronavirus In general, there has been a positive response as to how the organisation has been dealing working group that consulted regularly and focused on achieving results. All employees with the coronavirus crisis. For example, we sent our employees a large fruit package, and were given the opportunity to set up an ergonomic home office. They were able to we have been promoting social cohesion. We organised a digital pub quiz, called on purchase, on a loan basis, equipment such as adjustable desks, office chairs and employees to go for a walk together every now and then, and encouraged them to send IT equipment. us their photos, which we placed on the intranet.

As an employer, Port of Amsterdam has been as understanding and flexible as possible CEO Koen Overtoom also posted a weekly vlog online, which was received when problems arise. We have also devoted considerable attention to our employees’ enthusiastically. Following on from this, in November 2020 we started using studio work-life balance. That balance is not only disrupted when people work from home full facilities in the Havengebouw. time but also in a situation where employees perform essential work.

2020 Annual Report 45 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our staff

Result of coronavirus survey (63.9% response rate) Positives 8,7 • Ability to work remotely • Collaboration with colleagues 8.7 8.1 7.0 7.9 • Policy and communication 8.1 7.5 6.9 7.6 Could be better

• Access to tools, devices and software • Coronavirus policies Crisis management Clarity Performance Business continuity • Expectations of work /productivity

Colour relate to Effectory Index Relevant difference No relevant difference

In the Port Studio, we make programmes to inform each other about developments in Agile organisation programme the port and to keep up and increase engagement, connection and solidarity. This is important now that we are working from home and in much smaller teams. The corona­ We aim to create an agile organisation to respond to growing sustainability, virus crisis is an emergency. We hope this is not something we will need to deal with digitalisation and globalisation. We want our employees to be able to adapt quickly, more frequently in the future. The situation has given us insight into the balance between recognise opportunities and take responsibility. Indeed, our employees also feel the remote and on-site working. These are in keeping with the course we had set out earlier. need for dynamic, less strictly defined roles within the organisation with more focus, Indeed, most colleagues support the idea of working from home, at least partially, after the faster decision-making and less administration. pandemic ends. That is why we are promoting agile working. In addition to the obvious meaning, agile also stands for nimble and flexible. It is a way of thinking, working and organising that Coronavirus survey enables us to respond quickly and effectively to changes in the outside world. Customer satisfaction comes first. We give employees more responsibility and focus on healthy This year, Port of Amsterdam did not conduct an employee survey. Instead, we enlisted operating results for the organisation. research bureau Effectory to help us conduct a coronavirus survey. The vast majority of respondents indicated they are satisfied with the way Port of Amsterdam is managing In the spring of 2020, we started implementing agile working in three areas: Strategy & the coronavirus crisis. Most of them feel that their interests and safety are being Development, Innovation & Testing, and Autonomous Customer Teams. Important prioritised. They are also satisfied with the communication: the majority of employees steps have been taken in all three areas. In 2021, we will develop suitable tools for feel that they are being sufficiently informed about the policy regarding the crisis. various themes, such as leadership, collaboration and HR tools.

2020 Annual Report 46 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our staff

Sustainable employability Home working and cycling scheme This year, sustainable employability was a prominent theme at Port of Amsterdam. The main focus was on the work-life balance. We organised a number of workshops on this theme with Lifeguard. We also set up a one-off bicycle scheme to enable employees to buy 123 165 173 119 a bicycle from their gross income. Initially, we also planned to carry out health checks. But OFFICES OFFICE CHAIRS MONITORS BICYCLES only a small proportion of our employees were able to actually take a health check due to the coronavirus measures. this system for all employees. There is a good chance that, in addition to the current In 2019, we designed a development budget for employees. Unfortunately, many training system, we will implement a 360-degree feedback system in which team members courses could not be held. As a result, we were not able to spend as much money on regularly receive feedback on their performance from different perspectives. professional development as we had hoped. In early 2021, we joined Tiptrack, an online platform of the employer’s association Algemene Werkgeversvereniging Nederland. This tool enables employees to discover for themselves the area in which they can increase Joiners and leavers their employability. This will hopefully provide them with guidance on how to allocate their development budget. In 2020, 21 employees joined Port of Amsterdam and 20 employees left our company, out of a total of 369 employees. Both the number of new and departing employees was lower than in 2019 (when we had 38 joiners and 30 leavers). This was because we Performance system temporarily froze recruitment as a result of the pandemic. As in 2019, all Port of Amsterdam employees are covered by the collective labour agreement, apart from the The aim of our performance system is to encourage all employees to draw up a personal members of the Board of Directors and interns. annual plan, which includes at least three progress interviews with their line manager. This gives employees the opportunity to reflect on their contribution to our four core values: working together, being passionate, showing respect and acting responsibly. Sickness absence In 2019, not all employees managed to draw up an annual plan, nor had all employees taken part in sufficient progress interviews with their line managers. In 2020, sickness absence was 3.9%. This is a lower percentage than in 2019 (4.0%). It is still higher than the target of 3.1%, despite the fact that the company doctor actively For this reason, we wrote last year that all employees would have to submit an annual monitors absent employees and despite the fact that the line managers and the HR plan by 2020 and hold at least three progress meetings with their supervisors. This was department comply closely with the Gatekeeper Improvement Act. In addition to these not achieved, in part due to the coronavirus crisis. Given the development towards an interventions, in 2020 we offered workshops to promote the sustainable employability agile organisation with interdisciplinary teams, we wonder whether we should retain of our employees.

2020 Annual Report 47 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Our staff

With Pantar, we offer Works Council work and support to about fifty residents in Port of Amsterdam has a Works Council that contributes ideas and advises the Board of Amsterdam and Diemen. Directors and develops its own initiatives. In its current composition, the Works Council has a term of office from 2019 to 2022. The council has an executive board consisting of four persons: Francis de Wit (chair), Richard Kerkhof (deputy chair), Zehra Abdoelaziz (secretary) and Tamara van der Steen (deputy secretary).

The council also has 12 other members. These are representatives from various departments within the organisation. Rinke Sanchez, as official secretary, attends the meetings and takes care of the reporting. She is not a member of the Works Council. Since 2010, we have been working with Emma at Work. This foundation helps young In 2020, the Works Council dealt with many cases concerning the coronavirus. The people between the ages of 15 and 30 with a chronic illness or physical disability to find council also gave advice on the reappointment of Koos van der Steenhoven (chair of the work. We reserve three traineeships for these young people. The work in these trainee­ Supervisory Board), the reappointment of Koen Overtoom (CEO of Port of Amsterdam) ships can be done in one’s own time and with flexibility. There is always someone and the appointment of Alexander Kousbroek (CFO of Port of Amsterdam). The Works present to take over the tasks. This is how we contribute to the professional Council worked hard to gain support for the transition to a more agile organisation. The development of Emma at Work’s target group. council also fought hard for the sustainable employability of the employees. Finally, various cases were discussed, including the dividend policy and the diversity policy. We also work closely with Pantar. This is a ‘learn while you work’ company for people that have difficulty entering the labour market, such as people with a handicap, the long-term unemployed and ex-convicts. Together with Pantar, we offer work and Social activities support to about fifty residents of Amsterdam and Diemen.

For a number of years, Port of Amsterdam has been developing activities to contribute to society. In 2020, we ended our cooperation with Alliance for YOUth, because we felt Alliance for YOUth was not offering what we were looking for. We still provide job application training at secondary schools in Amsterdam. We do that together with JINC.

2020 Annual Report 48 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Governance Transparent The environmental and risk space is scarce but necessary for the energy and dynamic transition and circular ambitions of the port, city and region.

2020 Annual Report 49 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Governance and compliance

Port of Amsterdam aims to be a high-integrity organisation. We value teamwork and demonstrate passion, respect and responsibility. With these four core values in mind, we work day in and day out to build a healthy, socially responsible In December 2020 Michiel and dynamic organisation. de Brauw announced his decision to step down as statutory director, effective Organisational structure 31 December 2020.

Havenbedrijf Amsterdam N.V. is an unlisted public limited company with a two-tier board structure. The general meeting of shareholders appoints the members of the Board of Directors and the Supervisory Board on the recommendation of the Supervisory Board. The General Meeting and the Works Council have recommendation rights with regard to the nomination of members for the Supervisory Board.

The governance structure of Port of Amsterdam is based on Book 2 of the Dutch Civil Code, the articles of association and internal regulations, including the Board of Directors Board of Directors regulations and the Supervisory Board regulations. The Municipality of Amsterdam is the sole shareholder and exercises influence through the General Meeting. Approval of the In 2020 the Board of Directors consisted of Chief Executive Officer Koen Overtoom General Meeting is required, among other things, for the company’s strategic long-term (CEO) and Chief Finance Officer Michiel de Brauw (CFO). Michiel de Brauw has been vision (12 years) and the medium-term strategic plan (four years). unable to perform his statutory duties as of 1 February 2020 due to health reasons. Alexander Kousbroek, Head of Finance and Control, was temporarily appointed under The Management and Supervision Act requires the company to pursue a balanced gender the articles of association as of 1 February 2020 and assumed the CFO position until the distribution on the Board of Directors and the Supervisory Board, with at least 30% of the end of 2020. seats occupied by women and at least 30% by men. The distribution of seats on the Board of Directors (end of 2020) is balanced, with three women and two men. The composition In December 2020, Michiel de Brauw announced his decision to step down as statutory of the Board of Directors differs from the above percentages as it comprises two men. director, effective 31 December 2020. His health is not allowing him to fully resume The management team comprises the two members of the Board of Directors plus the his duties as CFO. The shareholder has appointed Alexander Kousbroek, on the Harbour Master (female) and the Executive Secretary (male). recommendation of the Supervisory Board, as the new CFO effective 1 January 2021, for a period of four years.

2020 Annual Report 50 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Governance and compliance

The Board of Directors is collectively responsible for managing the company and its Compliance, company code and code of conduct general state of affairs. The duties have been allocated on the basis of consultation among the members, with the approval of the Supervisory Board. The internal affairs of The aim of our compliance policy is to identify and manage the relevant compliance risks the Board of Directors are recorded in board regulations. for Port of Amsterdam. We also aim to encourage and achieve ethical behaviour based on our four core values: working together, being passionate, showing respect and acting At the beginning of 2020, the management team consisted of the CEO, the CFO, the responsibly. The compliance policy is also aimed at safeguarding the good reputation of Harbour Master and the Executive Secretary. Within this structure, the Harbour Master Port of Amsterdam and implementing its mission. Our company code contains the has an independent advisory role, strengthening the contribution in nautical and principles, core values and behaviour and practices that we consider important and the maritime affairs. internal rules that apply to our personnel.

We have appointed a head of department as compliance officer covering the various laws Koen Overtoom (1966), Alexander Kousbroek (1980), and regulations governing Port of Amsterdam. We want all employees to be familiar with Dutch nationality (m) Dutch nationality (m) the company code, so every new employee receives a copy of the code when joining the Appointed in 2013, reappointed to 2024 Appointed in 2020 to 2024 company.

CEO Port of Amsterdam (from 2016) CFO Port of Amsterdam COO Port of Amsterdam (to 2016) Integrity is an important part of our company code. This part focuses primarily on the prevention of fraud and corruption. Employees and external personnel who wish to Additional positions: Michiel de Brauw (1959), report misconduct or suspected misconduct can do so through the available channels, -  Member of the General Management of Dutch nationality (m) including a number of confidential advisors and the Chairman of the Supervisory Board. Nederland Maritiem Land Appointed in 2015, No reports of corruption were received in 2020. -  Member of the Advisory Board of Port of resigned as of 31 December 2020 Zwolle Each year, the departments organise at least one dilemma session. These sessions are -  Member of the Advisory Board of Stichting CFO Port of Amsterdam moderated by the Legal Affairs department. During the sessions, our employees are given Emma at Work Additional positions: the opportunity to discuss dilemmas with each other and how they should act in such - Member of the Amsterdam Economic Board -  Board Member of Vereeniging Nederlandsch cases. As a result of the coronavirus, some of these sessions did not take place in 2020. Historisch Scheepvaart Museum A number of the sessions took place digitally. -  Board Member of Stichting Waarborgfonds Sport There is also an e-learning programme on the company code. In early 2021, a new -  Member of the Supervisory Board of version will be presented to employees in an online learning environment. Incidents in Amports departments are reported monthly by the line manager, including the control measures -  Member of the Supervisory Board of to be taken to prevent similar incidents. Topsport Amsterdam

2020 Annual Report 51 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Governance and compliance

Koos van der Steenhoven, Chair (1949), Willemijn Maas (1959), Dutch nationality (m) Dutch nationality (f) Supervisory Board Appointed in 2016, resigned as of Appointed in 2013, reappointed to 2021 27 January 2021 The Supervisory Board supervises the management of the company and its associated - Business Director of Nederlands Dans business and provides advice for the management team. The internal affairs of the Board - Chairman of the Supervisory Board of the Theater are recorded in Supervisory Board regulations. These include the profile of the Literature and Children’s Book Museum - Chair of the Supervisory Board of Nationaal Supervisory Board members, including requirements in terms of expertise and experience - Chairman of the Hazardous Substances Restauratiefonds of the Board members. Programme Board - Chair of the Supervisory Board of - Chairman of the Supervisory Board of SIVON Amsterdam Dance Event The Supervisory Board consists of at least three and at most seven members, as specified - Member of the Board of Directors of the - Chair of the Board of Concertvrienden Dutch Standardisation Committee by the general meeting. At the beginning of 2020, the Supervisory Board comprised five Anne Marie Magis (1965), - Chairman of the Incompatibilities members. The composition remained the same throughout 2020. The Board has three Dutch nationality (f) Committee of the Dutch Whistleblowers committees: the Audit Committee, the Strategy Committee and the Remuneration, Appointed in 2019 to 2023 Selection and Appointments Committee. These committees meet independently and Authority - Director of Digital Banking ABN AMRO carry out the preparatory work for the Supervisory Board in the relevant areas. Jeroen de Haas (1959), Bank NV Dutch nationality (m) - Board member of Betaalvereniging Appointed in 2013, reappointed to 2023; Nederland BV appointed Chair in March 2021 Mieke Pigeaud–Wijdeveld (1964), - CEO of NPM Energy and Member of NPM’s Dutch nationality (f) Energy Board - Member of the Supervisory Board of RegMed Appointed in 2019 to 2023 - Advisor APG - Owner of Pi Control - Member of the Supervisory Board of - Member of the Supervisory Board of De Jong Hot Water Tanks Consumentenbond - Member of the Supervisory Board of - Member of the Supervisory Board of PWN Wagenborg Waterleidingbedrijf Noord-Holland NV - Chair of the Physical Environment Consultative Council (OLF) - Member of the Supervisory Board of Kallista, Paris

2020 Annual Report 52 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Organisational chart

Supervisory Board

HARBOUR MASTER CEO CFO (Civil Servant)

Staff and support services Staff and support services

Harbour Master’s Division Commerce Infrastructure & Environment

Operations Circular & Renewable energy Infrastructuur & Geo-info

Consultancy & Policy Cargo & Offshore Area Management & Environment

Real Estate & Cruise Management

Marketing & Product Development

2020 Annual Report 53 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Changes in the market and On course and in control opportunities presented by the energy transition require us to set new investment priorities.

2020 Annual Report 54 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

As manager and developer of the port, Port of Amsterdam The Harbour Master reports to the Minister of Infrastructure of Infrastructure and fulfils several tasks and roles. These not only involve Water Management and the Directorate-General for Public Works and Water Management on the level of efficiency, safety and environmentally responsible handling opportunities, but also uncertainties and risks. It is crucial of shipping traffic, as stipulated in the Amsterdam Harbour Master Covenant. We to anticipate these in time. As a public organisation, we are also accountable on financial matters to Central Nautical Management (CNB). therefore attach great value to risk management.

Risk appetite The risk management and control system We embrace sustainable, socially responsible business practices by consciously The system of risk management and internal control is intended to identify, control and balancing our objectives with the risks that we are prepared to take to carry out our report on risks. Our system is based on the internationally accepted standards of the strategy. This approach increases the likelihood of achieving our strategic objectives. Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2017. Our risk appetite determines in which areas, and to what extent, we are willing to In 2020, we set up our risk management-governance structure with a first and second take risks to achieve our objectives. line of defence. In 2020, the third line (internal auditing) had not been fully elaborated yet. We are improving the risk management system as part of a more comprehensive In 2020, Port of Amsterdam used a risk appetite matrix that guides our risk improvement process. prioritisation. In this matrix, risk appetite has been defined according to four corporate values: safety, financial impact, reputation and customer satisfaction. Due to its social function and long-term perspective, Port of Amsterdam is essentially Control environment a risk-averse company.

The risk management and control system is embedded in the organisation through To manage financial and operational risks, we do not use specific derivatives due to risk the planning and control cycle. This cycle also includes the business reviews, which aversion. The policy with regard to the use of financial instruments is cautious. The are conducted three times a year with the line departments. The business reviews Treasury regulations provide scope to hedge interest, currency and financing risks, but discuss both the realisation of the annual plan, including the financial impact – in not to enter into active positions. Apart from the credit facility, there was no need to other words, the actual versus the budget figures and the forecast for the entire use other financial instruments during the year. financial year. We also devote attention to the control of processes and risks. Many of the risks have external causes which Port of Amsterdam can only control to a limited extent or at disproportionately high cost. For these risks, we accept a slightly higher level of risk appetite.

2020 Annual Report 55 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Risk identification Control activities

Risk identification is part of the planning and control cycle. We have applied control Control measures have been defined for the prioritised risks. In 2020, we began to measures to the (strategic) risks and used our risk appetite matrix for the periodic make a distinction between key and non-key processes. We then focused on the key reassessment of the risks. This year, we also identified and assessed risks related to the processes and improved their design. In 2020, we also started to set up and implement coronavirus pandemic. In the third quarter of 2020, we initiated an improvement an IT General Controls framework. process in which we started to re-evaluate the risks and the risk appetite. The section ‘Improving the risk management system’ contains more information about our We regularly organise workshops to keep compliance officers informed and up to date improvement process. We have appointed risk owners for the most important risks on legal developments in their subject area. We also implement the information and process owners for the main operational and financial processes. security policy. The Port of Amsterdam’s treasury policy is defensive and risk averse. No financial instruments have been used to hedge financial risks arising from operating activities. In 2020, we started redesigning our treasury policy.

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Strategic Lack of space The risk is that, as a result of the lack of expansion possibilities • Customer location policies have been tightened. towards the west, insufficient space is available on land, which • Space intensification opportunities have been inventoried stagnates the further growth of port activities. at existing companies. External safety, environmental There is a risk that more environmental space will be required or • The spatial impact of energy transition has been space and noise a different interpretation of the environmental space will be made researched and made transparent in order to adapt as a result of stricter regulations around the VMG, meaning that spatial policy accordingly. circular and energy transition objectives will not be achieved and space can be used less efficiently and/or investments will be needed.

Risk assessment: Low Medium High * Per risk area See Appendix 8 for a detailed description of the risks 2020 Annual Report 56 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Strategic Emissions without shore There is a risk that delays in the granting of permits will lead to • As many actions as possible have been commissioned to power delays in implementation [leading to inland waterway and river keep up the pace and to be in constant dialogue with cruise emissions]. Liander and the Municipality of Amsterdam. Clean Shipping emissions There is a risk that PoA, as a result of increasing pressure to reduce • An integral Clean Shipping Team has been set up within emissions, will not meet the expectations to promote clean PoA to manage which emission reduction measures and shipping (e.g. installation of shore power), which may put its associated actions contribute to the objectives of the reputation at risk. strategic plan for CO2 reduction from shipping and to reducing emissions from shipping that affect local air quality. The team focuses on implementing these measures and actions and uses the emission model to make choices and monitor progress. Insufficient rail capacity for There is a risk that, due to various factors (phasing out of coal, • PoA brings its interests to the national rail freight table, freight trains to/from housing construction, growth of passenger trains, construction of which also has representatives from the Ministry of Amsterdam third track), in the capacity allocation less space is given to goods Infrastructure and Transport and ProRail. PoA is also trains to/from Amsterdam, thus jeopardising the achievement of represented in various steering committees, such as the the modal split targets. High-Frequency Rail Programme (PHS), Basic Rail Network, Future View of Public Transport and Rail and the construction of the Third Rail in Germany. Size of shipping There is a risk that PoA, due to the increasing size of shipping and • An inventory has been made for each berth/terminal. expected growth in numbers, will not sufficiently keep up with • Actions have been started to operationalise the use of the trends, so that the nautical spatial infrastructure (the waterway, IJmuiden sea lock in cooperation with Open IJ and RWS. harbour basins, berths or certain facilities) is not or only partially • Temporary traffic measures have been introduced on the accessible to said shipping. North Sea Canal. • A separate project 'Shipping Dimensions NSC' has been started to solve the physical bottlenecks on the canal that were mentioned in the MARIN report.

Risk assessment: Low Medium High * Per risk area

2020 Annual Report 57 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Operational Space shortage nautical There is a risk that, as a result of increasing shipping intensity and • A berth monitoring system has been implemented. activity at quays, there are insufficient waiting areas available for • A pilot for barge moorings (Poseidon) has been initiated. inland shipping, which puts the punctuality of departure and arrival of shipping at risk. Cybersecurity internal The risk of a cyber incident exists, as a result of Increasing • CERT support: Cybersecurity expertise (including forensic digitsation in combination with increasing external cyber threats, investigation and support in the event of a cyber calamity) thus jeopardising the integrity, confidentiality and/or availability of can be called upon from the Cyber Security Insurance. IT systems. • Cyber risk management: A process has been established to structurally perform business impact and baseline assessments. In addition, a connection is sought with corporate risk management. • Managed Detection & Response (MDR): MDR service is provided by a specialised Security Operations Centre. • Security awareness: To bring about the desired change in behaviour, a security awareness programme has been implemented. • Vulnerability management: VM monitors the IT infra­ structure for vulnerabilities so that Port of Amsterdam can take timely measures where necessary. • Purchasing and supplier management: Information security is included in the call for new IT services. Making agreements with existing suppliers/service providers about the desired level of security corrective action plans.

Risk assessment: Low Medium High * Per risk area

2020 Annual Report 58 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Operational Cybersecurity internal The risk of a cyber incident exists, due to increasing digitisation in • Logical access security: Multi-factor authentication (MFA) (continued) combination with increasing external cyber threats, which can has been implemented. This has significantly reduced the compromise the integrity, confidentiality and/or availability of attack surface of Port of Amsterdam. IT systems. • Physical access: Physical access system has been re-tendered and set up according to the latest standards. • IT General Controls (ITGCs): ITGCs have been implemented for a number of financial IT services. • E-mail security: Standards for e-mail security have been implemented. • Cybersecurity response exercises: Incident response is regularly practised in order to become attuned and better prepared for a cyber emergency. • Independent audits: We carry out periodic independent assessments to gain insight into the effectiveness of the measures in place and define corrective action plans based on these insights. Cybersecurity port cluster The risk of a security incident exists, as a result of interconnection • The Port of Amsterdam's multidisciplinary and integrated and integration of IT systems in the port, at one of the parties in approach increases awareness among companies in the the port network, which disrupts the port cluster. port area. • Set up cyber incident hotline for port companies and made agreements with emergency services on cyber consequence management. • Cybersecurity in Port Security / ISPS processes integrated. • Participation in various ISACs: Port of Amsterdam is a member of the IZKG and Port ISAC and organises Cross-ISACs and webinars with the aim of sharing information and connecting.

Risk assessment: Low Medium High * Per risk area

2020 Annual Report 59 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

Risk management

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Operational Smooth access to the There is a risk that, as a result of various causes (e.g. technical defect • Actions have been carried out concerning the port – sea lock in the Noordersluis, delayed delivery of the new sea lock), shipping operationalisation of the lock (lock regulation, operating will be obstructed or seriously impeded, resulting in loss of income instructions and waterway planning). and claims being filed. • The training courses have been scheduled and the test scenarios, to be carried out in October, are being developed. • Independent nautical consultants are used to audit. Smooth access to the There is a risk that, as a result of inadequate under keel clearance at • A project is being undertaken by the PMO to secure port – draught critical locations in the North Sea Canal (including tunnels), a vessel progress in the areas of mapping out and optimising with too much draught will cause damage that may potentially tunnel coverage, redefining and establishing minimum endanger and hinder access. dimensions for the North Sea Canal, influencing the dredging strategy of RWS, and redefining and improving the admission policy for marginal shipping.

Financial Valuation of soil damage There is a risk that Port of Amsterdam will have an incomplete • Insight into soil damage at Westpoort. provision picture of the (valuation of the) soil damage as a result of • Calculation of damages by recognised experts and uncertainties and incorrect estimates regarding the extent of application of a risk surcharge. the contamination and the time of decontamination. • Periodic updating of the valuation based on current price data. • Cashing out of the provision at maturities according to an authorised rehabilitation plan, using interest on high-quality corporate bonds.

Risk assessment: Low Medium High * Per risk area

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Risk management

Risks* Risk description Current risk Control measures Expected risk assessment assessment

Operational Effect of shifting responsibility There is a risk that if a customer does not take responsibility for soil • Use of bank guarantees, deposits, prepayments and direct for soil damage onto damage caused by the customer, Port of Amsterdam will be left debits. customers behind with the soil damage. This risk may consist of a debtor risk • Monitoring the financial position of tenants based on their in case of bankruptcy, contract risk, assets left behind, soil published financial statements. contamination or stocks with a negative value. • Include responsibilities unambiguously in contracts when contracts are renewed or transferred. • Obtaining collateral for soil damage.

Compliance Compliance The risk of non-compliance with laws and regulations, due to • The annual compliance plan was implemented. complexity, lack of awareness and/or lack of process for complying • A monthly questionnaire was sent to heads of with laws and regulations, possibly resulting in fines and departments regarding incidents. reputational damage. • Dilemma sessions have been scheduled in the various departments.

Corona Declining throughput There is a risk that throughput, as a result of the coronavirus, may • A maximum of 50% of the Relief Fund is included in business decline, meaning returns on investments are not achieved. cases. For investments there is (partly) a fixed rent, which is not dependent on the amount of throughput. • Throughput clauses have been formulated to offer protection. Motivation of employees There is a risk that, as a result of the coronavirus, the workload may • Motivating and supporting employees in various ways increase and reduce employee motivation and well-being, therefore (organising online activities, home presents, optimising preventing strategic objectives from being met. home offices). Liquidity needs There is a risk that, as a result of the coronavirus, the liquidity • A check is carried out on weekly payments to prevent cash need increases, so that insufficient liquidity is available to meet shortages. obligations. • Savings have been made on variable costs. Collection of receivables There is a risk that customers become insolvent as a result of the • PoA has offered payment arrangements for customers coronavirus, resulting in irrecoverable debts. regarding seaport dues, inland port dues and ground rent and rent. The invoices for port dues have been given extended payment terms, while ground rent and rent may be paid in several instalments.

Risk assessment: Low Medium High * Per risk area

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Risk management

Information, communication and monitoring The improvement process will continue until 2021. As part of this, we have already taken several steps this year, such as completing the selection process for a new risk The risk owners report quarterly to the Board of Directors on progress with control management tool that will further integrate risk management into our organisation. measures in relation to risks. The process owners report quarterly on the degree of The implementation of the new tool started in 2020 and will be completed in 2021. control of the main financial and operating processes. They thus inform the Board of Furthermore, the Board has reviewed our risk appetite. Our new risk appetite Directors of the progress of improvement measures and the operation of the internal framework will be finalised and implemented in 2021. Finally, as part of the controls in the processes. We are constantly improving by regularly evaluating ongoing improvement process, we have started to review the main strategic risks by conducting processes and by developing action plans based on second-line assessment findings. a strategic risk assessment. It will enable us to identify, evaluate and describe the Moreover, the Information Security steering group periodically discusses information most important risks in a more uniform way. We will complete the risk assessment security and privacy incidents. in 2021.

In 2020, we also identified the potential to improve our IT General Controls (ITGCs). Improving the risk management system The Port of Amsterdam's IT landscape is becoming increasingly complex and extensive. The increasing digitisation of our organisation means a growing dependence on In 2020, Port of Amsterdam had an external party conduct a baseline measurement IT systems. This makes the right setup of ITGCs a crucial precondition. We have of the risk management system. This party has made core observations and started implementing the ITGCs. recommendations regarding our risk management system. As a result, we initiated an improvement process to strengthen our organisation’s risk management. The programme’s aim is to develop and implement a harmonised and integrated risk Expected impact on results management framework that contributes to the controlled achievement of our objectives. In Appendix 8, we explain some of the risks. All risks can potentially impede us from achieving our strategic goals. Not only can they impact our financial results, but they can Integrated risk management allows us to make better judgements when it comes to also affect safety and the smooth and sustainable handling of shipping. The impact of important decisions. We can achieve this by structurally identifying and assessing risks risks is not always immediately evident, and the duration of the impact is also difficult and opportunities and selecting the appropriate risk response. It also helps us to use our to determine. resources more efficiently. During the project, we not only pay attention to the hard side of risk management, such as the processes, procedures and reporting, but also to the soft side, such as risk awareness culture and communication. We are convinced that the hard side of risk management will only work if the soft side is also given due consideration.

2020 Annual Report 62 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements The Supervisory Board

Report of the Chairman

The consequences of the coronavirus crisis were huge for the Port of Amsterdam. The sea and river cruise industry came to a standstill and transhipment declined as a result of reduced demand for fuel. Since March, the Port of Amsterdam management has kept the Supervisory Board continually informed of developments, the impact of the coronavirus crisis on the organisation and the effects on turnover and costs.

Despite the major impact of the coronavirus on society and the economy, Port of Amsterdam did not come to a standstill. On the contrary, together with the business community in the port, much has been achieved in 2020. “Port of Amsterdam is working constructively with the Municipality of Amsterdam to get the energy transition off the ground.” The impact of the coronavirus crisis on the organisation and employees of Port of Amsterdam and the possible impact on turnover have been discussed regularly with management since March. For employees who work from home, facilities were quickly put in place to make this work as smoothly and responsibly as possible. Risk mitigation measures were introduced for nautical operators, who continued to work from their usual location.

From left to right: Willemijn Maas, Mieke Pigeaud-Wijdeveld, Jeroen de Haas, Anne Marie Magis To monitor the possible effects of the coronavirus crisis on turnover, we developed a coronavirus dashboard and management considered various scenarios.

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The Supervisory Board

We offered an arrangement for customers in the port who need it – including In January 2021, Chairman Koos van der Steenhoven decided to end his membership companies established in the port area and those working in sea and inland and chairmanship of the Supervisory Board. He took this decision for personal reasons. shipping – that allows them to pay port dues, ground rent and rent in phases. The Supervisory Board wishes to thank Koos van der Steenhoven for his excellent, pleasant and passionate chairmanship over the past four and a half years. Due to the coronavirus crisis, the net result after corporate income tax is lower than budgeted. It is still higher than forecast in 2020, however. The result was dampened by higher dredging and decontamination costs. The soil decontamination and the Approval of 2021-2025 strategic plan provision maintained for it remain a point of attention for the Board. The external auditor has confirmed this. In September, the Supervisory Board approved the 2021-2025 strategic plan. In this plan, the Board of Directors sets out the strategic course for the years to come. The plan shows that the Amsterdam port is hugely important for facilitating and accelerating the energy Board changes transition in Amsterdam and the Amsterdam Metropolitan Area in the coming years. This is also expressed in the ambitious and challenging investment agenda up to 2025. There were changes to Port of Amsterdam’s Board of Directors in 2020. Due to health reasons, Michiel de Brauw has been unable to fulfil his role as CFO as of 1 February 2020. We will need to reinforce the organisation’s knowledge and experience regarding the In December, he informed the Board of Directors and the Supervisory Board of his development and realisation of new (underground) energy infrastructure. We have decision to step down permanently as a member of the Board of Directors. noticed in recent years that Port of Amsterdam is having difficult actually realising the The Supervisory Board would like to thank Michiel de Brauw for his commitment intended investment volumes. Problems related to nitrogen, PFAS and the coronavirus and the enthusiasm he has shown as CFO since 2015. delayed or interrupted a number of investments in the port in 2020. The Board of Directors is holding intensive talks with the Province of North Holland to find On the recommendation of the Supervisory Board, the shareholder appointed the head a workable solution for the nitrogen question. of Finance and Control Alexander Kousbroek as acting CFO starting 1 February 2020. Alexander Kousbroek has been outstanding in this role and, following the permanent Port of Amsterdam is working constructively with the Municipality of Amsterdam to retirement of Michiel de Brauw, was appointed as the new CFO for four years effective get the energy transition off the ground. In 2020, a number of joint meetings took place 1 January 2021. between the Supervisory Board, the Board of Directors of Port of Amsterdam and representatives of all the departments involved from the municipality. The meetings focused on the Port of Amsterdam’s strategic plan and the vision for the port developed by the municipality. The Supervisory Board looks back on the intensive exchange with the city and all other stakeholders in this strategic process in a positive light. It has ensured support from all stakeholders for the strategic goals.

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The Supervisory Board

On the right track

The results in 2020 are very good given the circumstances. They show that the port is a stable factor even in these difficult economic times. The Supervisory Board is positive about the future and believes that achieving the strategic goals will put us on the right track towards a sustainable city and region.

Jeroen de Haas, Chairman

2020 Annual Report 65 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements Report of the Supervisory Board

The Supervisory Board supervises the management of Port Audit Committee of Amsterdam and plays an advisory role where necessary. The Audit Committee assists the Supervisory Board in the preparation of decisions on The Board ensures that the company implements its financial supervision of the integrity and quality of the financial reporting of Havenbedrijf and strategic policy in a sound and responsible manner. All Amsterdam N.V. This committee also supports the Supervisory Board with the members also sit on one or more committees and in that supervision of the effectiveness of the company’s internal control and audit systems. capacity are involved in all current and future aspects of the The Audit Committee reports its findings to the Supervisory Board and discusses them company. during the regular Supervisory Board meetings.

In 2020, the Audit Committee consisted of Mieke Pigeaud-Wijdeveld (chairman) and Composition and meetings Anne Marie Magis. The committee met four times in 2020. The CFO was present at three and the CEO at two of these meetings. The meetings, which took place in the In 2020, the Supervisory Board consisted of the following five members: Jeroen de Haas, presence of the external auditor, considered the 2019 financial statements, including the Willemijn Maas, Anne Marie Magis, Mieke Pigeaud-Wijdeveld and Chairman Koos van der findings of the external auditor and the management letter as a result of the findings of Steenhoven. In February, the shareholder reappointed Jeroen de Haas as a board member the 2020 interim audit. until the end of 2023. Koos van der Steenhoven was reappointed by the shareholder in June until 1 August 2024 as board member and as Chairman of the Supervisory Board. The effects of the coronavirus crisis on the financial situation of the Port of Amsterdam Koos resigned from this position as of 27 January 2021, however, for personal reasons. and the necessary adjustments towards stakeholders resulting from this were also discussed. The last Audit Committee meeting focused on the budget for 2021, including a The Supervisory Board met on six occasions in 2020. The regular meetings focused on fallback scenario in connection with the uncertain consequences of the coronavirus crisis. issues such as the impact of the coronavirus crisis on the organisation and the turnover, the 2021-2025 strategic plan, the communication strategy and HR’s vision of the organisation. Within the context of risk management, special attention was paid to the participations of In October, November and December, there were several additional discussions related to Port of Amsterdam, cybersecurity, ICT process control and the treasury policy in relation the future structure of senior management and the appointment of a new CFO. to banks and debtors. Finally, the Audit Committee considered options for adjusting the dividend policy, as well as the financial multi-year forecast in the context of the new On 30 June, the Supervisory Board and the Board of Directors participated in an 2021-2025 strategic plan. The shareholder was also closely involved in these processes. educational programme together. They focused on understanding each other’s motives, on boardroom dynamics and on effective cooperation between the Supervisory Board and the Board of Directors.

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Report of the Board

Remuneration, Selection and Appointments Committee Supervisory Board, this reinforcement is necessary in connection with the implementation of the new strategy up to 2025 and especially the ambitious In 2020, the Remuneration, Selection and Appointments Committee (hereinafter the investment agenda related to this. Remuneration Committee) consisted of Willemijn Maas (Chairman) and Koos van der Steenhoven. Strategy Committee In addition to the biannual progress meetings with the members of the Board of Directors, the Remuneration Committee prepared a number of (re)appointments in The Strategy Committee advises and works with the Board of Directors on key strategic 2020. After CFO Michiel de Brauw had indicated that, as of 1 February 2020, he would issues. The challenge for Port of Amsterdam lies primarily in conducting business with not be able to perform his statutory duties for the time being due to health reasons, the a social function, providing social added value and the impact of the energy transition, Supervisory Board nominated the Head of Finance & Control as his replacement. especially in the context of enhancing sustainability in the region. In each of these cases, Alexander Kousbroek was temporarily appointed by the shareholder under the articles it is important to take the right steps at the right pace. The subjects discussed by the of association and assumed the position of CFO as of 1 February. Strategy Committee arise during preparations for the regular meetings of the Supervisory Board. In December, Michiel de Brauw informed the Supervisory Committee and the shareholder that he would be permanently stepping down as a member of the Board In 2020, the strategic plan of Port of Amsterdam was the main topic of the committee. of Directors of Port of Amsterdam. Upon recommendation of the Supervisory Board, In March, the full Supervisory Board discussed the draft strategy with the Board of the shareholder appointed Alexander Kousbroek as the CFO starting on 1 January 2021 Directors and the Head of Strategy. The building blocks for the Municipal Port Vision for a four-year term. 2020-2040 and the Dutch government’s draft Port Memorandum were also discussed. In June, this received follow-up. Attention then focused on the strategic plan’s invest- Furthermore, with effect from 1 August 2020, the Chairman of the Supervisory ment agenda. The second part of this meeting was also attended by representatives of Board, Koos van der Steenhoven, was reappointed for a new four-year term. The same the Municipality of Amsterdam. applies to Koen Overtoom, who was reappointed as Chairman of the Board of Directors (CEO) of Port of Amsterdam for a period of four years with effect from 6 December The Strategy Committee meets at the request of the Board of Directors. It met twice in 2020. In February 2021, Koos van der Steenhoven ended his chairmanship and 2020. In 2020, the Strategy Committee consisted of Jeroen de Haas (Chairman), membership in the Supervisory Board. In March, Jeroen de Haas was appointed as Willemijn Maas and Koos van der Steenhoven. All Supervisory Board members were his successor. invited to the meetings about the strategic plan.

For 2021, the Remuneration Committee prepared a proposal for changing the senior Willemijn Maas management structure of Port of Amsterdam. The Supervisory Board has agreed with Anne Marie Magis the committee’s proposal, and this means that in 2021, Port of Amsterdam’s Board of Mieke Pigeaud-Wijdeveld Directors will be strengthened with a Chief Investment Officer. According to the Jeroen de Haas, Chairman

2020 Annual Report 67 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements About this Annual Report

Port of Amsterdam believes it is important to be fully Who is this annual report for? transparent about matters. We therefore inform our With this report, we report to our shareholder and inform our stakeholders and stakeholders annually about our results, the relevant interested parties. We understand stakeholders to mean the parties that have an impact themes and the added value of our business activities. on our operations and vice versa. We have identified nine stakeholder groups (see Appendix 4): · Customers Preparing this report · Employees · Government bodies The themes in our materiality matrix (see Appendix 5) are the basis for this report. · Strategic partners The matrix shows which themes we and our stakeholders consider most important and · Suppliers on which we are expected to report. As a result, it is clear to all those involved whether we · Knowledge institutes are taking the right course and whether we have to take any measures or additional steps. · Civil society organisations · Local residents The Communications Department is responsible for preparing the annual report. It is · Media responsible for the process and supervises the project. There is a core team that provides commentary and input at different stages of the process based on their role and expertise. In this annual report, we have taken the fullest possible account of the needs of all The core team includes the Head of Finance, the Executive Secretary, the Head of individual stakeholders. As can be seen from the chapter structure, we have looked first Communications and colleagues in Sustainability, Commerce and Business Control. at the context in which Port of Amsterdam operates before discussing the results. The ‘Our communities’ chapter of this report shows that we are also in touch with our The Board of Directors of Port of Amsterdam is also involved in the production of the communities through other communication channels. report, Management provides input whenever necessary, as well as its opinion on the content and the tone of the report. The Finance and Business Control departments are responsible for the accuracy of quantitative financial and social information. Our control Guidelines departments have internally verified all quantitative information. The core team and the respective specialists have verified all qualitative information. We have compiled this report in line with the GRI Standards at Core level. We also used the framework of the International Integrated Reporting Council (IRC) for the value creation model with which we illustrate our added value. Other guidelines that we endorse include the Corporate Governance Code, the Raw Materials Agreement,

2020 Annual Report 68 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Financial statements

About this Annual Report

the OECD guidelines, the UN Sustainable Development Goals (SDGs), the United Scope of this annual report Nations Global Compact (UNGC) and the World Ports Climate Initiative (WPCI). This report covers the activities of Port of Amsterdam in the period from 1 January 2020 to 31 December 2020 and has been published within the required period. External verification

Port of Amsterdam has also requested an external auditor to verify the reliability of Feedback a number of social KPIs. The auditor uses the Dutch 3000A standard adopted by the Royal Netherlands Institute of Chartered Accountants (NBA) for ‘Assurance If you have a comment or question in response to this annual report, please contact us engagements other than engagements to audit or assess historical financial information at [email protected]. (certification engagements)’, as a guideline.

We receive an assurance report as a result of this work. According to that report, the work carried out shows that the selected indicators were compiled in accordance with the reporting criteria, as explained in the KPI definition table of the 2020 Annual Report. This conclusion relates to four KPIs: Carbon emissions reduction, Sustainable procurement, Sickness absence and Clean shipping.

Port of Amsterdam’s ambition is to have all social information assessed for its reliability. As that requires a great deal of time and energy from our organisation, we have developed a step-by-step plan. In 2019, we had the four KPIs verified to enable the organisation to become accustomed to this process and learn what is needed to assess the reliability of social information. This year, we added the Clean shipping KPI. The Employee satisfaction KPI was abandoned as a result of the coronavirus crisis.

We have recalibrated our KPIs with external verification in mind. We will incorporate the insights gained during the reporting processes in 2019 and 2020 in the development of our new strategy and the related set of KPIs.

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Overleeskop

Financial statements Operating transparently in a new world A comprehensive insight into our financial results for 2020

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Contents

Balance sheet as at 31 December 2020 72 Statement of profit and loss for 2020 73 Cash flow statement for 2020 74 Accounting policies 76 Notes to the balance sheet 88 Notes to the statement of profit and loss 112

Other information Provisions of the articles of association concerning the appropriation of profit 122 Independent auditor’s report 123 Assurance report of the independent auditor 126

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Balance sheet as at 31 December 2020

(before appropriation of profit)

Assets Note 31-12-2020 31-12-2019 Fixed assets Intangible fixed assets 1 4,794,126 3,402,482 Tangible fixed assets 2 563,435,393 556,274,393 Financial fixed assets 3 330,178,206 297,538,882 Total fixed assets 898,407,725 857,215,757

Current assets Receivables 4 19,715,579 30,069,820 Cash and cash equivalents 5 222,651 1,165,795 Total current assets 19,938,230 31,235,615 TOTAL ASSETS 918,345,955 888,451,372

Liabilities Shareholders' equity 6 Issued capital 7 45,000 45,000 Share premium account 8 300,584,972 300,584,972 Legal and statutory reserves 9 6,876,752 4,718,419 Other reserves 10 265,893,146 265,470,589 Result for the year 82,254,823 63,948,529 655,654,693 634,767,509

Provisions 11 85,857,536 82,013,045

Non-current liabilities 12 54,813,608 56,519,858

Current liabilities 13 122,020,118 115,150,960 TOTAL LIABILITIES 918,345,955 888,451,372

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Statement of profit and loss for 2020

Note 2020 2019 Revenue 14 158,443,070 169,370,887

Personnel expenses 15 36,707,081 36,755,331 Depreciation 16 24,358,972 23,972,927 Other operating expenses 17 32,910,050 39,872,152 Total expenses 93,976,103 100,600,410

Total operating result 64,466,967 68,770,477 Financial income and expenditure 18 –1,874,154 –3,985,441 Total result before tax 62,592,813 64,785,036 Taxes 19 21,513,136 –1,982,783 84,105,949 62,802,253 Share in results of participating interests 20 –1,851,126 1,146,276 NET RESULT AFTER TAX 82,254,823 63,948,529

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Cash flow statement for 2020

Cash flow from operating activities Note 2020 2019 Operating result 64,466,967 68,770,477

Adjustments for: Depreciation 16 24,148,518 22,891,083 Increase (decrease) in provisions 11 1,142,582 1,361,085 Redemption of ground lease –1,658,502 –2,101,507 23,632,598 22,150,661

Movements in working capital Movement in receivables 4 5,393,136 –2,995,087 Movement in current liabilities 13 –12,428,778 6,321,053 –7,035,642 3,325,966 Cash flow from operating activities 81,063,923 94,247,104 Interest received 452,988 917,510 Interest paid –69,833 –32,179 Corporate tax paid 19 –4,076,557 –9,897,598 –3,693,402 –9,012,267 Cash flow from operating activities 77,370,520 85,234,837

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Cash flow statement for 2020

Cash flow from investing activities Note 2020 2019 Investments in intangible fixed assets 1 – 2,362,032 –1,882,116 Investments in tangible fixed assets 2 –30,549,583 –47,166,383 Investments in financial fixed assets 3 –6,426,951 –7,797,050 Disposals of tangible fixed assets 2 210,453 1,657,844 Repayments of financial fixed assets 3 2,131,902 1,036,539 Dividends received from participating interests 800,000 1,400,000 Cash flow from investing activities –36,196,211 –52,751,166

Cash flow from financing activities Dividends paid –61,367,641 –68,488,796 Increase in non-current liabilities – 53,892 Repayments on non-current liabilities –47,747 –746,176 Movements in liabilities to credit institutions 19,297,934 31,189,949 Cash flow from financing activities –42,117,454 –37,991,131 Increase (decrease) in cash and cash equivalents –943,144 –5,507,460

Change in increase (decrease) in cash and cash equivalents Cash and cash equivalents at start of period 1,165,795 6,673,255 Increase (decrease) in cash and cash equivalents –943,144 –5,507,460 Cash and cash equivalents at end of period 222,651 1,165,795

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Accounting policies

Company profile impact of the situation, we developed and applied two cost scenarios. Several cost savings were implemented (6.6% decrease in operating expenses), which limited Havenbedrijf Amsterdam N.V. has its corporate domicile and principal place of business the decrease in results. at De Ruijterkade 7, 1013 AA Amsterdam and is registered in the Commercial Register under the number 57398879. To mitigate the uncertain impact of the pandemic on our participations Hallum B.V. and Hallum Cruise B.V., support letters were issued. Furthermore, as a result of the coronavirus crisis, several risks and uncertainties have General notes been identified that relate to the motivation of employees, collection of receivables and liquidity and financing. We have formulated and applied control measures for these risks and uncertainties. Principal activities of the legal entity In 2021, we also developed cost scenarios to limit the drop in net income in the event Havenbedrijf Amsterdam N.V. is principally engaged in the following activities: of a drop in sales, and payment schemes and extended payment terms were again offered • Optimising services and the business development climate for companies based to our customers. in the port region. In doing so, we focus on existing customers, attracting new customers and improving our services, new cargo flows and businesses and on Consolidation marketing and promotional activities; Havenbedrijf Amsterdam N.V. also holds stakes in the participations Hallum Cruise B.V., • Construction and maintenance of the infrastructure, renovation of the port and Bouw- en Handelsmaatschappij Hallum B.V. (hereinafter Hallum B.V.) and management of the Amsterdam Westpoort port area; Regionale Ontwikkelingsmaatschappij N.V. (hereinafter RON N.V.). • To promote the smooth, safe and environmentally responsible handling of shipping traffic from 12 miles off the coast at IJmuiden up to the Oranje locks, including Havenbedrijf Amsterdam N.V. applies the exemption from the obligation to consolidate through regulations and enforcement. the figures of participating interests if the combined financial significance of the companies to be included in the consolidation is negligible compared with Impact of the coronavirus on business operations Port of Amsterdam as a whole (DASB 217.304). In 2020, the coronavirus pandemic had an impact on the activities of Port of Amsterdam N.V. Since March 2020, all employees have been working from home, cruise ships have Related parties been prohibited from entering the port until further notice (resulting in a 94.6% drop in Significant transactions with related parties are explained insofar as they were not turnover of our participation Waterkant C.V.) and a decline compared with 2019 is visible concluded under normal market conditions. The explanation includes the nature and in turnover from seagoing shipping (11.9%) and inland navigation (6.6%). These size of the transaction, as well as any other information necessary in order to understand developments resulted in a decrease in revenues (6.4%). In order to limit the financial the transaction.

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Accounting policies

Estimates Provision for doubtful debts In applying the policies and rules for drawing up the financial statements, the Board of Provisions deemed necessary for possible losses due to the risk of irrecoverability Directors of Havenbedrijf Amsterdam N.V. makes various judgements, estimates and are deducted. These provisions are determined on the basis of individual assessments assumptions. This is done on the basis of the circumstances and the information available of the receivables. The estimation elements relate mainly to the age of the receivables at the time the financial statements are drawn up. Estimates based on future events and the creditworthiness of the customers. (or the non-occurrence of expected events) may be subject to future changes in the market The creditworthiness of customers was again assessed and analysed as a result of the and circumstances beyond the Group’s control. These changes in estimates are accounted coronavirus crisis. Havenbedrijf Amsterdam N.V. has also offered payment schedules for prospectively. and extended payment terms to its customers to allow them to pay invoices in instalments. Havenbedrijf Amsterdam N.V. has reconsidered its judgements, estimates and assumptions as a result of the coronavirus pandemic. The most important judgements Employee benefits provision and estimates, including the associated assumptions, are given below. The estimated elements relate primarily to the interest rates used, projected salary trends, the probability of redundancy, retention and retirement, and also inflation Depreciation and residual value assumptions and career tables. The coronavirus crisis had no impact on employee For each asset category, we have determined the depreciation periods based on the benefit plans. (estimated) economic life of the assets. Depreciation is calculated using the straight-line method to write down assets to zero. We take into account any residual value. Provision for decontamination liabilities The depreciation periods used are set out in sections 1 and 2 of the notes to the financial For the decontamination obligations, we make a calculation on the basis of the currently statements. During the year, we assess whether changes have occurred in the estimates known decontamination costs, taking into account price indexation and the anticipated and assumptions of assets that require an adjustment of the useful life. Such an impact of relevant technological developments on the decontamination costs. This adjustment is made prospectively. The coronavirus crisis has had no impact on calculation is then discounted on the basis of inflation assumptions and current interest depreciation. rates on high-quality corporate bonds.

Provision for deferred tax With respect to the decontamination obligations that have been transferred to Deferred tax assets are recognised to the extent that future taxable profits are probable. customers, we make estimates of the contract and creditworthiness risk per customer. The main estimate concerns the forecast results based on the long-term In this way, we estimate whether a customer can meet its decontamination obligation budget. The coronavirus crisis has had no impact on the deferred tax asset. at the direction of the competent authority or upon termination of the lease or ground lease contract.

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Accounting policies

Provision for demolition Netting This provision is calculated on the basis of the currently known demolition costs. In the financial statements, an asset and a liability item are netted, only if and to We take into account price indexation and the expected impact of technological the extent that: developments on the costs. This calculation is then discounted on the basis of inflation • there is a reliable legal instrument to net and simultaneously settle the asset and assumptions and current interest rates on high-quality corporate bonds. The coronavirus the liability and; crisis had no impact on the demolition provision. • there is a firm intention to settle the net amount or the two items simultaneously.

Provision for aftercare of dredged material Disclosure of changes in accounting policies We calculate the provision for aftercare of dredged material on the basis of the System change contribution the province of North Holland is expected to make to the active monitoring Until 2020, Havenbedrijf Amsterdam N.V. recognised the provisions for of a dredged material location in the management area of Port of Amsterdam. This decontamination and demolition obligations on the basis of their nominal value. calculation is then discounted on the basis of inflation assumptions and current interest The Dutch Accounting Standards Board has changed the principles of RJ 252 ‘Provisions’. rates on high-quality corporate bonds. As at 1 January 2020, it is no longer permissible to measure a provision at nominal value if the effect of the time value is material and the duration exceeds one year. Therefore, the valuation of the decontamination and demolition provisions in the financial statements General accounting policies of Havenbedrijf Amsterdam N.V. has been changed from valuation at nominal value to valuation at present value.

The standards according to which the financial statements have been The change in accounting policy has been processed retrospectively from 1 January 2020 prepared and the comparative figures have been adjusted accordingly. The treatment is shown in The financial statements have been prepared in accordance with the provisions of Part 9, the notes on the decontamination and demolition provisions in section 11 of the Notes Book 2 of the Dutch Civil Code and the provisions of the Guidelines for Financial to the Financial Statements. This system change means an increase in the value of the Reporting issued by the Dutch Accounting Standards Board. The financial statements provisions item with a corresponding decrease in Havenbedrijf Amsterdam N.V.’s have been prepared on the basis of historical cost. Assets and liabilities are stated at equity capital. There are also consequences for the (deferred) income tax. nominal value unless specified otherwise. Income and expenses are allocated to the year to which they relate. Profits are only recognised insofar as they have been realised by the balance sheet date. Liabilities and potential losses originating before the end of the reporting year are recognised if they became known before the preparation of the financial statements.

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Accounting policies

The effect of the change in accounting policy is a €3,587,148 decrease in net income 2019 and a €1,976,443 decrease in 2020 due to an increase in interest costs. The negative effect on equity was €328,436 as at 1 January 2019, €3,915,583 as at 1 January 2020 and €5,892,026 as at 31 December 2020. We have explained this in section 6 of the notes to the financial statements. The expected effect of the change in accounting policy on the result in subsequent financial years depends on market developments with regard to the interest rate of high-quality corporate bonds and expected inflation.

In discounting the decontamination and demolition provisions, we use the inflation expectations and interest rates on high-quality corporate bonds at the balance sheet date. We use a time horizon of 10 years on the assumption that interest rates and inflation can be equated after 10 years.

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Accounting policies

The effect of the change in accounting policy on the balance sheet as at 1 January 2019 and 31 December 2019 and the result for 2019 and the result for 2020 is as follows:

Revised balance Revised balance Balance sheet sheet Balance sheet Impact change sheet 1 January 31 December Impact change 31 December 1 January 2019 of system 2019 2019 of system 2019

Assets Fixed assets 535,177,300 – 535,177,300 559,676,875 – 559,676,875 Financial fixed assets 284,758,391 – 284,758,391 296,234,888 1,303,994 297,538,882 Current assets 32,026,398 – 32,026,398 31,235,615 – 31,235,615 Total assets 851,962,089 – 851,962,089 887,147,378 1,303,994 888,451,372

Equity and liabilities Issued capital 45,000 – 45,000 45,000 – 45,000 Share premium account 300,584,972 – 300,584,972 300,584,972 – 300,584,972 Legal and statutory reserves 2,195,479 – 2,195,479 4,718,419 – 4,718,419 Other reserves 318,484,962 –328,436 318,156,526 265,799,025 –328,436 265,470,589 Result for the year 17,940,069 – 17,940,069 67,535,676 –3,587,148 63,948,528 Shareholders' equity 639,250,482 –328,436 638,922,046 638,683,092 –3,915,583 634,767,509

Provision for decontamination liabilities 72,567,346 328,436 72,895,782 74,232,351 5,105,455 79,337,806 Other provisions 2,815,175 – 2,815,175 2,561,117 114,122 2,675,239

Non-current liabilities 59,313,650 – 59,313,650 56,519,858 – 56,519,858 Current liabilities 78,015,436 – 78,015,436 115,150,960 – 115,150,960 Liabilities 212,711,607 328,436 213,040,043 248,464,286 5,219,577 253,683,863

Total equity and liabilities 851,962,089 – 851,962,089 887,147,378 1,303,994 888,451,372

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Accounting policies

Translation of foreign currency Revised statement of profit and loss for 2019 The financial statements are denominated in euros; this is both the functional and presentational currency of the Havenbedrijf Amsterdam N.V. Exchange differences resulting from settlement and translation are credited or charged to the statement Reported Impact of change Revised Amounts x € 2019 of system 2019 figure of profit and loss. Revenue 169,370,887 – 169,370,887 Personnel expenses 36,755,331 – 36,755,331 Policies for the translation and treatment of exchange differences Depreciation 23,972,927 – 23,972,927 relating to transactions in foreign currencies Other operating expenses 39,872,152 – 39,872,152 Transactions in foreign currencies during the reporting period are recognised in the financial statements at the exchange rate on the date of the transaction. Total operating result 68,770,477 – 68,770,477 Financial income and expenditure 905,700 –4,891,142 –3,985,442 Leases Total result before tax 69,676,177 –4,891,142 64,785,035 At the time of entering into a contract, we assess on the basis of economic reality Taxes –3,286,777 1,303,994 –1,982,783 whether the contract constitutes a lease. A contract is deemed to be a lease if the right to Result after tax 66,389,400 –3,587,148 62,802,252 use an asset is ceded to another party for an agreed period of time and for a specified fee. Share results of participating interests 1,146,276 – 1,146,276 The coronavirus pandemic has had no impact on the leases. Net result after tax 67,535,676 –3,587,148 63,948,528 Operating leases The change in accounting policy is expected to have a significant quantitative impact Liabilities relating to operating leases are recognised in the statement of profit and loss on future financial years. This is because the valuation of the demolition and over the term of the lease. Liabilities after the financial year are stated under contingent decontamination provisions is now subject to inflation expectations and interest rate liabilities. fluctuations that depend on the developments in the financial markets. Based on this dependency, no financial impact can be calculated for the future. The period until the Pension schemes implementation of the decontamination also plays a role. When calculating the present The company’s employees participate in the sector pension scheme of value, a time horizon of 10 years is used, assuming that interest rates and inflation can Algemeen Burgerlijk Pensioenfonds (ABP). The average salary scheme is funded be equated after 10 years. The actual decontamination dates may be later than 10 years. by payments to ABP. The pension liabilities are measured according to the ‘obligation This is further explained in note 11 on the provisions in the balance sheet. to the pension provider’ approach. In this approach, the contribution payable to the pension provider is stated as an expense in the statement of profit and loss.

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Accounting policies

Based on the execution agreement, it is assessed whether, and if so, which liabilities Expenses in connection with an intangible fixed asset are recognised directly in exist on the balance sheet date in addition to the payment of the annual premium owed the statement of profit and loss if they do not meet the conditions for capitalisation. to the pension provider. These additional obligations, including any obligations from This applies, for example, to expenditure relating to research and internally developed pension provider’s recovery plans, lead to costs for the company and are included in brands, logos, publishing rights and customer bases. a provision in the balance sheet. At the end of 2020 (and 2019), there were no liabilities besides the payment of the annual contribution to the pension provider. Intangible fixed assets are carried at cost net of accumulated amortisation and any impairments. The coverage ratio of ABP as at 31 December 2020 was 93.2% (2019: 97.8%). This coverage ratio is a snapshot of the financial situation as at 31 December 2020. Intangible fixed assets are amortised systematically on the basis of the estimated Since the current coverage ratio can fluctuate significantly in a short period, pension economic life with a maximum of 20 years, calculated on the basis of a fixed percentage funds have been required to use the so-called policy coverage ratio since 2015. of the cost of acquisition, taking any residual value into account. The economic life and The policy coverage ratio is an average over 12 months. ABP’s policy coverage ratio as at the amortisation method are reassessed at the end of each financial year. Intangible fixed 31 December 2020 was 87.6% (2019: 95.8%). By law, the coverage ratio must be 128% and assets under construction are not amortised. may not be below 104.2% for more than five years. Measures taken by ABP in recent years in connection with the failure to comply with the statutory policy coverage ratio of Development costs are capitalised if the applicable conditions are met with regard to 104.2% is the non-indexation of pensions. technical, commercial and financial feasibility. A legal reserve is maintained equivalent to the capitalised amount.

Accounting policies for the balance sheet If expectations concerning the amortisation method, useful life and/or residual value undergo any changes over time, this is accounted for as a change in the accounting estimate. Intangible fixed assets An intangible fixed asset is recognised in the balance sheet if: Tangible fixed assets • it is likely that economic benefits will accrue to the company and; An item of property, plant and equipment is recognised in the balance sheet if: • the cost of the asset can be reliably determined. • it is likely that economic benefits will accrue to the company and; • the cost of the asset can be reliably determined.

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Accounting policies

Tangible fixed assets are carried at cost less investment subsidies and third-party Financial fixed assets contributions, and net of accumulated depreciation and any impairments. Depreciation Shares, depositary receipts for shares and other types of participating interest is based on the estimated useful life and calculated on the basis of a fixed percentage of in group companies the cost of acquisition, taking account of any residual value. Depreciation commences Non-consolidated participating interests over whose business and financial policies when the asset is taken into use. Owned land and tangible fixed assets under construction significant influence can be exerted are carried at net asset value, but not below zero. are not depreciated. This net asset value is calculated on the basis of the accounting policies applicable to Havenbedrijf Amsterdam N.V. Tangible fixed assets under construction are measured at manufacturing cost net of any impairments. The manufacturing cost consists of material costs, direct labour costs and Significant influence is deemed to exist if a shareholder’s interest exceeds 20% of the an attributable portion of the indirect production costs. voting rights attached to the shares. Participating interests with a negative net asset value are valued at zero. A provision is recognised if all or part of the debts of the relevant Investment grants and contributions are deducted from the acquisition cost of the assets participating interest are guaranteed by the company or the company has an actual to which they relate, resulting in lower depreciation charged to income. obligation to enable the participating interest to pay its debts (in respect of its share). In determining the amount of this provision due account is taken of bad debt provisions Tangible fixed assets taken out of operation are stated at the lower of the carrying amount already deducted from amounts receivable from the participating interest. and the net realisable value. A tangible fixed asset is no longer included in the balance sheet after disposal or if no future performance units are expected from its use or disposal. Other receivables The gain or loss resulting from the disposal is recognised in statement of profit and loss. At initial recognition, the loans and other receivables recognised under financial fixed assets are carried at fair value plus the directly attributable transaction costs. After initial Scheduled major maintenance is capitalised according to the component approach. recognition, loans granted and other receivables are carried at amortised cost in The cost includes the cost of major maintenance as soon as these costs occur and accordance with the effective interest method. Income and expenses are recognised in the capitalisation criteria have been met. The carrying amount of the components to the statement of profit and loss through the amortisation process. be replaced is then treated as a disposal and charged to the statement of profit and loss.

If expectations about the depreciation method, useful life and/or residual value undergo any changes over time, they are accounted for as a change in the accounting estimate.

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Accounting policies

Deferred tax assets Receivables Deferred tax assets are recognised for deductible tax losses and deductible temporary Receivables are initially recognised at fair value and subsequently at amortised cost. differences between the value of assets and liabilities according to tax rules and the Necessary provisions for possible losses due to irrecoverability are deducted. These accounting principles followed in these financial statements, on the understanding that provisions are determined on the basis of individual assessments of the receivables. deferred tax assets are recognised only if it is likely that future taxable profit will be available against which the temporary differences can be settled and losses can be offset. Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank account credit balances and Impairment of fixed assets demand deposits with a term of less than three months. Cash and cash equivalents are On each balance sheet date an assessment is made of whether there are any indications carried at nominal value. that a fixed asset may be impaired. If such indications exist, the realisable value of the asset is determined. If it is not possible to determine the realisable value of the individual Provisions asset, the realisable value of the cash-generating unit to which the asset belongs is A provision is formed if, on the balance sheet date, there is a legally enforceable or determined. An impairment loss is recognised if the carrying amount of an asset or of the constructive obligation whose settlement is likely to require an outflow of resources cash-generating unit to which it belongs exceeds the realisable value. The realisable value and the extent of which can be reliably estimated. is the higher of the net realisable value and the value in use. Impairment losses are recognised directly as expenses in the statement of profit and loss. Provision for decontamination liabilities Havenbedrijf Amsterdam N.V., under the land lease agreement with the Municipality Changes in the value of the securities and participating interests of Amsterdam, has the obligation with effect from 1 April 2013 to return the leased port included in fixed assets sites on the basis of the ‘Industry’ standard under the Soil Quality Regulation. Unlisted shares that belong to the category of investments in equity instruments are This obligation applies on termination of the continuous ground lease contract. valued at fair value after initial recognition. Changes in value are taken directly to the An exception to the soil decontamination obligation applies in respect of all pollution revaluation reserve, with realised changes in value being taken to the statement of profit arising as a result of acts of war during the Second World War. In the Port Agreement, and loss. the Municipality of Amsterdam indemnifies Havenbedrijf Amsterdam N.V. in respect of the environmental damage caused during that period. When accounting for impairments, no negative revaluation reserve may arise pursuant to Article 2:390 of the Dutch Civil Code, unless Article 2:384(8) of the Dutch Civil Code applies.

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Accounting policies

In order to be able to deliver the land according to the industry standard, it is important Provision for demolition liabilities that there is controllability of any new pollution but also of pollution that was already The provision for demolition liabilities is measured at present value. The cost of known and/or present before 1 April 2013, because Havenbedrijf Amsterdam N.V. restoration carried through the build-up of a provision over the expected useful life of is also responsible for the ‘older’ pollution. As part of the deferred restoration the asset for the amount required to settle the restoration obligation. An amount is added obligation under the land lease agreement with the Municipality of Amsterdam, to the provision each year as a charge against the statement of profit and loss. Havenbedrijf Amsterdam N.V. has included a standard clause in the contracts with its tenants or leaseholders stating that the port land must be returned in the state in which Provision for personnel they acquired it. The deferred obligation of Havenbedrijf Amsterdam N.V. has therefore Other deferred employee benefits are payments due to service anniversaries and been assigned to the leaseholders or tenants of the port site. In the event of new payments due to former employees entitled to non-statutory unemployment benefits. pollution, the decontamination obligation is incumbent in the first instance under the The stated liability is the best estimate of the amounts necessary to settle the respective Soil Protection Act (Wet bodembescherming, Wbb) on the party causing the pollution liabilities on the balance sheet date. The liability is carried at present value. Discounting and in the second instance under the restoration obligation clause on the user of the port takes place at the market interest rate (effective yield) of high-quality corporate bonds site, provided the site was not contaminated before it was issued. at the balance sheet date.

On termination of the rental or land lease contract, it is possible that companies may be Non-current liabilities fully or partly unable to comply with the decontamination obligation or that persistence Non-current liabilities are carried at fair value and subsequently at amortised cost. with the obligation would lead to irresponsible destruction of capital, such as demolition of buildings to eliminate soil contamination. Havenbedrijf Amsterdam N.V. therefore Redemption of ground lease offers its tenant or leaseholder the possibility of buying out the decontamination Site tenants have the option to redeem ground leases at their present value during the obligation. term of the lease. The redemption amounts received are stated in non-current liabilities. Ground lease payments received in advance relating to the following financial year are With effect from 1 January 2020, the provision for latent soil liability and demolition stated under current liabilities. of buildings is stated at the present value of the expected decontamination expenditure at the location(s) in question, taking into account risks, uncertainties, price indexation, Current liabilities market-created inflation expectations and interest based on high-quality corporate Current liabilities are measured at fair value and subsequently at amortised cost. bonds at the balance sheet date.

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Accounting policies

Principles for determining the result Depreciation of tangible fixed assets Tangible fixed assets are depreciated from the time they are ready to be taken into use over the expected future useful life of the asset. Owned land is not depreciated. Revenue recognition Revenue is exclusive of sales tax and less of any discounts. Sales revenue is recognised in If there is a change in the estimate of the future useful life, the future depreciation will the statement of profit and loss when all significant rights to economic benefits and all be adjusted. significant risks have been transferred to the buyer. Revenue from services is recognised in proportion to the services performed, based on the costs incurred for the services up Book profits and losses from the incidental sale of tangible fixed assets are included to the balance sheet date in relation to the estimated costs of the total services to be in the depreciation. performed. The cost of these services is allocated to the same period. Financial income and expenditure Total expenses Interest income and interest expense are recognised on a time-proportionate basis, The costs are determined on a historical basis and allocated to the reporting year to taking into account the effective interest rate for the assets and liabilities in question. which they relate. Foreseeable liabilities and possible losses originating before the end Interest expenses are added to provisions and non-current liabilities whose balance sheet of the financial year are recognised if they became known before the preparation of the value is determined on the basis of a present value calculation. financial statements and if the conditions for recognition of the provision are satisfied. Income tax on the profit or loss Amortisation of intangible fixed assets The tax on the result is calculated on the pre-tax result in the statement of profit and loss, Intangible fixed assets including goodwill are amortised from the time when they taking into account the available, tax-deductible losses from previous financial years are ready to be taken into use over the expected future useful life of the asset. (to the extent not included in the deferred tax assets) and exempted profit components If there is a change in the estimate of the future useful life, the future amortisation and after addition of non-deductible expenses. Also taken into account are changes in will be adjusted. deferred tax assets and deferred tax liabilities resulting from changes in the tax rate to be applied.

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Accounting policies

Share in results of participating interests The result of participating interests in which significant influence is exercised on the business and financial policy is recognised as the company’s share in the result of these participating interests. This result is determined on the basis of the accounting policies used by Havenbedrijf Amsterdam N.V. In the case of participating interests over whose commercial and financial policy no significant influence is exerted, the dividend is regarded as a profit.

Cash flow statement The cash flow statement has been prepared in accordance with the indirect method. The cash resources in the cash flow statement consist of cash and cash equivalents. Interest received and dividends received are included in the cash flow from operating activities. Interest paid and dividends paid are included in the cash flow from financing activities. Transactions that involve no transfer for cash or cash equivalents, including finance leases, are not included in the cash flow statement. Payments of the lease instalments under the financial lease contract are presented as repayments of liabilities for the repayment component and as interest paid for the interest component.

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Notes to the balance sheet

1 Intangible fixed assets

Concessions, Costs of licences and research and intellectual Assets under development property construction Total Balance as at 1 January 2020 Acquisition or manufacturing cost 1,736,195 1,594,421 2,772,515 6,103,131 Accumulated depreciation –1,356,668 –1,343,981 – –2,700,649 Carrying amount as at 1 January 2020 379,527 250,440 2,772,515 3,402,482

Movements Investments 40,584 30,750 2,290,698 2,362,032 Commissioning 1,815,919 165,856 –1,981,775 – Depreciation –836,477 –133,911 – –970,388 Disinvestments – – 49,560 – –49,560 Depreciation of disposals – 49,560 – 49,560 Net movements 1,020,026 62,695 308,923 1,391,644

Balance as at 31 December 2020 Acquisition or manufacturing cost 3,592,698 1,741,468 3,081,438 8,415,604 Accumulated depreciation –2,193,145 –1,428,333 – –3,621,478 Carrying amount as at 31 December 2020 1,399,553 313,135 3,081,438 4,794,126

Depreciation rates 33% 33%

The costs of research and development relate to amounts paid to third parties with respect to proprietary software, such as the applications for the collection of port dues (€0.3 million), the planning and reservation system for moorings (€0.6 million) and the Data Warehouse (€0.4 million).

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Notes to the balance sheet

A number of investments in intangible fixed assets have been amortised in full but are still in use. The most important of these are: Ophelia ZHG system, Data Warehouse, Cisca contract management system and the Profit payroll programme.

The assets under construction primarily relate to further development of the application for harbour dues collection and the replacement of the Port waste plan and procurement system. The investments mainly consist of the development of the port dues applications (€0.7 million), the development of the Data platform (€0.3 million) and the implementation of the procurement system (€0.3 million).

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Notes to the balance sheet

2 Tangible fixed assets

Prepaid ground Ground, road lease for land and water Other tangible Assets under and sites works fixed assets construction Total Balance as at 1 January 2020 Acquisition or manufacturing cost 300,376,646 279,953,118 59,323,178 58,043,598 697,696,540 Accumulated depreciation –42,074,500 –75,777,322 –23,570,325 – –141,422,147 Carrying amount as at 1 January 2020 258,302,146 204,175,796 35,752,853 58,043,598 556,274,393

Movements Investments – 4,687,819 2,170,794 23,690,970 30,549,583 Commissioning – 6,028,855 6,169,936 –12,198,791 – Depreciation –6,014,345 –12,365,110 –4,798,675 – –23,178,130 Divestments – –297,705 –560,179 – –857,884 Depreciation in respect of divestments – 87,252 560,179 – 647,431 Net movements –6,014,345 –1,858,889 3,542,055 11,492,179 7,161,000

Balance as at 31 December 2020 Acquisition or manufacturing cost 300,376,645 292,640,714 67,057,747 69,535,777 729,610,883 Accumulated depreciation –48,088,844 –90,323,807 –27,762,839 – –166,175,490 Carrying amount as at 31 December 2020 252,287,801 202,316,907 39,294,908 69,535,777 563,435,393

Depreciation rates 2% 0–10% 2–33%

Classification of movements Due to the nature of the operating activities, the categories in the statement of movements differ from the legally specified categories. This is permitted because the categories used provide a better insight into the composition of the carrying amount and invested sums.

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Notes to the balance sheet

Use of the component approach Ground, road and water works Before Havenbedrijf Amsterdam N.V. became an independent entity on 1 April 2013., Ground, road and water works concern investments in the infrastructure of the entire no component approach was used in respect of tangible fixed assets. After that date, port area, as well as land owned by the port. however, the component approach was applied due to advancing insight. The component approach is applied to the asset categories of ground, road and water The most important investments and commissioning in 2020 concern the purchase works, as well as a number of subcategories within the other tangible fixed assets. of land at Hoogtij (€4.2 million), the purchase of a shipyard Holland Jachtbouw The book value of the classes of ground, road and water works of before and after (€2.5 million) and the construction of a quay in Mauritius harbour (€2.3 million). the company became an independent entity were €112.8 million and €89.4 million respectively at year-end 2020 (2019: before €122.9 million, after €81.3 million). Other tangible fixed assets Other tangible fixed assets include vessels, installations, computer equipment and office The carrying amount of the subcategories within the ‘Other tangible fixed assets’ equipment. before and after the company became an independent entity were €12.2 million and €24.7 million respectively at year-end 2020 (2019: before €14.5 million, after The most important investments and commissioning in 2020 concern renovations €21.2 million). to the Holland Jachtbouw shipyard (€4.2 million), the purchase of a shed from the Monumentenwerf (€2.2 million) and the installation of shore power on the Prepaid ground lease for land and sites De Ruijterkade (€0.9 million). On its incorporation, the company acquired the port sites under a ground lease. The Municipality of Amsterdam is the legal owner of the port sites. The annual ground Assets under construction lease payments in the first term of 50 years are deemed to have been settled, as The assets under construction mainly concern the projects relating to the construction determined between the Municipality and Port of Amsterdam. An option to update of a quay at Hoogtij (€15.8 million), the construction of waiting places in Afrikahaven the ground lease and revise the general terms and conditions of the principal ground (€5.2 million), the replacement of bollard piles in IJmuiden (€4.9 million), the purchase lease is provided at the end of the first term (in 50 years). Based on the economic reality of the Moselhaven quay (€3.9 million), the restructuring of Contactweg (€3.9 million), of the transaction, the Municipality has made a capital contribution equivalent to the construction of the Nautical Coordination Centre (€3.4 million) and the construction the buyout payment and the buyout payment has been capitalised as ‘Prepaid ground of a quay in the North Sea Canal (€3.0 million). lease for land and sites’ with share premium as a counterpart on the balance sheet. Havenbedrijf Amsterdam N.V. charges the prepaid ground lease to the statement The remainder consists of various smaller assets under construction. of profit and loss on a straight-line basis over 50 years. Impact of the coronavirus crisis: The existence and remaining useful life of the assets have been analysed. This did not reveal any peculiarities. The service life and residual values used remain unchanged. An impairment is not applicable.

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Notes to the balance sheet

3 Financial fixed assets

Participating Amounts owed Other interests in group by group Deferred non-current companies companies tax assets receivables Total Carrying amount as at 1 January 2020 9,078,047 3,520,953 252,432,124 32,507,758 297,538,882 Benefits in kind – 1,945,408 – 4,481,543 6,426,951 Movements as a result of rate change – – 37,254,289 – 37,254,289 Share of result of interests over which significant interest is exerted –1,851,126 – – – –1,851,126 Dividends received from participating interests – 800,000 – – – –800,000 Interest – – – 444,604 444,604 Current portion – – – –1,104,270 –1,104,270 Repayments – – – –1,027,632 –1,027,632 Realised – – –6,703,493 – –6,703,493 Carrying amount as at 31 December 2020 6,426,921 5,466,361 282,982,920 35,302,003 330,178,206

As a result of the change in accounting policy for the valuation of provisions, the carrying amount of the deferred tax assets as at 1 January 2020 has been adjusted compared with the 2019 financial statements. The impact of this is shown in the accounting policies under Disclosure of changes in accounting policies.

Participating interests The company’s interests in other companies can be analysed as follows:

Share of issued capital in % Bouw- en Handelsmaatschappij Hallum B.V., Amsterdam 100.00 Hallum Cruise B.V., Amsterdam 100.00 Regional Development Company North Sea Canal Area N.V., Amsterdam 33.33

In addition to the above participating interests, Havenbedrijf Amsterdam N.V. is one of the three members of the Coöperatie Gezamenlijke Brandweer Amsterdam U.A. (cooperative organisation for the joint fire brigade).

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Notes to the balance sheet

Participating interests in group companies 31-12-2020 31-12-2019 Bouw- en Handelmaatschappij Hallum B.V. 2,412,998 3,122,263 Hallum Cruise B.V. 1,519,144 3,994,451 Regionale Ontwikkelingsmaatschappij Noordzeekanaalgebied N.V. 2,494,779 1,961,333 Total participation interests in group companies 6,426,921 9,078,047

Bouw- en Handelsmaatschappij Hallum B.V. 2020 2019 Carrying amount as at 1 January 3,122,263 2,967,212 Revaluation of participating interest – 385,730 Result –709,265 169,321 Dividend received from participating interest – –400,000 Carrying amount as at 31 December 2,412,998 3,122,263

Hallum Cruise B.V. 2020 2019 Carrying amount as at 1 January 3,994,451 4,875,496 Result –1,675,307 118,955 Dividend received from participating interest –800,000 –1,000,000 Carrying amount as at 31 December 1,519,144 3,994,451

Regional Development Company North Sea Canal Area N.V. 2020 2019 Carrying amount as at 1 January 1,961,333 1,103,333 Result 533,446 858,000 Carrying amount as at 31 December 2,494,779 1,961,333

Impact of the coronavirus crisis: As a result of the coronavirus pandemic, one of the participating interests of Hallum Cruise B.V., namely Waterkant C.V., was unable to receive sea cruise ships. As a result, the turnover of this participation largely disappeared in 2020. This is the main cause of Hallum Cruise’s negative result.

On 4 June 2020, Havenbedrijf Amsterdam N.V. issued guarantees to the participations Hallum B.V. and Hallum Cruise B.V. In these guarantees, Havenbedrijf Amsterdam N.V. declared that it would stand surety for all debts resulting from legal acts and the negative equity of both participations. The guarantees run until 2 July 2022.

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Notes to the balance sheet

The negative result of Bouw- en Handelsmaatschappij Hallum B.V. is mainly caused by the write-down of the loan to Waterkant C.V. (€0.8 million). Due to the coronavirus crisis as described above, there is an indication that Waterkant C.V. will not be able to repay the loan.

Amounts owed by group companies 2020 2019 Claim on Bouw- en Handelmaatschappij Hallum B.V. 5,466,361 3,520,953

Amount owed by Bouw- en Handelmaatschappij Hallum B.V. 2020 2019 Balance as at 1 January Balance of principal 3,520,953 – Carrying amount as at 1 January 3,520,953 – Movements Granted in financial year 1,858,382 3,520,953 Interest credited 87,026 – Net movements 1,945,408 3,520,953 Balance as at 31 December Balance of principal 5,466,361 3,520,953 Carrying amount as at 31 December 5,466,361 3,520,953

Deferred tax assets 2020 2019 Balance as at 1 January 252,432,124 244,960,095 Movement as a result of rate change 37,254,289 14,275,389 Realised – 6,703,493 –6,803,360 Balance as at 31 December 282,982,920 252,432,124

At the end of 2020, the reductions in corporate tax rates from 2021 were partially reversed. According to the Guidelines of the Dutch Accounting Standards Board, changes must be taken into account in the measurement of deferred taxes. As a result of these future rate reductions, the deferred tax asset is increased by €37.3 million.

An amount of €6.7 million of the deferred tax asset is expected to be realised within one year.

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Notes to the balance sheet

In connection with the mandatory change in accounting policy for provisions, the deferred tax asset has been increased by €1.2 million in 2019.

Other non-current receivables 31-12-2020 31-12-2019 Long-term loans 10,757,316 11,773,134 Prepaid discount and transitional schemes 24,544,687 20,734,624 Total other non-current receivables 35,302,003 32,507,758

Long-term loans include a deferred payment obligation of €9.1 million (2019: €9.4 million). In addition, long-term loans mainly consist of:

Loan to Port building amounting to €457,865: Annual repayment: the principal was to be offset against rent in 4 quarters from Q1 2022, but was fully repaid by February 2020. Interest rate: 4.5% per year Term: 9 years

Loan to SCS Multiport amounting to €1,510,000: Annual repayment: €102,000, Interest rate: 2% per year Term: 13 years

Loan to Integrated Green Energy amounting to €118,776: Annual repayment: €50,685 (from 2019) Interest rate: 5% per years Term: 4 years

The prepaid discount and transitional schemes concern amounts already paid to customers that relate to contracts with a longer term. Because the granted reductions relate to the entire term of the contracts concerned, they are realised in the result over the whole contractual term.

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Notes to the balance sheet

4 Receivables

Current assets 31-12-2020 31-12-2019 Trade receivables 9,910,397 11,078,570 Amounts owed by group companies 296,671 869,792 Prepayments and accrued income 5,980,485 8,446,112 Taxes and social security contributions 3,528,026 9,675,346 19,715,579 30,069,820

A provision for doubtful debts of €1.4 million (2019: €1.2 million) has been deducted from the total of trade receivables. The receivables from group companies concern ordinary trade receivables, invoices pending and amounts to be settled.

The prepayments and accrued income mainly concern the equalisation of reductions (€0.8 million), the income still to be invoiced (€2.8 million) and the prepaid expenses (€0.9 million). The decrease in prepayments and accrued income is mainly due to the fact that this financial year a number of reductions were stopped or reduced.

In 2020, net figure for taxes and social security contributions comprised a corporate income tax receivable. The fall compared with 2019 was mainly due to the fact that, in 2019, the advance payment of corporate income tax was significantly higher than the actual corporate income tax. This resulted in a receivable of €8 million.

Impact of the coronavirus crisis: To accommodate customers, payment arrangements and extended payment terms were offered to all customers. Many customers have made use of this. Extending the payment terms does mean receivables can remain outstanding longer and therefore causes an increase in the credit risk. The increased credit risk is reflected in a higher provision for doubtful debts.

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Notes to the balance sheet

Trade receivables 31-12-2020 31-12-2019 Trade receivables 11,326,113 12,273,132 Provision for doubtful debts –1,415,716 –1,194,562 9,910,397 11,078,570

Prepayments and accrued income 31-12-2020 31-12-2019 Invoices pending 2,781,501 4,447,789 Prepaid discount and transitional schemes 846,593 1,908,726 Prepaid expenses 1,098,451 1,131,822 Other receivables 1,253,938 957,775 Total prepayments and accrued income 5,980,485 8,446,112

The decrease in the amounts to be invoiced is mainly due to a decrease in the number of open declarations of harbour dues. The open declarations of seaport dues were invoiced in January 2021.

The prepaid reduction and start-up payments decreased mainly because a number of large reductions from 2020 were reduced or stopped in 2021.

The other receivables mainly concern the short-term part of the long-term loans (€0.5 million). The other receivables have increased as a result of an increase in objections still to be received.

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Notes to the balance sheet

5 Cash and cash equivalents

31-12-2020 31-12-2019 Tourist tax balances at banks 222,651 1,165,795

Deposits As at the balance sheet date, there are no cash and cash equivalents held on deposit.

Limited availability of cash and cash equivalents On 1 January 2019, the Municipality of Amsterdam has introduced a day tourist tax for transit sea cruise and river cruise passengers who moor within the municipal boundaries of Amsterdam. On behalf of the Municipality of Amsterdam, Havenbedrijf Amsterdam N.V. collects the day tourist tax. The amounts received are transferred to the Municipality of Amsterdam. At the end of 2020, the liability to the Municipality of Amsterdam amounted to €222,651.

6 Shareholders’ equity

As a result of the change in accounting policy for the valuation of provisions, the comparative figures have been restated compared with the 2019 financial statements. The impact of this is reflected in the accounting policies under Disclosure of changes in accounting policies.

Legal and Issued Share premium statutory Other Result for capital reserve reserves reserve the year Total Book value as at 1 January 2019 45,000 300,584,972 2,195,479 318,156,526 17,940,069 638,922,046 Movement in profit appropriation – – – – –17,940,069 –17,940,069 Result for the year – – – – 63,948,528 63,948,528 Profit appropriation for previous year – – – 17,940,069 – 17,940,069 Movement in legal reserve – – 2,522,940 –2,137,210 – 385,731 Dividend distribution – – – –68,488,796 – –68,488,796 Balance as at 31 December 2019 45,000 300,584,972 4,718,419 265,470,589 63,948,528 634,767,509

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Notes to the balance sheet

Legal and Issued Share premium statutory Other Result for capital reserve reserves reserve the year Total Book value as at 1 January 2020 45,000 300,584,972 4,718,419 265,470,589 63,948,529 634,767,509 Movement in profit appropriation – – – – –63,948,529 –63,948,529 Result for the year – – – – 82,254,823 82,254,823 Profit appropriation for previous year – – – 63,948,529 – 63,948,529 Movement in legal reserve – – 2,158,333 –2,158,333 – – Dividend distribution – – – – 61,367,641 – –61,367,641 Balance as at 31 December 2020 45,000 300,584,972 6,876,752 265,893,144 82,254,823 655,654,693

7 Issued capital

The authorised capital is €225,000 divided into 225,000 shares, each with a nominal value of €1. The issued and paid-up share capital at incorporation on 1 January 2013 is €45,000 and consists of 45,000 ordinary shares, each with a par value of €1.

8 Share premium reserve

On incorporation, the company acquired the port sites under a ground lease. The annual ground lease payments in the first period of 50 years are deemed to have been paid, as determined between the Municipality of Amsterdam and Havenbedrijf Amsterdam N.V. Based on the economic reality of the transaction, the Municipality of Amsterdam has made a capital contribution equivalent to the buyout payment and the buyout process has been capitalised as ‘Prepaid ground lease for land and sites’ on the balance sheet.

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Notes to the balance sheet

9 Legal and statutory reserves

The legal reserve is maintained for the capitalisation of development costs and participation interests. The legal reserve for development costs was formed for the amount of capital development costs, whereby the conditions relating to technical, commercial and financial feasibility have been met. At the end of 2020, the legal reserve amounted to €1,399,552 (2019: €379,525).

The legal reserve for participating interests has been formed insofar as the company cannot effect payment of the positive results without limitation. The share of Havenbedrijf Amsterdam N.V. in the direct capital increases and decreases of the participating interests is included in the legal reserve. At year-end 2020, the legal reserve amounted to €5,477,200 (2019: €4,338,894).

10 Other reserves

Adjustment of the opening balance The adjustment of the Dutch Accounting Standards Board to the principles of RJ 252 ‘Provisions’ has resulted in a negative adjustment of the opening balance. The impact on the opening balance is explained on pages 80 and 81.

Appropriation of profit for previous financial year The 2019 financial statements were adopted at the general meeting held on 19 May 2020. The general meeting determined the appropriation of the result, which resulted in a dividend distribution of €61,367,641.

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Notes to the balance sheet

11 Provisions

Other provisions 31-12-2020 31-12-2019 Provisions for decontamination 81,749,183 79,337,806 Demolition provisions 2,001,027 1,696,781 Personnel provisions 800,061 978,458 Provision for aftercare of dredged material 1,307,265 – Total other provisions 85,857,536 82,013,045

As a result of the change in accounting policy for the valuation of provisions, the comparative figures have been restated compared with the 2019 financial statements. The impact of this is reflected in the accounting policies under Disclosure of changes in accounting policies.

Impact of the coronavirus crisis: Havenbedrijf Amsterdam N.V. has analysed the impact of the coronavirus crisis on the facilities. The decontamination provisions concern the bought-in obligations of customers to perform soil decontamination. The responsibility for decontaminating polluted sites, if not bought out, lies with the customer. If customers are unable to meet this obligation, Havenbedrijf Amsterdam N.V. must fulfil this obligation towards the Municipality of Amsterdam. As a result of the risks surrounding the creditworthiness of customers, collateral and other guarantees have been inventoried. For existing contracts, discussions are held with customers about providing security, and for new contracts security is included as part of the contract. The coronavirus crisis has had no impact on the amortisation and employee benefits.

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Notes to the balance sheet

Provisions for decontamination 2020 2019 Balance as at 1 January 79,337,806 72,895,782 Allocations 2,324,785 6,229,215 Interest and indexation 2,635,257 5,475,466 84,297,848 84,600,463 Withdrawals –2,548,665 –5,262,657 Balance as at 31 December 81,749,183 79,337,806

The decontamination provision has increased compared with last year. This is because additions following updates to soil reports and the allocation of interest and indexation exceeded withdrawals. The addition of interest in 2020 and 2019 is due to the decline in interest rates on high-quality corporate bonds during the financial year. The most important additions as a result of updating soil reports concerned two sites on Petroleumhavenweg. The allocation to the site at Petroleumhavenweg 1317 was €1.7 million and the allocation to the site at Petroleumhavenweg 42 was €1.0 million.

The change in accounting policy is reflected retrospectively in the annual figures. For a more detailed explanation of the effect on equity and profit for 2019 and 2020, please refer to the accounting policies.

The discounting of the decontamination provisions uses inflation expectations and interest rates on high-quality corporate bonds at the balance sheet date, based on the spot rate published by Reuters. A time horizon of 10 years is used assuming interest rates and inflation can be equated after this time. The actual restructuring dates may be later than 10 years.

The provision is valued at the present value of the expected decontamination costs at locations where, on the one hand, the tenant or ground leaseholder has bought out the decontamination obligation or, on the other hand, on the basis of past events, Havenbedrijf Amsterdam N.V. considers itself responsible for decontaminating up the land. Since there are uncertainties at most locations with regard to the amount of soil to be processed and the techniques to be applied, up to and including 2019 a risk premium was used that was determined by Havenbedrijf Amsterdam N.V. with regard to the situation on which the provision was calculated.

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Notes to the balance sheet

The risk premium used by Havenbedrijf Amsterdam N.V. ranges between 0 and 25%. In practice, all sites had a surcharge of 15%. For the appraisals that will be carried out by an external agency as from 1 January 2020, the agency itself will determine the surcharge percentage for unforeseen costs, which is specifically suited to the pollution situation at the site. The oldest valuations date from 2018 and will be revalued in 2021 by a certified environmental consultancy. If the office sees reason to do so, for example because the soil information is too old in connection with the mobilisation of the contamination, new soil research will be carried out for the purpose of the valuation. The provision has a short-term character (< 1 year) of €2,141,303 and a long-term character (> 5 years) of €78,739,450.

Provisions for demolition 2020 2019 Balance as at 1 January 1,696,781 1,320,027 Allocation charged to result 223,079 262,632 Interest and indexation 81,167 114,122 Balance as at 31 December 2,001,027 1,696,781

The provision for demolition relates to:

Dismantling of wind turbines Havenbedrijf Amsterdam N.V. has a ground lease under which the leaseholder is required to pay Havenbedrijf Amsterdam N.V. an annual ground rent of up to €725,000, of which €125,000 will be used for the costs of dismantling the wind farm at Afrikahaven. The wind farm consists of nine wind turbines and will have to be dismantled at the end of its technical lifespan. The amount of the provision as at 31 December 2020 amounted to €566,106 (2019: €411,689) and is entirely of a long-term nature.

Demolition of foundations The provision for the demolition of foundations relates to the obligation accepted by Havenbedrijf Amsterdam N.V. regarding the amortisation of the applied ‘AVI slag’ as foundation layer on a site in the port area. The net provision as at 31 December 2020 amounted to €969,357 (2019: €834,357) and is entirely long term.

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Notes to the balance sheet

Amalgamation of buildings The demolition of buildings relates to demolition costs accepted by Havenbedrijf Amsterdam N.V. when renting or leasing sites. The provision is measured as the nominal value of the expected expense on the location(s) in question. This expected expenditure is estimated on the basis of current known costs and price indexations. The net provision as at 31 December 2020 amounted to €465,564 (2019: €410,698).

Personnel provisions 2020 2019 Balance as at 1 January 978,458 1,495,148 Allocations 462,289 239,302 Interest –14,516 49,861 1,426,231 1,784,311 Release –375,277 –457,279 Withdrawals –250,893 –348,574 Balance as at 31 December 800,061 978,458

Personnel provisions have been made in the context of non-statutory unemployment benefits for former personnel and benefits for future anniversaries. Interest is added annually to the personnel provisions. The provisions are short term and amount to €129,474.

The provision for former personnel as at 31 December 2020 amounted to €276,630 (2019: €386,295). The provision for anniversaries as at 31 December 2020 amounted to €523,431 (2019: €592,163).

Provision for aftercare of dredging waste 2020 2019 Balance as at 1 January – – Allocations 1,307,265 – Balance as at 31 December 1,307,265 –

The provision for aftercare of dredging waste is calculated on the basis of the contribution expected by the province of North Holland to the active monitoring until 2115 of a dredging waste site in the management area of Havenbedrijf Amsterdam N.V. In the 2019 financial statements, this item was included under Other liabilities. In view of its nature, it was reclassified under Provisions in 2020.

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Notes to the balance sheet

12 Non-current liabilities

31-12-2020 31-12-2019 Ground lease payments received in advance 52,966,055 54,624,557 Other liabilities 1,847,553 1,895,301 Total 54,813,608 56,519,858

Balance as at 31 December Remaining Remaining Non-current liabilities 2020 term > 1 year term ≥ 5 years Ground lease payments received in advance 52,966,055 52,966,055 45,045,494 Other liabilities 1,847,553 1,847,553 1,847,553 Total 54,813,608 54,813,608 46,893,047

Ground rent received in advance 2020 2019 Balance as at 1 January 54,624,557 56,726,064 Less: Realisation of ground lease –2,105,538 –2,101,507 Plus: Redemption of ground lease 447,036 – Balance as at 31 December 52,966,055 54,624,557

Ground lease payments received in advance The ground lease payments received in advance concern redemption payments from tenants with regard to the future ground lease. Consequently, Havenbedrijf Amsterdam N.V. owes no interest. The part of the advance received ground rents relating to 2020 has been accounted for under current liabilities, amounting to €2.1 million (2019: €2.1 million). The coronavirus crisis has no impact on the non-current liabilities.

Other liabilities The item other non-current liabilities includes the contributions received from third parties for the implementation of the Houthavens Covenant (€1.1 million) and the deposits received (€0.8 million).

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Notes to the balance sheet

13 Current liabilities

31-12-2020 31-12-2019 Debts to banks 75,486,377 56,188,443 Contract revenue received in advance 22,143,386 24,428,339 Taxes and social security contributions payable 3,686,171 2,163,937 Liabilities to suppliers and trade credits 3,190,480 3,810,175 Amounts owed to group companies 196,502 – Pension liabilities 444,233 454,643 Debts to shareholder 222,651 1,165,795 Other debts and deferred income 16,650,318 26,939,628 Total short-term liabilities 122,020,118 115,150,960

Debts to banks Havenbedrijf Amsterdam N.V. has a ‘Revolving facilities agreement’ for €126 million. Of this facility, €46 million cannot be drawn on until the construction of the new sea lock at IJmuiden starts. The facility is subject to market conditions and can be used periodically for 1, 3 or 6 months cash at an interest rate of one-, three- or six-month Euribor. In addition, a covenant was agreed with the lender whereby the adjusted shareholders’ equity should be at least 35% of the total equity. This condition was met as at 31 December 2020. No securities have been provided for this loan. Additional costs have been taken into account in the valuation of this financing.

As at 31 December 2020, this facility has been used for €75.5 million (2019: €56.2 million). This is partly due to the liquidity needs created by the coronavirus crisis to meet current obligations.

Amounts owed to group companies The current account position with Hallum Cruise B.V. was an asset last year and a liability this year. This situation is mainly caused by the corporate income tax receivable by Hallum Cruise B.V. from Havenbedrijf Amsterdam N.V. due to a negative result from the participating interest. Hallum Cruise B.V. forms part of the fiscal unity with Havenbedrijf Amsterdam N.V.

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Notes to the balance sheet

Other liabilities and deferred income 31-12-2020 31-12-2019 Invoices to be received 6,191,405 15,138,809 Holiday pay or days 3,379,523 2,957,386 Discounts payable 2,089,330 2,748,225 Grants received in advance 1,280,000 1,090,000 Other taxes payable 1,308,564 904,744 Revenue received in advance 827,716 1,245,330 Other 1,573,780 2,855,134 Total other liabilities and deferred income 16,650,318 26,939,628

The decrease in invoices to be received is mainly due to the fact that many purchase invoices were received by the end of the year.

The increase in other taxes concerns property tax and water board tax. The assessments received for property tax were largely passed on to customers.

The item other mainly consists of ground rent still to be paid (€0.5 million) and salaries still to be paid (€0.1 million).

The coronavirus crisis has had no impact on the current liabilities.

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Assets, liabilities and arrangements not included in the balance sheet

Information covering contingent arrangements By means of general conditions and contractual agreements, Havenbedrijf Amsterdam N.V. Transformation area has shifted the obligation to deliver clean soil to its customers, who will bear the costs In the Port-City Transformation Strategy, adopted in the City Council meeting of associated with cleaning up their sites themselves. July 2013, it was decided that the Municipality of Amsterdam would pursue a gradual Because the transformation area is the oldest part of the port, there are risks of contractual transformation strategy, starting with the non-harbour sites. On 21 December 2017 the liability for customers who have been in the port for a long time. This is because City Council approved the Port-City development strategy: from 2029 Amsterdam will pollution may have occurred before the existence of environmental legislation and build between 40,000 and 70,000 homes, part of which will be realised at the port sites because insufficient attention was paid to environmental aspects in the design of some around the Coen, Minerva, Mercurius and Vlothaven. contracts with long-established customers. In the case of one customer, this contract risk is such that the responsibility with regard to the decontamination obligation on the The financial consequences for Havenbedrijf Amsterdam N.V. depend on further customer’s site is the subject of discussion with the customer. If this were to result in decision-making and are therefore still uncertain. In the coalition agreement 2014, the legal proceedings, a claim of up to €26 million would be involved, being the estimated municipal executive decided that the existing companies in the port sites within the ring decontamination costs for the entire site. The likelihood that these costs will be borne by road will be able to stay until at least 2040. The development strategy states that new Havenbedrijf Amsterdam N.V. is uncertain at present. This uncertainty arises from the homes will gradually be built between the current businesses. The other agreements fact that the time when the pollution occurred is decisive for the possibility of recourse have remained the same. The following agreements are now in force: against the former leaseholder and/or the current lessee. In addition, the outcome of • Covenant Houthaven / NDSM; possible legal proceedings cannot be estimated with certainty at this moment. Because of • Existing companies can remain in place at least until 2040, within the existing this uncertainty, the liability is not included in the balance sheet. It should also be noted environmental contours; that there is no acute obligation to remediate; the current tenant has a contract up to and • New issues and extensions are possible with a term until 2029, or in consultation with including 2040. The first opportunity to remediate is from 2040 onwards. the municipality; • All current assets will be paid for by the city to Havenbedrijf Amsterdam N.V. at the Houthavens Covenant prevailing book value at the time of transformation; Havenbedrijf Amsterdam N.V. has concluded the Houthavens Covenant with the • Major new investments in the area, with a depreciation period exceeding 2029, should City of Amsterdam, the Province of North Holland and several companies in the port. be coordinated with the Municipality, with the possibility that part of the new The purpose of the agreement is to enable the development of the port and the investments will not be paid for at full carrying value to Havenbedrijf Amsterdam N.V. companies located there and the development of housing in Houthaven and at the in the event of a transfer; NDSM yard, in a good balance with each other. To make this a reality, an innovation fund • The land must be delivered clean, which means ‘industry’ level. has been set up from which businesses can receive a contribution towards environmental measures above and beyond the statutory requirements (measures that go beyond what companies are obliged to do on the basis of legislation and regulations) that contribute to the improvement of the current environmental situation and living environment.

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Assets, liabilities and arrangements not included in the balance sheet

A maximum amount of €9 million is available for the innovation fund. Havenbedrijf Amsterdam N.V. rejected the claim, but agreed to mediation. Should this The maximum contribution of the Port of Amsterdam Authority is €3 million. process not bring the parties together, the owner of the water plot could pursue the claim The remaining liability at year-end 2020 amounted to €1.8 million (2019: €1.9 million). with the Court of Amsterdam, where the case is stayed pending the mediation process. If Havenbedrijf Amsterdam N.V. is found to be completely in the wrong, this would Project Hoogtij involve a financial interest of €1.7 million. The likelihood that this will be paid and the In February 2016, Havenbedrijf Amsterdam N.V., for the purpose of refinancing the amount to be paid are uncertain, which is why the claim is not included in the balance Hoogtij project, issued a security to the province of North Holland and the municipality sheet. of Zaanstad, subject to conditions and to a maximum of €14 million at an annual premium of 0.55% of the principal amount, (partly) secured by a right of mortgage on Amsterdam Joint Fire Brigade (GBA) real estate underlying the transaction. As of 16 September 2019, Havenbedrijf Amsterdam N.V. will act as a guarantor for five years for a shortfall in the membership contributions of the cooperative business IJmuiden sea lock members GBA. In 2020, the contribution consisted of €1.1 million in fixed contribution Havenbedrijf Amsterdam N.V. contributed as an interested party to the financing and €0.5 million in additional contribution. It is expected that this deficit will be smaller of the IJmuiden sea lock. The amount of the contribution was set at €46.51 million. in 2021 than in 2020 due to the entry of company members. We also expect this trend to The contribution will be paid in two tranches. The first tranche, amounting to continue in the coming years. €5 million, was already paid in October 2017 and is therefore charged to the 2017 result. The remaining liability at the end of 2017 amounted to €41.51 million. This amount Tax group should be paid and accounted for in the financial statements on the latest date of Havenbedrijf Amsterdam N.V. is the head of the tax group for corporate income completion and 31 October 2019. tax purposes. As of 2020, the tax group includes the participations Bouw- en Handelsmaatschappij Hallum B.V., Hallum Cruise B.V., Port of Amsterdam Havenbedrijf Amsterdam N.V. will be compensated with €1.3 million for every full International B.V. and Port of Amsterdam Activities B.V. calendar year in which the availability date lies after 31 October 2019. If the availability date is after 31 October 2019 in only a part of the calendar year, the compensation will Financial instruments be reduced proportionally. The expected completion date is currently January 2022. As a result of risk aversion, no specific derivatives are used to manage financial and operational risks. The policy regarding the use of financial instruments is cautious. Claim mediation The treasury charter offers possibilities to hedge existing interest, currency and At the end of 2020, a mediation process with the owner of a water parcel in the Port financing risks, but not to take active positions. Apart from the credit facility, there was Authority’s management area is ongoing. The owner of the water parcel is demanding no need to use other financial instruments during the year. the evacuation of the water plot, asking for compensation and wants dredging work to be carried out to restore the original water depth.

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Assets, liabilities and arrangements not included in the balance sheet

Disclosure of off-balance sheet obligations At the end of 2020, there are a number of multi-year financial obligations towards third parties relating to ground lease, maintenance of the port area and infrastructure and internal operations. This concerns multi-year contracts for, among other things, non-renewed ground rents, rent of office buildings, lease of vehicles, IT services and road cleaning.

0-1 years 1-5 years > 5 years Total Total commitments € 9.2 million € 20.8 million € 21.6 million € 51.6 million

We have also entered into a number of contingent liabilities with suppliers in the form of framework agreements for, among other things, the management and maintenance of the port area.

On 4 June 2020, Havenbedrijf Amsterdam N.V. issued guarantees to the participations Hallum B.V. and Hallum Cruise B.V. In these guarantees, the Port of Amsterdam declared that it would stand surety for all debts resulting from legal acts and the negative equity of both participations. The guarantees run until 2 July 2022.

Off-balance-sheet commitments on investment obligations At year-end 2020, Havenbedrijf Amsterdam N.V. had entered into obligations towards third parties for the acquisition and development of intangible and tangible fixed assets for an amount of €9.4 million (2019: €13.2 million).

Disclosure of off-balance sheet assets Havenbedrijf Amsterdam N.V. has concluded long-term rental and long lease contracts for property, sites and quays. The future minimum yields of these contracts amount to €2,438 million, of which €98.0 million in the coming year.

In 2020, we recorded total revenues of €92.8 million. The agreements have a term of 2050 years. The yield is a fixed amount per year and is indexed annually.

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Assets, liabilities and arrangements not included in the balance sheet

Proposed appropriation of profit

The net result for 2020 amounted to €82,254,823. The appropriation of the result is subject to a decision by the General Meeting.

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Notes to the statement of profit and loss

14 Revenue

2020 2019 Rent and ground lease 92,854,714 90,041,914 Seaport dues 54,344,369 61,591,670 Inland port dues 6,427,252 6,884,951 Revenues from mooring reservations 278,659 3,580,182 Other revenue 4,538,076 7,272,170 Total revenue 158,443,070 169,370,887

Rent and leasehold Rental and ground lease revenues increased due to new allocations and regular price increases. In 2020, we issued 19.9 hectares of land and took back 8.5 hectares of land. In 2019, gross site issuance was 20.3 hectares and 3.1 hectares of sites were taken back. Large port-related issues were Vollers Real Estate B.V., LOGISTIS Amsterdam Harbor B.V. and GPS.

Seaport dues Revenues from seaport dues decreased by €7.3 million in 2020 due to declining ship visits and declining throughput as a result of the coronavirus crisis.

Inland port dues/revenue from mooring reservations Revenues from mooring reservations decreased in 2020. This was due to the fact that during large parts of the coronavirus pandemic, we prohibited cruise ships from entering the Amsterdam Port area.

Other revenue The decrease in other revenues (€2.7 million) was mainly caused by decreases in revenues from shore power and waste charges, which go hand in hand with the decrease in shipping traffic.

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Notes to the statement of profit and loss

15 Personnel expenses

2020 2019 Wages and salaries 25,156,528 24,861,108 Social security contributions and pension costs 7,830,605 7,660,888 Other personnel costs 3,719,948 4,233,335 36,707,081 36,755,331

Social security contributions and pension cost 2020 2019 Social security contributions 3,619,205 3,649,798 Pension costs 4,211,400 4,011,090 7,830,605 7,660,888

An amount of €1.2 million has been deducted from wages and salaries due to recharged wages and salaries (2019: €1.3 million).

Wages and salaries increased due to regular periodic salary increases.

The item other personnel costs has decreased due to lower costs for external hiring. In addition, less corporate training was followed in 2020. This also results in lower costs.

Number of employees Havenbedrijf Amsterdam N.V. had the following number of employees at year-end, calculated on a full-time basis and broken down by activity:

2020 2019 Nautical activities 165.7 163.2 Operation of port sites and overheads 192.0 198.2 Total 357.7 361.4

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Notes to the statement of profit and loss

Remuneration of the Board of Directors In December 2018, the shareholder adopted the remuneration policy that will apply to the Havenbedrijf Amsterdam N.V. management board members in 2020, based on a proposal by the Supervisory Board. This remuneration policy offers an employee benefits package consisting of a fixed basic salary, a possible variable remuneration and a contribution to the pension premium. The remuneration policy for the Board of Directors is in line with the current municipal remuneration policy for its participating interests.

Fixed Variable Contribution Name Start of term End of term remuneration remuneration pension Total K.J. Overtoom 06-12-2016 06-12-2024 173,267 – 32,097 205,364 A.H. Kousbroek 01-02-2020 01-01-2025 155,053 20,141 175,194 M.R. de Brauw 01-11-2015 31-12-2020 148,931 – 31,576 180,507

Fixed remuneration The fixed remuneration of the members of the Board of Directors has been increased in 2020 compared with 2019. The amounts mentioned include holiday pay and exclude employer’s social security contributions.

Variable remuneration The members of the Board of Directors may be awarded a variable bonus of up to 10% of their gross salary. No variable bonus was awarded for the 2020 financial year.

Pension costs The members of the Board of Directors participate in the pension scheme of the General Pension Fund for Public Employees (ABP). Their pension scheme is the same as the scheme for Port of Amsterdam employees.

A.H. Kousbroek was appointed interim Statutory Financial Director as of 1 February 2020 and Statutory Financial Director as of 1 January 2021.

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Notes to the statement of profit and loss

Remuneration of Supervisory Board members

Name Start of term End of term 2020 2019 K. van der Steenhoven 01-08-2020 01-02-2021 30,150 29,100 J.F.J.M. de Haas 31-12-2019 31-12-2023 20,100 19,400 W.J. Maas 03-05-2017 03-05-2021 20,100 19,400 A.M. Magis 01-09-2019 01-09-2023 20,100 6,467 M.E.T. Pigeaud 01-09-2019 01-09-2023 20,100 6,467 R.I. Doerga 03-05-2017 16-10-2019 – 16,166 P.G. Stibbe 26-04-2018 16-10-2019 – 16,166 110,550 113,166

The compensation for the members of the Supervisory Board is related to the maximum that applies to the highest- earning director, in line with the WNT. For the members this means 10% of the general WNT-norm in 2020. For the chairman this is 15%.

16 Depreciation and amortisation

2020 2019 Amortisation of intangible fixed assets 970,388 353,977 Depreciation of tangible fixed assets 23,388,584 23,618,950 Total depreciation 24,358,972 23,972,927

Depreciation of property, plant and equipment also includes a book loss on disposals of €0.2 million (2019: €1.0 million).

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Notes to the statement of profit and loss

17 Other operating expenses

2020 2019 Accommodation expenses 2,604,689 3,049,023 Management and maintenance expenses 5,672,271 7,154,539 ICT costs 7,162,018 6,791,690 Environment and spatial planning 3,926,119 9,073,436 Communication, marketing and acquisition 3,003,584 3,748,987 Rental and ground lease charges 2,618,184 2,027,052 Research and consulting expenses 2,697,530 3,029,485 Other costs 5,225,655 4,997,941 Total of other operating expenses 32,910,050 39,872,152

The decrease in accommodation costs is partly due to lower energy costs as the offices were largely closed.

The decrease in management and maintenance costs is mainly due to less maintenance of quay walls and bank protection (€0.4 million), cleaning and maintenance of roads (€0.4 million), rental of vessels (€0.4 million) and maintenance of company buildings (€0.3 million).

The increase in ICT costs is mainly due to software development (€0.2 million) and the use of ICT services by third parties (€0.2 million).

The costs for environment and space have fallen sharply because in 2019 a large allocation was made in favour of HavenStad (€4.7 million).

The decrease in costs for communication, marketing and acquisition and research and advice is mainly caused by the implemented cost-cutting measures due to the effects of the coronavirus crisis.

The other costs include the costs for contributions to the Amsterdam Joint Fire Brigade (€1.1 million fixed contribution and €0.5 million additional contribution).

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Notes to the statement of profit and loss

External auditor’s fees The specification of the fees of the external auditor Ernst & Young Accountants LLP is as follows:

2020 2019 Audit of the annual accounts 180,509 160,000 Other audit engagements 3,900 3,900 Other non-audit engagements 5,082 5,082 Total 189,491 168,982

Havenbedrijf Amsterdam N.V. has recognised the total fees of the external auditor relating to the financial year 2020 as costs in the statement of profit and loss.

18 Financial income and expenses

2020 2019 Interest income 897,972 987,800 Interest expenses –2,772,126 –4,973,241 –1,874,154 –3,985,441

Interest income 2020 2019 Interest on outstanding loans 768,401 765,404 Interest due to deferred payment of debts 129,571 222,396 897,972 987,800

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Notes to the statement of profit and loss

Interest expenses 2020 2019 Interest on decontamination provisions 2,698,255 4,891,141 Interest on credit facility 66,609 20,776 Interest on employee benefits 4,032 49,920 Interest on late payments to creditors 3,230 11,404 2,772,126 4,973,241

The interest on the decontamination provisions relates to the mandatory change of system from nominal value to present value. For further explanation we refer to the principles and to the explanation of the decontamination provisions.

19 Taxes

2020 2019 Taxes for current financial year –9,245,706 –9,419,958 Taxes from prior financial years 208,047 –34,854 Movement in deferred taxes 30,550,795 7,472,029 21,513,136 -1,982,783

% % Effective tax rate –34.37 3.10% Applicable tax rate 25.00 25.00

The adjustments in connection with taxes for previous financial years (€208,047) relates to the difference between the processed corporate income tax due 2019 and the filed tax return for 2019.

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Notes to the statement of profit and loss

Movement in deferred taxes 2020 Realisation of temporary differences in the financial year –6,703,493 Change in deferral due to decrease in tax rates from 2021 37,254,289 Total 30,550,795

The effective tax rate differs significantly due to effects from commercial and tax valuation. At the end of December 2020, the government changed the legislation concerning the tax rates again. The consequence of this rate change is that the deferred tax asset has been adjusted upwards by €37.3 million.

The reconciliation between the nominal highest-tier tax rate and the effective tax rate according to the statement of profit and loss is as follows:

2020 in % 2019 in % Nominal rate 25.0 25.0 Non-deductible expenses and additional tax 0.2 0.1 Correction of tax to be paid in the previous year – – Tariff change for boarding rate 16.5% instead of 25% – – Change in deferred tax asset due to change in future tax rates –59.6 –22.0 Effective rate –34.4 3.1

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Notes to the statement of profit and loss

20 Result from participating interests

2020 2019 Result Hallum B.V. –709,265 169,321 Result Hallum Cruise B.V. –1,675,307 118,955 Result RON N.V. 533,446 858,000 Total share in results of participating interests –1,851,126 1,146,276

Impact of the coronavirus crisis: Note 3 – Financial fixed assets describes the impact of the coronavirus pandemic on the results of the participations.

21 Post-balance sheet events

No events have occurred since the balance sheet date that provide further information about the actual situation as of the balance sheet date or that are relevant for the users of the financial statements in forming their opinion.

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Signature page

Amsterdam, 17 March 2021 Havenbedrijf Amsterdam N.V.: signed: K.J. (Koen) Overtoom signed: A.H. (Alexander) Kousbroek RA CEO Financial Director

Amsterdam, 17 March 2021 Signatures of Supervisory Board members: signed: J.F.J.M. (Jeroen) de Haas signed: M.E.T. (Mieke) Pigeaud-Wijdeveld Chairman

signed: W.J. (Willemijn) Maas signed: A.M. (Anne Marie) Magis

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Other information

Provisions of the articles of association concerning the appropriation of profit

The dividend policy, as laid down in Article 9 of the Port Agreement at the time of corporatisation in 2013, was amended on 9 January 2018. The Articles of Association of Havenbedrijf Amsterdam N.V. now include a provision that from now on the dividend policy, on the proposal of the Supervisory Board and the Board of Directors, will be determined by the shareholder. Article 9 of the Port Agreement has therefore lapsed.

The dividend policy adopted by the shareholder ideally follows the four-year term of Havenbedrijf Amsterdam N.V.’s strategic plan. The current dividend policy has been adopted by the shareholder for the period 2017-2021.

The basic principles of the policy for determining the dividend are the continuity of the company and a robust capital structure. There should be sufficient room to invest, with the investment agenda of the strategic plan 2017-2021 as a starting point. The policy offers sufficient room for a substantive consideration of the investment agenda and the amount of the dividend.

The new dividend policy for the period 2021-2025 was adopted at the Annual General Meeting of Shareholders on 16 April 2021.

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Other information

Independent auditor’s report We are independent of Havenbedrijf Amsterdam N.V. as required by the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the Verordening inzake de To: the shareholders and management of Havenbedrijf Amsterdam N.V. onafhankelijkheid van accountants bij assuranceopdrachten (ViO) (Regulation on the independence of auditors for assurance engagements) and other independence rules in Report on the audit of the 2020 financial statements included the Netherlands relevant to the assignment. Furthermore, we have complied with the in the annual report Dutch Audit Firms Conduct and Professional Rules (VGBA).

Our opinion We believe that the audit evidence we have obtained is sufficient and appropriate to We have audited the 2020 financial statements of Havenbedrijf Amsterdam N.V., provide a basis for our audit opinion. Amsterdam. Report on the other information included in the annual report In our opinion, the financial statements included in this Annual Report give a true and In addition to the financial statements set out on pages 70 to 121 and our audit report fair view of the financial position of Havenbedrijf Amsterdam N.V. as at 31 December thereon, the financial statements include other information, comprising: 2020 and of its result for the year then ended in accordance with Part 9 of Book 2 of the • the management report (page 369); Dutch Civil Code. • other information (page 122); • GRI table (page 129-132); The financial statements consist of: • Annex 18 (page 133-157); • the balance sheet as at 31 December 2020; • Assurance report (page 126-128). • the statement of profit and loss for 2020; • the cash flow statement for 2020; Based on the following procedures performed, we are of the opinion that the other • accounting policies; information: • notes to the balance sheet; • is consistent with the financial statements and does not contain any material • assets, liabilities and arrangements not included in the balance sheet; and misstatements; • notes to the statement of profit and loss. • contains all the information required pursuant to Part 9 of Book 2 of the Dutch Civil Code.

Basis for our opinion We have read the other information and considered whether, based on our knowledge We conducted our audit in accordance with Dutch law, including the Dutch Standards and understanding, obtained from the financial statements or otherwise, the other on Auditing. Our responsibilities in this respect are described in the section entitled information contains material misstatements. “Our responsibilities for the audit of the financial statements”. In doing so, we have complied with the requirements of Part 9 of Book 2 of the Netherlands Civil Code and with the Dutch Standard 720. The scope of these procedures is substantially less than the scope of those performed in our audit of the financial statements.

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Other information

Management is responsible for the preparation of the other information, including the Misstatements may arise from fraud or error, and are material if, individually or management report and the other information in accordance with Part 9 of Book 2 of the collectively, they could reasonably be expected to affect the economic decisions of users Dutch Civil Code. taken on the basis of these financial statements. Materiality affects the nature, timing and extent of our audit work and the assessment of the effect of identified misstatements on Description of responsibilities for the annual accounts our opinion.

Responsibilities of management for the financial statements We conducted our audit in a professionally critical manner, and applied professional Management is responsible for the preparation and fair presentation of the financial judgement where relevant, in accordance with Dutch auditing standards, ethics statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, regulations and independence requirements. Our audit included the following: management is responsible for such internal control as it determines is necessary to • identifying and assessing the risks that the financial statements contain material enable the preparation of the financial statements that are free from material misstatements, whether due to error or fraud, and responding to those risks to misstatement, whether due to error or fraud. determine and perform audit procedures and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion. The risk of not detecting a In preparing the financial statements, management must consider whether the company material misstatement is greater with fraud than with error. Fraud may involve is able to continue to operate as a going concern. Based on the accounting framework conspiracy, forgery, deliberate failure to record transactions, deliberate mentioned, management should prepare the financial statements on the basis of the misrepresentation or breach of internal controls; going concern assumption, unless the management intends to liquidate the company or • obtaining an understanding of internal control relevant to the audit for the purpose of cease its business activities or if termination is the only realistic alternative. Management selecting audit procedures that are appropriate in the circumstances. These activities should disclose in the financial statements any events and circumstances that may give are not intended to express an opinion on the effectiveness of the company’s internal rise to reasonable doubt as to the company’s ability to continue as a going concern. controls; • evaluating the appropriateness of the accounting policies used and assessing the Our responsibilities for the audit of the financial statements reasonableness of accounting estimates made by management and the related Our objective is to plan and perform an audit to obtain sufficient and appropriate audit disclosures in the financial statements; evidence for our opinion. • establishing that the continuity assumption used by the management is acceptable. Furthermore, it is important to determine, on the basis of the audit information We conducted our audit with a high, but not absolute, level of assurance, which means obtained, whether there are events and circumstances that could cast reasonable we may not detect all material errors and fraud during our audit. doubt on whether the company is able to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit

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Other information

report to the relevant disclosures in the financial statements. If the disclosures are inadequate, we must adjust our opinion. Our conclusions are based on the audit information obtained up to the date of our audit report. However, future events or circumstances may result in a company being unable to continue as a going concern; • evaluating the presentation, structure and content of the annual accounts and the explanations included therein; • evaluating whether the financial statements give a true and fair view of the underlying transactions and events.

We communicate with management, among other things, on the planned scope and timing of the audit and on the significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Eindhoven, 18 March 2021

Ernst & Young Accountants LLP

Signed by M.H. de Hair RA

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Assurance report of the independent auditor

To: the stakeholders of Havenbedrijf Amsterdam N.V. We are independent of Port of Amsterdam N.V. in accordance with the Code of Ethics for Professional Accountants (Verordening inzake de onafhankelijkheid van accountants bij assuranceopdrachten - ViO) and other relevant independence regulations in the Our conclusion Netherlands. This means among other things that we undertake no activities that may conflict with our independent assurance engagement. We have also complied with the We have conducted an assurance engagement with limited degree of assurance with Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics). regard to selected indicators for 2020 in the 2020 Annual Report of Havenbedrijf Amsterdam N.V. of Amsterdam. We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. On the basis of the procedures conducted and the assurance information obtained, we have no reason to believe that the selected indicators are not prepared, in all material respects, in accordance with the reporting criteria as explained in the Reporting criteria Reporting criteria section. The selected indicators should be read and understood together with the reporting The selected indicators concern: criteria. Havenbedrijf Amsterdam N.V. is responsible for the selection and application • Clean shipping as specified on page 31; of these reporting criteria, taking into account the applicable laws and regulations with • Absenteeism as specified on page 48; regard to reporting. CO emissions as specified on page 27; • 2 • Sustainable procurement as specified on page 28. The reporting criteria used to establish the selected indicators are explained on pages 149 and 150 of the Annual Report.

The basis for our conclusion The lack of established practices for assessing and measuring the selected indicators allows for a range of acceptable measurement techniques to be applied. This may affect We have conducted our assurance engagement with a limited level of assurance in the comparability between entities and over time. accordance with Dutch law, including the Dutch Standard on ‘Assurance engagements other than engagements to audit or assess historical financial information (certification engagements)’. Our responsibilities in this respect are described in the section ‘Our responsibilities for the assurance engagement of selected indicators’.

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Assurance report by the independent auditor

Comparative information neither assessed nor audited Our responsibilities for the assurance engagement concerning the selected indicators No assurance engagement has been performed on the selected Clean Shipping indicator for the period 2017 to 2019, on the selected Absenteeism indicator for the period 2018 Our responsibility is to plan and perform an assurance engagement with a limited level and on the selected CO2 emissions indicator for the period 2014 to 2018. The comparative of assurance in such a way that we obtain sufficient and appropriate assurance information and related disclosures for the period 2014 to 2019 have not therefore been information for our conclusion. audited or assessed for each indicator. The procedures performed in order to obtain a limited level of assurance are intended to determine the plausibility of information and vary in their nature and timing. Limitations in the scope of our assurance engagement They are also less extensive than those used in assurance engagement intended to obtain a reasonable level of assurance. The level of assurance obtained with a limited level of Our assurance engagement is limited to the selected indicators. We have not performed assurance engagement is therefore significantly lower than that obtained in the case assurance procedures for other information in the annual report as part of this of a reasonable level of assurance engagement. engagement. We apply the Regulations for Quality Systems (NVKS). On the basis of this, we have a consistent quality control system including recorded guidelines and procedures for Responsibilities of the management compliance with ethical requirements, professional standards and other relevant laws for the selected indicators and regulations.

Management is responsible for preparing reliable and sufficient selected indicators The procedures in our assurance engagement with a limited level of assurance included: in accordance with the reporting criteria as explained in the Reporting criteria section, • performing an environmental analysis and gaining insight into the relevant social including the identification of stakeholders and the applicability of the criteria used themes and issues and the characteristics of the entity to the extent relevant for to the stakeholder objectives. Choices made by the management with regard to the scope the selected indicators; of the selected indicators and the reporting policy are set out on pages 149 and 150 of • evaluating the appropriateness of the reporting criteria used, their consistent the annual report. application and the related disclosures in the annual report. This includes evaluating the reasonableness of estimates by management; The management is also responsible for such internal control as it deems necessary to • obtaining an understanding of the reporting processes underlying the reported enable the preparation of selected indicators without material misstatement due to fraud selected indicators, including outline knowledge of the internal control measures, or error. as relevant to our assurance engagement.

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Assurance report by the independent auditor

• identifying areas in the selected indicators with a higher risk of misleading or unbalanced information or material misstatements due to fraud or errors. On the basis of this risk assessment, defining and conducting other procedures aimed at determining the plausibility of the selected indicators. These additional procedures consisted of, among other things: • conducting interviews with relevant employees responsible for supplying information, performing internal checks and consolidating the information for the selected indicators; • obtaining assurance information that ensures the selected indicators are consistent with the entity’s underlying records; • assessing relevant internal and external documentation on the basis of limited sub-audits; • analytical evaluation of data and trends; • evaluating the consistency of the selected indicators with the information in the annual report is outside the scope of our assurance engagement.

Amsterdam, 18 March 2021

Ernst & Young Accountants LLP

Signed by R.T.H. Wortelboer RA

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GRI table

Category / standard Reference 2020 Notes 2020 Category / standard Reference 2020 Notes 2020

Organisational profile 102 -12 Externally developed About this annual report 102-01 Name of the organisation Title page economic, environmental and Results: chain responsibility Publication details social charters, principles or other initiatives which the 102-02 Main brands, products or Vision, mission and strategy organisation endorses services Value creation 102-13 Memberships of associations Appendix 2 102-03 Location of the organisation’s Value creation: our field of operations and national or international headquarters advocacy organisations 102-04 Number of countries where Value creation: our field of operations 102-14 Statement from the most Foreword the organisation operates senior decision-maker about Vision, mission and strategy 102-05 Ownership structure and legal Governance the relevance of sustainability form to the organisation and its 102-06 Markets served (geographic Vision, mission and strategy strategy locations where products and Our communities services are offered, sectors Value creation Ethics and integrity served, types of customers 102-16 The organisation’s values, Our employees and beneficiaries) principles, standards and Governance 102-07 Scale of the reporting Vision, mission and strategy norms of behaviour organisation Our employees Financial statements Governance Appendix 1 102-18 Governance structure of Governance 102-08 Employees and other workers Our employees 102-8b and 102-8e: Port of the organisation Amsterdam has no employees stationed outside the Stakeholder management Amsterdam region and no 102-40 Stakeholders engaged by Our communities seasonal employees. the organisation About this Annual Report 102-09 Description of the value chain Vision, mission and strategy Appendix 4 Value creation 102-41 Percentage of the employees Our employees covered by Strategy collective bargaining agreements 102-10 Significant changes during the Coronavirus: How the port continued 102-42 Identifying and selecting Our communities reporting period: Size, to operate stakeholders with whom Appendix 4 structure, ownership or supply The Supervisory Board to engage chainof the organisation Report of the Supervisory Board 102-43 Approach to stakeholder Our communities 102 - 11 Precautionary Principle Risk Management engagement Appendix 4 Appendix 8 Appendix 5

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GRI table

Category / standard Reference 2020 Notes 2020 Category / standard Reference 2020 Notes 2020

Reporting Environment and living environment 102-44 Key topics and concerns that Our communities 103-1 Explanation of the material Vision, mission and strategy have been raised through Value creation topic and its boundary Our communities stakeholder engagement and Appendix 4 Results how the organisation has Appendix 5 responded 103-2 Management approach Vision, mission and strategy 102-45 Entities included in the Financial statements Our communities consolidated financial Appendix 1 Results statements Appendix 5 102-46 Process for defining the report Our communities 103-3 Evaluation of the management Vision, mission and strategy content and the topic About this Annual Report approach Our communities boundaries Appendix 4 Results Appendix 5 Appendix 5 102-47 List of the material topics Our communities 203-1 Development, current or Foreword identified in the process for Appendix 5 expected impacts and type of Vision, mission and strategy defining report contents investments in infrastructure Coronavirus: How the port continued and services to operate 102-48 Restatements of information About this Annual Report Our communities given in previous reports Value creation 102-49 Changes in reporting About this Annual Report Results Appendix 5 Risk management 102-50 Reporting period About this Annual Report The Supervisory Board 102-51 Date of most recent report About this Annual Report Report of the Supervisory Board Financial Statements 102-52 Reporting cycle About this Annual Report 203-2 Significant indirect economic Foreword 102-53 Contact information About this Annual Report impacts Vision, mission and strategy 102-54 Statement in the text that About this Annual Report Our communities report has been prepared in Value creation accordance with the GRI Results Standards Risk management 102-55 GRI content index GRI table The Supervisory Board 102-56 Policy and current practice for About this Annual Report Report of the Supervisory Board obtaining external assurance Financial Statements for the report 302-1 Energy consumption within the Appendix 7 Omission for 302-1d. This organisation information does not apply. 302-4 Reduction of energy Results consumption Appendix 7

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GRI table

Category / standard Reference 2020 Notes 2020 Category / standard Reference 2020 Notes 2020

305-1 Direct (scope 1) greenhouse Appendix 7 306-3 Total number and volume of Results Omission for 306-3bi, 306-3bii gas emissions significant spills and 306-3c. This information 305-2 Energy indirect (scope 2) Appendix 7 is not available. greenhouse gas emissions 403-1 Management for health and Our communities 305-7 Other significant air emissions Results Omission for 307-2a. Information safety at work Results by type and weight not available on iii to vii because this information is not measured. Intensifying use of available space 413-1 Impact of operations on the Foreword 103-1 Explanation of the material Vision, mission and strategy local community Vision, mission and strategy topic and its boundary Our communities Our communities Results Value creation Appendix 5 Results 103-2 Management approach Vision, mission and strategy The Supervisory Board Our communities Report of the Supervisory Board Results Appendix 4 Appendix 5 413-2 Operations with significant Risk management 103-3 Evaluation of the management Vision, mission and strategy actual and potential negative approach Our communities impacts on local communities Results Appendix 5 Clean and safe shipping Port of Amsterdam criteria Foreword 103-1 Explanation of the material Vision, mission and strategy Vision, mission and strategy topic and its boundary Our communities Our communities Results Results Appendix 5 Risk Management 103-2 Management approach Vision, mission and strategy Our communities Energy transition and circular economy Results 103-1 Explanation of the material Vision, mission and strategy Appendix 5 topic and its boundary Our communities 103-3 Evaluation of the management Vision, mission and strategy Results approach Our communities Appendix 5 Results 103-2 Management approach Vision, mission and strategy Appendix 5 Our communities Results Appendix 5

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GRI table

Category / standard Reference 2020 Notes 2020 Category / standard Reference 2020 Notes 2020

Transparency 103-3 Evaluation of the management Vision, mission and strategy 103-1 Explanation of the material Vision, mission and strategy approach Our communities topic and its boundary Our communities Results Results Appendix 5 Appendix 5 Port of Amsterdam criteria Foreword 103-2 Management approach Vision, mission and strategy Vision, mission and strategy Our communities Our communities Results Results Appendix 5 103-3 Evaluation of the management Vision, mission and strategy Logistics and accessibility approach Our communities 103-1 Explanation of the material Vision, mission and strategy Results topic and its boundary Our communities Appendix 5 Results Appendix 5 Port of Amsterdam criteria: Our communities Transparency benchmark score Results 103-2 Management approach Vision, mission and strategy Our communities Stakeholder engagement Results Appendix 5 103-1 Explanation of the material Vision, mission and strategy topic and its boundary Our communities 103-3 Evaluation of the management Vision, mission and strategy Results approach Our communities Appendix 5 Results Appendix 5 103-2 Management approach Vision, mission and strategy Our communities Port of Amsterdam criteria Foreword Results Vision, mission and strategy Appendix 5 Our communities Results 103-3 Evaluation of the management Vision, mission and strategy Risk Management approach Our communities Results Appendix 5 Port of Amsterdam criteria Our communities Appendix 5 GRI Table: 102-40 to 102-44

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Appendix 1

List of participating interests

Participating interest Bouw- en Handelsmaatschappij Hallum B.V. 100% Port of Amsterdam Activities B.V. 100% Port of Amsterdam International B.V. 100% Windpark Ruigoord B.V. 50% Sail Event Partners C.V. 47.5% Sail Beheer B.V. 50% Hafen Duisburg Amsterdam B mbH 34% Portbase B.V. 25% Mainport Innovation Fund II B.V. 24.25% Bin2Barrel Holding B.V. 10% Hallum Cruise B.V. 100% Waterkant B.V. 100% Waterkant C.V. 100% Regional Development Agency NZKG N.V. 33.33% Shared Energy Platform Holding B.V. 50%

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Appendix 2

List of strategic partnerships and memberships

Port of Amsterdam pursues its goals through partnerships and memberships with the following partners.

AIVP (The worldwide network of port cities) Amports Amsterdam Airport Area Amsterdam Cruise Port Amsterdam Economic Board Amsterdam IJmuiden Offshore Ports (AYOP) Amsterdam Logistics Board Noordzeekanaalgebied (NZKG) Administrative Platform Bettercoal Branch Organisation Seaports (BOZ) Central Nautical Management North Sea Canal Area Own Transporters Organisation (EVO) Emma at Work European Sea Ports Organisation (ESPO) Hydroports International Association of Ports and Harbors (IAPH) International Harbour Masters Association (IHMA) Amsterdam (JINC) Nederland Distributieland (NDL) Nederland Maritiem Land (NML) Nederlandse Wind Energie Associatie (NWEA) Pantar MRA Heat & Cold Programme

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Appendix 3

Throughput figures per cargo flow

Throughput figures per cargo flow 2020 2019 Throughput of oil products in Amsterdam (million tonnes) 41.0 47.0 Throughput of agribulk in Amsterdam (million tonnes) 7.5 7.9 Throughput of coal in Amsterdam (million tonnes) 7.4 15.6 Throughput of other dry bulk in Amsterdam (million tonnes) 11.8 10.5 Throughput of other liquid bulk in Amsterdam (million tonnes) 4.3 3.0 Throughput of containers in Amsterdam (million tonnes) 1.1 1.2 Ro-ro and other break bulk throughput in Amsterdam (million tonnes) 1.4 1.5 Throughput of containers (in TEU) 94,068 114,579

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Appendix 4

Identification of stakeholders In 2020, an external agency identified a new stakeholder group called future. This group Every two years, Port of Amsterdam determines the ITS material themes together with consists of employees and stakeholders under the age of 30. We will discuss this proposal stakeholders. We do this by looking at the world around us from our own perspective internally in the coming period and determine whether we want to include this group as and that of our stakeholders. We have identified nine different stakeholder groups: a separate group from 2021. • Customers: companies that are located or are considering relocating to the Amsterdam port area or the port region. Companies that store, transship, transport or All our stakeholders are important to us and we believe it is essential to know what they produce goods, provide services or develop new services and users of the waterways think is relevant. In addition, we value our own future vision of our impact, role and we manage; strategy. In this way, we ensure a ‘from outside in’ and a ‘from inside out’ perspective on • Employees: staff, Works Council, Supervisory Board and our shareholder, the the organisation. Municipality of Amsterdam; • Government bodies: municipalities, provinces, ministries, governmental We are in contact with our stakeholders in various ways (see the ‘Our environment’ organisations and the European Community. Both at official and political level, chapter for more information), for example by structural dialogues. These are open and including the mandate holders of the Harbour Master’s Division; informal discussions with a representative from each group, whom we select together • Strategic partners: partners with which cooperation has been established in an with the management team on the basis of a questionnaire in the organisation. agreement to realise (joint) ambitions; • Suppliers: parties that supply services or goods to Port of Amsterdam During these constructive discussions, we talk about various questions: what are we • Knowledge institutions: research institutes, colleges and universities; doing well, what can we do better, and what opportunities and risks are there? We also • Civil society organisations: organisations with a social objective; ask: are we anticipating these correctly? Furthermore, we want to know from our • Local residents: private individuals and organisations located around the Amsterdam stakeholders how they view Port of Amsterdam and whether they think we are fulfilling port and the surrounding region; our role in the right way. • Media: journalistic organisations and opinion leaders. Furthermore, there is always scope for stakeholders to raise issues of their own. After These stakeholders were identified at the initiative and guidance of the Communications each discussion, we ask our interlocutor to score themes. This is important for our department and a specialist external firm. In 2015, these stakeholder groups were defined materiality analysis. for the first time as part of our content strategy. We critically review this selection of stakeholder groups every two years. This is how we stay in touch with our environment in the right way.

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Appendix 4

Below is an overview of the stakeholder groups with explanatory notes.

Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Customers • Structural consultations with inland Increasing customer • Improving the Amsterdam It is expected that customer Through the meetings, we take waterway branches. satisfaction and working port for inland navigation. meetings will continue to be steps towards the energy • Webinar for river cruise customers. together towards a better • River cruise strategy organised, because it is transition, we discuss interests • Webinar with established customers result focused on the coronavirus important to stay in contact and tackle challenges. on SEP (Shared Energy Platform). pandemic. with customers and to know • Sessions with port customers. • SEP, energy supply problem, what their wishes and • Meeting on hydrogen opportunities tuning energy consumption. opportunities are. with established customers. • With customers to prepare • Online meeting offshore industry, the strategy for 2021-2025 online meeting potential customers. to prepare the following • Interview series on offshore wind farm topics: match urban Friesland. functions and port energy • Energy Transition Café Amsterdam: six infrastructure, intensification times a year with organisations that play of space usage, energy an important role in energy transition. transition. • Several planned meetings cancelled • Energy Transition Café due to the coronavirus crisis. Amsterdam: energy transition-related subjects in the MRA.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Government Several times a year, there are meetings Energy transition (CCUS, • Nitrogen problem, Governments at all levels From the meetings with various bodies of various cooperative associations such as synthetic paraffin, biofuels), clean shipping, Climate influence what happens in authorities, we have started the North Sea Canal Area Industry Table, transition to circular economy Agreement. the port. projects that, for example, the North Sea Canal Area Administrative (bio-based and processing of • Consequences of the It is of great importance to initiate the energy transition. Platform and the Dutch Seaports Branch urban waste), digitalisation, coronavirus crisis: remain in dialogue with For the consultations on the Organisation (BOZ). innovation, changing political guaranteeing the safety of government stakeholders, to coronavirus crisis, Port of circumstances on an port employees, the curfew, keep them informed and to Amsterdam has a weekly Since the coronavirus outbreak, we have international level (Brexit, the the continuity of companies cooperate with them, so we progress report: Port View. also had regular consultations with the rise of China, the political and service providers, maintain sufficient physical and This provides insight into and safety regions, the police, regional public situation in the United States), the handling of seagoing environmental space for port an overview of the operational health organisations, the Municipalities of railway connections, local vessels with suspected activities and can continue to progress of Port of Amsterdam, Amsterdam, Velsen, Zaanstad and themes such as Port-City, the infections on board. carry them out. the safety and progress of port Beverwijk and the Department of Public riverbank connection across activities and the consequences Works. the IJ, the coronavirus crisis of the coronavirus crisis. and the disappearance of cruise shipping. We also consulted on the operational progress in Port of Amsterdam and the NSCA.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Strategic Partners Participating in multiple consultations on • Accelerate transition to • Transport of logistics for city Current strategic partners • Study on setting up a water sustainability, clean energy, circularity and cleaner energy. by water. expect us to increase the and dust exchange. to reduce emissions. Reducing CO emissions Mapping and reducing number of new partners to join, Work out possibilities for • 2 • • and air pollution in the field noise pollution from as they have an interest in a CO2 infrastructure in the of logistics and accessibility. shipping. rapid transition to cleaner NSCA. energy, in circularity and in • Finding a solution for reducing emissions. degassing. • Pilots of waterborne transport for construction logistics and supply companies.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Suppliers • Market consultations. • Sustainable business • Various market • Successful purchasing • By entering into a dialogue • Procurement and tendering. practices. consultations and strategies and a good offer with market participants • Contract and supplier management. • Environment and living purchasing processes to for our purchasing needs. beforehand and during environment. determine the procurement • Market participants procurement procedures. • Energy transition and strategy for, inter alia, the understand our demand • With active contract and circular economy. tender for coffee, shore better and we are better supplier management. • Innovation. power installations and the informed of market • Responsible supply chain. odour monitoring system. developments and • Sustainable port. • Actively engaging with solutions. contracting parties to • Suppliers meet agreements improve their services to and develop continuously, Port of Amsterdam. so that they contribute to the organisational objectives of Port of Amsterdam.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Knowledge Collaboration with the Centre for Cluster IT, logistics and digital From Mainport Logistics and • It is expected that existing By continuing to work on new institutions Mathematics and Computer Science, VU port development. the mathematics departments collaborations with courses and programmes and University Amsterdam, with the IT cluster of Amsterdam University of knowledge institutes will be by updating courses and for IT-related matters and the cluster Applied Sciences, we have run further formalised. projects with VU University Mainport Logistics cluster for logistics several projects with S&I and • The importance for Amsterdam and the HvA. matters. DHM. Furthermore, we are knowledge institutions is to working with the Maritime create a continuous learning officer course of the HvA. line. • We have the opportunity to offer work placements for students and to offer learning and promote work opportunities at the port.

Civil society Partnership with Stichting Natuur & Milieu. About the circular economy in Stichting Natuur & Milieu’ It is important to remain in 2020 was the final year of our organisations We hold structural discussions with N&M the Amsterdam port area, vision on chemical recycling of dialogue with relevant civil (paid) partnership with to identify strategic sustainability IMVO, about opportunities and plastics in the port area and society organisations, through Stichting Natuur & Milieu, due opportunities and challenges. potential areas of improvement positioning on CSR-sensitive which we strive to achieve to the lack of concrete joint with regard to nature and the agricultural sectors such as mutual interest and projects in and around the environment. palm oil. effectiveness. port. We remain in contact to share ideas and insights with each other.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Media Regular discussions on various topics take • Environment and living In 2020, several requests for • Media attention is expected By responding to the questions place with media representatives. environment. information from the media to continue in the same from the press, we are meeting • Energy transition and were received by our vein. expectations. It is also circular economy. spokesperson, who responded • Our interest is to show important to use the media to • Logistics and accessibility. promptly. through the media what communicate the importance • Responsible supply chain. Port of Amsterdam stands of the Port of Amsterdam to • Impact of the coronavirus for and what added value the city, in the field of crisis. we bring to the city. circularity, sustainability and work opportunities.

Local residents • Communication via social media. Quality of life and • Through social media, we It is expected that the dialogue As soon as the market begins • It is customary to hold a quarterly environment. communicated on various with local residents via social to recover, we will plan monitoring meeting if necessary to find topics such as smell and media will further increase. It is consultations with local out from residents of quays where there noise pollution. important to respond with residents where necessary. is disturbance from river cruising and • Two annual port clean-ups attention and to send the right inland shipping, for example. taking place each year with message. an employee of a port areas business. • Pakhuis De Zwijger Online. • Due to the coronavirus crisis, several meetings have been cancelled. Some were unnecessary, such as the consultation on disturbance caused by river cruising.

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Examples of Fulfilling expectations Stakeholder Example of regular dialogues themes discussed Specific issues discussed Expectations and interests and interests

Employees • Meetings with DT and RVC. • Changes in the Supervisory Board. • Agile organisation: e.g. The Works Council is a good • Identifying and • Shareholders’ meeting. • Coronavirus measures. autonomous Customer sparring partner for directors implementing ideas • Supervisory Board consultations • Dividend policy. Teams (Berenschot and the Supervisory Board, and wishes from the with share Director’s • Evaluation of five-shift schedule. trajectory). The following are and expects to continue raising organisation. announcements regarding • Appointment of prevention officer. examples of such measures: and assessing current issues • The visibility of the Works developments within the • Regulation of working outside the economic personnel and representing the interests Council has been improved organisation. home. planning, diversity policy, of employees. A focal point of by structurally making vlogs • Evaluation and contract company sustainable employability the current Works Council is and blogs, thereby drawing doctor. and generation pact. communication with colleagues. attention to report. • CLA: BER and roster rules. • Collective bargaining. • Prompt and adequate • Changes to the structure at the top. • Exit interviews. handling of questions and • New construction on Capriweg. • Prodock 2.0. requests, and the drafting • Strategic plan 2021-2025. of opinions. • Consignment services. • Weekly directors’ walk-in • Personal development budget. service. • Coronavirus measures.

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Appendix 5

Determination of materiality

We define our material themes during a two-yearly process. In 2019, we determined our In 2020, we carried out year two of the process. First, we reassessed our material themes material topics by conducting various analyses, such as a peer analysis, a trend analysis by means of a media analysis, a peer analysis and a trend analysis. We looked at whether and a media analysis. These analyses formed the basis for updating the existing list of themes needed to be moved in the matrix and whether we needed to adjust the topics. explanatory notes. This led us to the following list of themes.

After we had updated this list, we discussed the outcome extensively with our In the table we explain why we are concerned with the theme in question, at what level it stakeholders. We discussed the outcome both internally (with colleagues and the matters and where in the annual report more information can be found. management team) and externally. The selection of external stakeholders was discussed internally with our management and the Board of Directors. For a detailed explanation of year one of this process, please refer to our 2019 Annual Report.

Topic Explanation: Why do we tackle this subject? Level Chapter Energy transition and circular The world must accelerate the transition to a new energy system with renewable energy sources. We see an Port of Amsterdam, • Foreword economy important role for our port in this. We focus on the energy of the future. port area and supply • Vision, mission and For example, the terminals will attract more renewable fuels and we are attracting new production facilities. chain strategy We are also generating wind and solar energy and expanding our energy infrastructure (electricity, steam/heat • Our environment and hydrogen) so that it is fit for the future and can meet the predicted increase in energy needs in the region. • Results Energy transition and circular We see the port as an ecosystem where companies can use each other’s residue streams and energy. New Port of Amsterdam, • Foreword economy customers do not stand alone, but are added to an ecosystem in the port and must fit within it. In this way, port area and supply • Our environment companies are connected and add value to each other. With a growing city and increasing waste flows, the circular chain • Results function of the port is increasing. The port area is a testing ground for circular innovations with pilots in Prodock, demoplants on the circular shell and well-run companies in our port area. This is how we are building the circular hub of Europe.

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Topic Explanation: Why do we tackle this subject? Level Chapter Environment and living With a growing, changing metropolis, the pressure on space and the environment increases. We strive for a healthy Port of Amsterdam, • Foreword environment environment, sufficient space, focus on innovation and transition and constant attention to the living environment. port area and supply • Our environment We want to cause as little nuisance (noise, odour and emissions) as possible to our urban areas, recreational and chain • Results natural environment. We are working with partners in the region to improve accessibility, attractiveness, quality and the natural value of the area for local residents, visitors and recreationists. We are, for example, investing in stimulating, protecting and enhancing biodiversity in the area. Clean and safe shipping The port area is an important logistics hub for seagoing and inland shipping and cruise shipping. It is a busy hub Port of Amsterdam, • Our environment in which safety is paramount to us. Our vision is safe and clean shipping without negative impacts. Clean shipping port area and supply • Results comprises various topics, such as air quality, climate impact and waste. Our ambition is to reduce emissions from chain the ship and from the cargo during sailing, loading and unloading. Responsible commercial chain The Amsterdam port region is one of the world’s most important logistics hubs where international cargo flows Port of Amsterdam, • Results are stored and transhipped. Some cargo flows are accompanied by undesirable conditions in the supply chain port area and supply for people and the environment. This raises questions and resistance among ourselves and those around us. chain We believe that we have a moral responsibility as a link in the trading chain. On this subject, we want to show leadership. This requires cooperation. Port of Amsterdam is working together with other ports, the national government, the European Commission and other parties in the port area to accelerate the sustainability of value chains. We work in partnerships to address sustainability issues in value chains, such as coal, cocoa and e-waste. Work and knowledge The traditional port is changing. We are developing into a port with other activities, where more and more Port of Amsterdam, • Our staff companies are active. This means more room for connecting raw material chains, new (digital) infrastructure and port area and supply innovation in energy. This change brings with it new expectations and desires about our organisation and about chain theworking environment within the port area. We want to be an agile, constructive, open and sustainable company with an employee base that is a balanced reflection of society, so that we can respond to the dynamics and current events. Furthermore, we want to play a leading role in the energy transition. We believe that a diverse workforce provides more added value in the development of the port. Digital port Efficient logistical connections in and around the Amsterdam port area require a secure digital environment. Port of Amsterdam, • Vision, mission and Therefore, we support the operation efficiently and help our customers to make their (logistics) processes faster, port area and supply strategy smarter and cleaner. chain • Results • Risk management

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Topic Explanation: Why do we tackle this subject? Level Chapter Intensifying use of available The Amsterdam metropolitan region is growing. As a result, spatial distribution issues for industry, living, working Port area • Our environment space and recreation are more complex. We want to (and must) deal carefully and critically with the available space and • Results use it intensively and optimally. Logistics and accessibility Good accessibility of the port is very important for the competitive position. Freight transport must be able to flow Port area and supply • Our environment as efficiently as possible by sea, inland waterways, rail or road, and so must passenger transport to and from the chain • Results port. We are therefore committed to optimal accessibility, whereby safety is paramount. Partnerships We operate in an arena with many different stakeholders. We therefore like to work with other parties so that, Port of Amsterdam, • Vision, mission and together, we can create value and realise our strategy. Only by working together, seeking connections and creating port area and supply strategy support, will we realise our ambition. chain • Overview of strategic partnerships and memberships Preferred port We, as an industrial cluster, strive to have a strong competitive position and be of value to the region. A good Port area and supply • Vision, mission and reputation and customer appreciation are important to us. We are building a port that delivers value for customers chain strategy and the environment. That is why we are committed to a smart, fast and clean port. We want to be the port of choice for our stakeholders. Transparency Open and honest communication about our activities and impact on our environment is essential to ensure strong Port of Amsterdam • Our environment relationships with our stakeholders. We are therefore as transparent as possible and try to communicate openly. • Results Power of innovation We want to anticipate and move with the changing world around us. We want to be agile. We therefore actively Port of Amsterdam, • Vision, mission and encourage innovation and new forms of cooperation and organisation, both with partners and within our own port area and supply strategy organisation. Innovation is essential to keep up with a rapidly changing world. chain Stakeholder engagement We deal with diverse stakeholder groups. This is why we strive for a structural and open conversation with them, Port of Amsterdam, • Our environment based on equality and trust. port area and supply • Results chain • Identification of stakeholders

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Topic Explanation: Why do we tackle this subject? Level Chapter Futureproofing We want to be futureproof. That is why we manage risks and ensure a resilient organisation. It helps us to guide Port of Amsterdam, • Vision, mission and the direction of our organisation so that we remain socially relevant. port area and supply strategy chain Good governance & We set store by leadership and sound governance with a view to the future and the achievement of ambitions. Port of Amsterdam, • Governance leadership We therefore focus on achieving long-term objectives and play a leadership role wherever possible. port area and supply chain Operating result Together with our partners, we work hard to realise ambitions, achieve goals and add value. We strive for a socially Port of Amsterdam, • Results and financially healthy organisation. port area and supply • Financial results chain • Annual accounts

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Appendix 5

A selection of these themes is the focus of our annual report. These are the most material themes. Compared with 2019, we have tightened up some disclosures. Energy transition and circular The themes ‘Clean and safe shipping’, ‘Logistics and accessibility’ and ‘Digital port’ focus Transparancy more on safety. In the theme ‘Preferred port’, we focus slightly more on customer appreciation. ‘Work and Knowledge’ is now more about the organisation itself, which Environment and living means it is more about equality, diversity, inclusion and being a good employer. environment Clean and safe shipping

This year’s review shows us that we are addressing the right issues. Our material themes Stakeholder engagement are embedded in both our current and our new strategy (see also Vision, mission and Intensifying use of strategy). We have consciously used the materiality matrix and stakeholder interviews available space as input for our new strategic plan. Sustainability and the material topics underpin the Verantwoorde spearheads of that strategy: handelsketenInnovatiekracht Firstly, we allow customers, cargoes and operations to grow more sustainably. Stakeholders Werk en kennis Logistics and • accessibility • Secondly, we are making the shipping process smoother, safer and more transparent. Thirdly, we are developing the port’s energy infrastructure to accelerate the Voorkeurshaven • Toekomstbestendigheid transition. (risicobeheer en Partnerships veekracht) By anchoring the material themes in the new strategy, we are able to make sure we enable ourselves to make a positive contribution to these themes and mitigate our undesired impact where possible. In this way, our strategy responds to opportunities Bedrijfsresultaat Digitale haven and risks that the relevant material themes entail.

Port of Amsterdam

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Appendix 6

Definition table KPIs

KPI Definition Scope Measurement

Clean Shipping In 2010, Port of Amsterdam opted for the introduction of an All seagoing vessels that visit the Port of Amsterdam and The measurement is done automatically on the incentive rewarding ships that perform ‘cleaner’. ‘Cleaner’ is a are registered in Portbase/Hamis. basis of the statement of seaport dues. Every ship ship that has a sustainability label (ESI or Green Award) and that visits the port receives a Unique Call Reference scores sufficiently on this to receive a discount on the port Number (URCN) and has to declare its seaport dues. dues according to the general terms and conditions and tariff list for seaport, quay and buoy dues and pole money. The KPI Dashboard accesses the database populated by the Port Money application and counts the Green Award visits and the number of ESI scores above the set threshold. This count is divided by the total number of ship calls (UCRNs). This leads to the percentage the KPI reports on.

Absenteeism due to Not performing or not fully performing the job due to illness. The absenteeism rate includes absenteeism for more (Number of days of absence * part-time % * (100 % illness The absenteeism rate is the percentage of working time lost in than one year and is 12 months rolling. presence %)) / (Number of calendar days * a given continuous period due to illness or an accident. The • Childbirth and maternity leave are not taken into part-time %) absenteeism rate is the percentage of working time lost in a account in the absence rate. given consecutive period due to incapacity for work as a result • Sick leave of employees who fall under the safety net of illness or accident. It gives an indication of the extent of regulation (e.g. sick due to organ donation) is taken sick leave in relation to working capacity. into account in the absence rate. • Sick leave due to pregnancy or childbirth is taken into account in the absence rate. • Employees who have become ill as a result of an accident are included in the absence rate.

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KPI Definition Scope Measurement

The total amount of CO emissions caused by the activities of We follow the methodology of the GHG (Greenhouse We use the SmartTrackers application (formerly CO2 footprint 2

Port of Amsterdam, expressed in tonnes of CO2 equivalent. Gas) protocol. As Port of Amsterdam, we report on the CO2 management system). The CO2 emissions scope 1, scope 2 and partly scope 3 (business transport) factor is determined from the list of emission factors emissions. This means we include the following drawn up on the initiative of the Ministry of components: Economic Affairs and Climate: • Electricity consumption by our facilities (in kWh) • Fuel consumption by our facilities (in litres or m3 of gas) https://www.co2emissiefactoren.nl/lijst-emissiefactor • Fuel consumption for own transport (in litres) • Business travel of employees (in km), including business air travel. Participations and leased facilities are not included because we usually have no direct influence on their

emissions. We measure and report the gross CO2 footprint, i.e. without possible compensation through the purchase of GVOs.

Sustainable Sustainable procurement is procurement with an estimated All Port of Amsterdam procurement strategies with an The number of purchasing strategies that include procurement value of at least €50,000, whereby the tender board, in estimated value of at least €50,000. sustainability as a percentage of the total number of assessing the procurement strategy, has included purchasing strategies adopted by the Tender Board sustainability in at least one of the following aspects: Procurement strategies that, for whatever reason, have in 2020. Purchasing strategies which, for whatever • Ground for exclusion, eligibility requirement or selection not been adopted by the Tender Board are not included reason, were not adopted by the Tender Board are criterion in the calculation. Examples are purchasing contracts therefore not included in the calculation. Examples • Implementation condition concluded in the past that have led to a purchase in the include procurement contracts already concluded in • Award criterion current financial year. the past that have led to procurement in the current • Order financial year. The tender board is an internal body in which the CFO, Head of Purchasing, Head of Legal Affairs and Head of Finance & Control. They deal with new purchasing strategies, for orders to be placed in the market, with an estimated value of at least €50,000.

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Appendix 7

Explanation CO2 footprint and energy consumption

Direct CO2 emissions (scope 1) Year 2020 2019 2018 2017

Total emissions 0.82 thousand tonnes CO2 0.89 thousand tonnes CO2 1.14 thousand tonnes CO2 1.29 thousand tonnes CO2 Specification • Gas: 84,532 m3 • Gas: 100,915 m3 • Gas: 89,496 m3 • Gas: 113,524 m3 • Fuel: 361,152 litres • Fuel: 377,305 litres • Fuel: 385,110 litres • Fuel: 404,750 litres • Biodiesel for ships: 349,943 litres • Biodiesel for ships: 360,113 litres • Biodiesel for ships: 355,921 litres • Biodiesel for ships: 316,560 litres • Diesel for boats: n.a. • Diesel for boats: n.a. • Diesel for boats: n.a. • Diesel for vessels: 54,095 litres • Petrol for company cars: 6,424 litres • Petrol for company cars: 11,347 litres • Petrol for company cars: 22,456 litres • Petrol for company cars: 26,199 litres • Diesel for company cars: 4,785 litres • Diesel for company cars: 5,845 litres • Diesel for company cars: 6,643 litres • Diesel for company cars: 7,896 litres • Hydrogen for commercial vehicles: 70 kg

Indirect CO2 emissions from electricity consumption (scope 2) Year 2020 2019 2018 2017

Total emissions 0.47 tonnes CO2 0.72 tonnes CO2 0.63 tonnes CO2 0.53 tonnes CO2 Specification • Electricity consumption: 863,607 kWh, • Electricity consumption: 1,116,477 kWh, • Electricity consumption: 1,209,853 kWh, • Electricity consumption: 1,331,009 kWh, of which 0 kWh green of which 0 kWh green of which 162,331 kWh green of which 298,399 kWh green

Indirect CO2 emissions from business travel (scope 3) Year 2020 2019 2018 2017

Total emissions 0.37 tonnes CO2 0.56 tonnes CO2 0.48 tonnes CO2 0.50 tonnes CO22 Specification • Declared own car: 1,803,297 km • Declared own car: 1,909,409 km • Declared own car: 1,775,406 km • Declared own car: 1,862,882 km • Air travel: 105,464 km • Air travel: 857,578 km • Air travel: 522,896 km • Air travel: 528,010 km

Total CO2 emissions Havenbedrijf Amsterdam N.V. (scope 1, 2 and 3 combined) Year 2020 2019 2018 2017

Total emissions 1.67 thousand tonnes CO2 2.17 dthousand tonnes CO2 2.25 thousand tonnes CO2 2.32 thousand tonnes CO2

Scope 1: Includes direct emissions from natural gas consumption and fuel of operating vehicles. Scope 2: Includes indirect emissions from electricity use. Scope 3: Includes indirect emissions from business travel by car and air.

For the calculation we refer to the KPI definition table (Appendix 6).

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Appendix 8: Explanation of the main risks

The main risks Emissions Risk The pressure to reduce emissions is increasing. The environment’s attention to shipping A risk is the possibility of an event occurring that would adversely affect the emissions is also growing. We recognise the risk of taking insufficient measures to achievement of the objectives. The main risks are explained below. promote clean shipping. We also recognise the risk that there are insufficient waiting places available for inland shipping, which will affect departure and arrival times. Strategic risks This results in higher emissions. These are risks and uncertainties that impede the realisation of our strategic objectives. Measures Land scarcity, environmental space and noise Port of Amsterdam is committed to making sea cruises more sustainable by offering Risk environmental discounts on the seaport dues. As of 2022, we will introduce additional Physical and environmental space in Westpoort is becoming scarcer. The current environmental discounts for clean sea cruise ships. Furthermore, we are investigating economic boom is leading to a great demand for land and water surface, both for the possibilities for LNG bunkering facilities and the installation of shore-based power the expansion of existing companies and the establishment of new ones. for sea cruises. We are in ongoing discussions with several parties (Liander, the In addition, we are faced with a demand for space. This is due to the port’s ambition to Municipality of Amsterdam) to ensure the right permits are granted in time. add value to the energy transition and the circular economy. Due to planned housing projects, the pressure on available space is increasing. For river cruise traffic, limited shore power is available at all berths. A digital berth These developments are complex challenges to our commercial and strategic goals. monitoring system helps us allocate the limited river cruise berths transparently and to limit inconvenience to the surroundings. In addition to a price increase, we are opting for Measures cleaner ships. We also choose to give loyal customers priority and to limit the occupation We check potential branches, strategic reservations or extensions of existing customers of locations where local residents experience inconvenience. against our strategic objectives. Customer location policies have already been tightened. We aim to maximise land use by identifying space intensification opportunities. As the port authority, we stimulate and facilitate shipping to reduce emissions, We have studied the spatial impact of the energy transition and made it transparent in both in the port and during the voyage. In doing so, we cooperate with other ports order to adapt our spatial policy accordingly. We have also acquired new land positions, internationally. The measures we are taking are set out in our Clean Shipping Vision such as a site at Hoogtij from the Municipality of Zaandam. 2030. For example, we are making our own fleet greener, extending shore-based power for inland shipping and river cruising and, in preparation for future measures, charting the emissions of industry and shipping.

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Appendix 8: Explanation of the main risks

Port of Amsterdam has created an integral Clean Shipping Team. This team is mapping To promote our customers’ interests in terms of rail accessibility, we are active in various out the emission reduction measures and associated actions that contribute to the working and steering groups, in which the Ministry of Infrastructure and Water objectives from the strategic plan for CO2 reduction in shipping. It is also committed to Management and Prorail also have a seat. In this way, we aim to safeguard the capacity reducing emissions from shipping that affect local air quality. The team implements and for rail freight transport to and from Amsterdam. then monitors these measures and actions. In doing so, it uses the emissions model. Operational risks Accessibility (rail capacity and size of shipping) These include risks and uncertainties that affect the effectiveness and efficiency of Risk operational activities and the short-term objectives of Port of Amsterdam. There is a risk that there will be insufficient possibilities for our carriers, employees and visitors to reach our port by water and rail or by road. We are looking at the Nautical lack of space infrastructure and supply of public transport. Risk The Harbour Master’s Division supervises and enforces the safe handling of shipping Measures traffic and the permits issued for order and safety in the port. The increasing volume of Port of Amsterdam has carried out an inventory for the size of ships per berth and per shipping and activity at the quays may lead to insufficient waiting places available for terminal. We have also researched the impact that the growth of sea shipping will have inland shipping. This will jeopardise the departure and arrival times of shipping, on the nautical infrastructure once the new sea lock is operational. We translated the potentially jeopardising safe handling. bottlenecks in the shipping route from approach to berth into concrete projects that we carried out in close cooperation with Rijkswaterstaat and Open IJ. Management measures We have implemented a berth monitoring system that should contribute to better We carried out dredging work for RWS above the Coentunnel and the Velsertunnel monitoring of the availability around the waiting areas and berths. We have also started because there are currently restrictions on normal shipping traffic. In preparation for a pilot for barge berths. larger ships, we are working on an investment programme to widen access to some harbour basins, investigate the permissible bollard forces and possibly reinforce bollards.

For inland shipping, we have implemented a monitoring system that keeps track of the capacity and occupancy rate of guards and berths. Where necessary, we take measures to adjust capacity. In 2019, we introduced a reservation system for public wet infrastructure, such as waiting areas, bollards and buoys into operation, allowing shipowners to reserve the required capacity in advance.

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Appendix 8: Explanation of the main risks

Smooth access to the sea lock and draught Measures Risk We have embedded our cybersecurity programme into our line organisation. The Noordersluis is an important gateway to the port area. Due to a defect in the existing From there, we give substance to various resilience goals. In concrete terms, we do this lock or a delayed delivery of the new sea lock, there is a risk that shipping will be by investing in security awareness, risk management, protective and detective measures. obstructed or seriously impeded. This will result in loss of income and claims may be We also regularly practice the response to a possible calamity. We set up IT General filed. In addition, the depth of the port must be guaranteed in order to prevent ships Controls (ITGCs) for our financial IT services and have their effectiveness tested by from being damaged, causing potential danger and hindering access. independent bodies.

Management measures With regard to the port cybersecurity and external security awareness, we organise To prevent stoppages, we are carrying out various actions with regard to the usage of Cross-ISACs (Information Sharing and Analysis Centre) and webinars together with the lock (lock regulation, operating instructions, waterway planning). We also schedule public and private parties. With these, we draw attention to cybersecurity risks and training courses and develop test scenarios. We use independent nautical consultants create awareness. We constantly contribute to the digital resilience in the NSCA port to audit these processes. region and beyond with our cooperation with the Digital Trust Centre (DTC) and the National Cyber Security Centre (NCSC) and with our participation in and contribution To monitor draught, we have appointed a project team to map and optimise the tunnel to the Port and NSCA-ISACs. coverage, redefine and establish the minimum dimensions of the North Sea Canal (NSC) and define and improve the admission policy around marginal shipping.

Cybersecurity and resilience Risk Business processes are increasingly digital and dynamic. The exchange of data is increasing and supply chain cooperation is becoming more important. As a result, security risks are constantly changing. It is necessary to optimise information security so that we can continue to guarantee the reliability and continuity of digital services. After all, cyber or ransomware attacks at Port of Amsterdam or chain links in the port area can have a major impact on administrative and operational processes at the port. This can lead to major economic and image damage.

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Appendix 8: Explanation of the main risks

Financial risks Compliance risks These are risks and uncertainties related to the financial position and the ability to attract This concerns risks and uncertainties that have a direct impact on Port of Amsterdam funding. and its business processes arising from laws and regulations.

Insight into assets Legislative and regulatory risks Risk Risk If we do not record tangible fixed assets uniformly, there is a risk that we will not have Laws and regulations are becoming increasingly complex and sometimes challenging. sufficient insight into the financial status of tangible fixed assets. As a result, we do not There is a risk of non-compliance due to complexity, lack of process or insufficient sufficiently anticipate required investments and we do not accurately price certain awareness. This may result in fines or damage to our reputation. elements. Measures Measures To mitigate the above-mentioned risk, we implement an annual compliance plan. We are forming a project group to deal with the elaboration of asset management. With regard to possible incidents, monthly enquiries are made to the department heads The group will draw up a plan of action for the short and long term. with the aim of gaining insight into the quantity and severity of the incidents. Dilemma sessions are held in various departments to make employees aware of compliance. Financing capacity Risk Liquidity risk The financing capacity of Havenbedrijf Amsterdam N.V. to continue to meet its Risk obligations may increase. In 2019, we conducted further research on the desired capital structure. There is a risk that liquidity requirements will increase and we will not be able to attract Measures sufficient funding to fulfil our ambitions. Havenbedrijf Amsterdam N.V. carries out weekly checks on its payments to prevent a shortage of liquid assets. We also draw up cash flow forecasts that provide insight into Management measures the financing requirement. In 2019, we conducted further research on the desired capital structure. We have taken into account expected major developments, such as the completion of the lock, the developments regarding Port-City and energy transition. In addition, we have obtained a supplementary credit facility from our current financing consortium. Finally, we are exploring other financing possibilities in the market. Based on the above-mentioned measures, we have no doubts about our ability to attract sufficient funding to realise our ambitions.

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Appendix 8: Explanation of the main risks

Risks and uncertainties with a significant impact Recovery of claims and consequential losses due to insolvencies in the past year and their consequences Risk If a customer goes bankrupt, it is possible that Port of Amsterdam is left with the damage. This damage may consist of a debtor risk, assets remaining behind, soil Coronavirus risks pollution or stocks with a negative value. On the basis of the Port Agreement, The coronavirus crisis affected Port of Amsterdam during 2020. We have identified new Port of Amsterdam is liable to the municipality for the damage, such as soil risks that are relevant to all of the company’s processes. contamination above industry standard (2013). Based on lease and ground lease agreements, part of this liability lies privately with incumbent companies. Declining throughput Risk Measures The impact of the coronavirus crisis is visible in sea and inland navigation. The number To limit credit risk, we use bank guarantees, security deposits, prepayments, of ship movements decreased in 2020, resulting in lower throughput. The decrease in redemptions, collateral and direct debits. We actively monitor our debtor portfolio and, turnover from port dues leads to lower returns on investments. if necessary, make payment arrangements with debtors. Prior to the issue or change of tenant or leaseholder, we have the land examined. New damages are examined by Management measures a recognised company. This party makes a calculation of the extent of the damage, based To ensure a return on investment, business cases have taken into account a maximum of on the most probable decontamination technique and the current price level. Due to the 50% of the seaport dues. In addition, part of the investment consists of a fixed rent that is nature of the substances and the soil structure, the extent of the contamination hardly not dependent on the throughput. We have also formulated throughput clauses that changes. This provides a good picture of the presence and extent of any contamination. offer protection.

Motivation of employees Risk Port of Amsterdam employees have mainly worked from home since March 2020. This can lead to an increased workload and a reduction in staff motivation and well- being, with the result that strategic objectives are not achieved.

Management measures To enthuse, motivate and support employees, we organised various activities, sent gifts and optimised the home office.

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Appendix 8: Explanation of the main risks

Liquidity requirement Risk We are experiencing an increase in liquidity requirements. As a result, insufficient liquidity may be available to meet our obligations.

Management measures Outgoing payments are subject to extra scrutiny. We have also made savings on variable costs to prevent insufficient liquidity being available to meet our obligations.

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Annual Report 2020 159 About Port of Amsterdam Our environment Value creation Results 2020 Our staff Governance Jaarrekening

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