Copenhagen Malmö Port Annual Report 2006

Copenhagen Malmö Port Annual Report 2006 your logistic partner

Svanemøllehavnen Nordbassinet Kronløbsbassinet Kalkbrænderihavnen Orientbassinet Færgehavn Nord Fiskerihavn Copenhagen Flydende bulk Frihavnen DFDS Terminal Sdr. Frihavn Langelinie Yderhavnen Nordhavnen Ndr.Toldbod Lynettehavnen Trekroner Inderhavnen Christiansholm Refshaleøen An all-round port and terminal operator Prøvestenen Amagerværket Ocean Pier Prøvestenshavnen s Ro-ro Cars/PDI General cargo Liquid bulk Flydende bulk Dry bulk Tör Passengers Logistics The distance between the two ports is approx. 14 nautical miles or 26 km. Centralhamnsrännan Västra Hamnen Øresund Nyhamnen Swede Harbour Flydende bulk Flydende bulk Oljehamnen Flydende bulk Flydende bulk Norra Hamnen Flydende bulk Flydende bulk Flydende Flydende bulk bulk Flydende bulk Tör Östra bulkhamnen Flydende bulk Industrihamnen Tör bulk Mellersta Hamnen Flydende bulk Flydende bulk Frihamnen Flydende bulk Flydende bulk Inre Hamnen Malmö Flydende Flydende bulk bulk Flydende Industrihamnsrännan Frihamnen Sega å Founded: 2001, through a merger of port and terminal activities in Copenhagen and Malmö. Vision: CMP aims to be a leading, innovative and customer-oriented port and terminal operator. Business concept: CMP sells port, terminal and transport services. Market position: CMP is one of the biggest and most versatile ports in the whole Nordic Region. Customers: The biggest customers include the container-shipping company Unifeeder, the ro-ro company Rederi AB Nordö-Link, the oil company Oiltanking, the steel producer Acerinox Scandinavia, the car company Toyota, the DFDS freight and passenger shipping company, and Mærsk Broker. Biggest investments: The DFDS Terminal in Copenhagen (2004); investments: SEK 420 million. The Nordic Hub car terminal (2003); investments: SEK 220 million. Major future investments will include the relocation of traffic to Germany and the container terminal in Malmö, and new quays for cruise ships, etc. in Copenhagen. Competitive advantages: Population: Around 4 million relatively affluent inhabitants of the Øresund Region. Land: Large reserves of available space in the vicinity of a well-developed infrastructure. Strategic location: Centrally situated in relation to the North European, Scandinavian, Baltic and West Russian markets. Central location in relation to Copenhagen Airport and the international motorway and railway networks. Working for the region: CMP is the major port in the Øresund Region and meets demand for transport of consumer goods, new cars, aviation fuel, building materials, etc. The cruise ships generate approx. SEK 800 million into the regional economy. CMP is a dynamic workplace. In partnership with the international automobile industry, it has created 400 new jobs since 2003. Owners: Port of Copenhagen A/S (50%) and Port of Malmö AB (50%). Port of Copenhagen A/S is owned (100 %) by the Danish state. Port of Malmö AB is owned by the City of Malmö (50%) and by private investors (50%). Number of employees: 471 (463 in 2005).

Highlights Contents Net sales SEK mill. Net profit SEK mill. 100 90 80 Cargo volumes Tonnes mill. 20 3 Highlights 700 70 4 Chief Executive's Review 6 Financial performance 2006 7 Cargo volumes 600 500 400 60 50 40 15 10 Business areas: 300 30 8 Cruise ships, passengers, cars, containers, 200 20 5 ro-ro, dry bulk, liquid bulk and logistics 100 10 12 Investments 2006 10 14 New terminals in Norra Hamnen (North Harbour), Malmö 0 2002 2003 2004 2005 2006 0 2002 2003 2004 2005 2006 0 2002 2003 2004 2005 2006 16 New terminals in Nordhavnen (North Harbour), Copenhagen 18 Board and management 21 Management report 23 Financial report 24 Balance sheet 26 Cash flow statement 27 Additional information 31 Audit report Achievements 2006 Best-ever financial performance by CMP Clear progress in net sales; e.g. cars (28%), ferry traffic for Germany (15%), containers (13%) and cruise-ship passengers (7%) Major new customers in the business areas cars and dry bulk Docker Anders Birk and traffic planner Jacob Fogh. Both were employed by CMP in February 2006. Jacob Fogh started with a team of dock workers and now works at the Traffic Centre, which is in charge of daily ship operations. Performance 2002 06 A position as: Most important port in the Øresund Region Scandinavian and Baltic hub for new cars North European centre for cruise ships International hub for transit oil Targets by 2010 Growth in net sales and profit of (min.) 50% in relation to 2005 Opening of the new ferry, container and combi-terminal in Malmö First tenants to move into the logistics park in Malmö Opening of new cruise-ship quays in Copenhagen Opening of new bulk areas at Prøvestenen in Copenhagen a n n u a l r e p o r t 2 0 0 6

Chief Executive's Review Heading towards new challenges According to the bottom line, 2006 was a good year for CMP. Financial performance improved yet again, and profits are satisfactory. The company is making fine progress, and has healthy and robust finances. New customers were won, and existing customers increased their activities. All of CMP s business areas exploited the positive economic climate and achieved higher net sales and improved profits. A tight rein was kept on costs. The status for 2006 is that CMP increased annual profit, net sales and volumes for the sixth year in a row, helping us reach the ambitious targets set in our business plan 2006-2010. On the basis of the 2005 level, we will increase CMP s sales and profits by 50% by the end of 2010! Unfortunately, a new IT system was not phased in as smoothly as planned in 2006. However, we are now overcoming these problems, and we expect the advantages will soon overshadow the initial difficulties. The new IT system, which covers all business areas, will help to rationalise daily operations and achieve focused specialisation, to the benefit of our customers. It is still important to lower our costs and become more competitive. 2007 could be a landmark year for CMP. In 2006, we discussed with the port owners, the City of Malmö and Port of Copenhagen A/S, how the dynamic development of the commercial port can be maintained in both cities. Modern port operations require strategic planning that will guarantee that the necessary infrastructure and long-term expansion opportunities are in place. These strategic discussions have resulted in plans for new investments. We expect decisions on these investments to be made in 2007. The investments will be in new cruise-ship quays and new bulk areas in Copenhagen, as well as a ferry terminal, combi-terminal and new container terminal in Malmö. In the slightly longer term, a new container and car terminal will be added in Copenhagen, and a logistics park in Malmö. The new terminals provide the opportunity to install state-ofthe-art facilities and pre-empt environmental issues in a forward-looking manner. The terminals should also be seen in context of urban development, which tends to be concentrated around the waterfront in both Copenhagen and Malmö. The new terminals will go hand in hand with intensive efforts to cultivate new business opportunities and will serve as a springboard for growth, which will be achieved in collaboration with current and future customers. We will lift more containers over quays, be the destination for new ferry routes, the hub for more distribution and the home port for more cruise ships, and we will process more dry and liquid bulk. The most important aspect of the new terminals is the business opportunities they open up. The terminals can be used to generate new value for the transport and logistics industry in our part of the world. Business development over the next few years will support our strategic objectives. CMP is and must remain the central port in the Øresund Region, but we will also increasingly exploit our international potential. CMP already serves as a hub for car imports in the Baltic Sea Region, and also enjoys a strong position as far as ferries, cruises and transit oil are concerned, but we must further develop our major business potential in the Nordic Region, the Baltic States and Russia. Since CMP was founded in 2001, our employees have shown that they are able to make the kind of difference needed to exploit these opportunities. Copenhagen, March 2007 Lars Karlsson Managing Director Next year, we will process half a million cars, even though previous calculations were made on the basis that we would not reach that level until the end of 2010. It will be interesting to see how the international automobile industry decides to cover the rapidly expanding Russian market in the future. Those decisions will directly impact our growth opportunities, but CMP will be a significant player in car distribution in the Baltic Sea Region under any circumstances. CMP s other business areas also look forward to 2007 with optimism. The ro-ro capacity on the Sweden Germany route will be expanded substantially, and the market demands greater capacity. 2007 will be a healthy year for cruises, with 295 ships booked to call at CMP. volumes will hopefully continue its extraordinary rapid growth enjoyed in 2006. The amount of building activity in the Øresund Region will probably continue to influence bulk volumes. On the other hand, volumes of oil and transit oil in particular are more difficult to predict, but investment in the terminals means that the framework for growth is in place. 4 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6

F i n a n c i a l p e r f o r m a n c e 2 0 0 6 c a r g o v o l u m e s Increased turnover impacts upon the bottom line Economic trends favoured CMP and a tight rein was kept on expenses Progress in all business areas Cargo volumes sales rose by 1.4 million tonnes or some 10% in 2006 CMP made a profit of SEK 93 million in 2006, an increase of 16% compared with the previous year. Net sales rose by 8% to SEK 649 million. The result is satisfactory and better than expected. Financial performance closely reflected positive economic trends in Denmark and Sweden. Increased Key data for Copenhagen Malmö Port globalisation and changed patterns of distribution also had a positive impact on CMP s position in the Øresund Region. The profit also reflects tight cost control. The favourable economic trend of recent years is expected to continue in 2007. CMP will continue to focus on turning growth in cargo volumes and 2002 2003 2004 2005 2006 Net sales (SEK millions) 473.4 509.7 544.6 602.9 649.1 Profit after financial items (SEK millions) 13.2 31.0 35.2 79.7 92.8 Net profit (SEK millions) 2.1 16.7 17.1 27.0 38.2 Equity (adjusted) (SEK millions) 132.4 151.4 162.0 216.7 259.0 Balance sheet total (SEK millions) 226.8 255.1 288.0 431.2 425.3 Net margin (%) (profit after financial items/net sales) 2.8 6.1 6.5 13.2 14.3 Solidity (adjusted) (%) 58.4 59.4 56.2 50.3 60.9 Profit/equity ratio (%) 10.2 21.8 22.5 42.1 39.0 Net sales per employee (SEK 1,000) 1,081 1,151 1,184 1,302 1,378 Number of employees 438 443 460 463 471 net sales into improved financial performance, and expects that revenues and profit will continue to grow over the coming years. Profit after financial items (SEK millions) 100 90 80 70 60 50 40 30 20 10 0 2002 2003 2004 2005 2006 More freight passed through the port in 2006, and the number of cruise-ship passengers continues to rise. The number of cars increased again, continuing the growth of recent years. An increase of 28% was registered, corresponding to a total of 440,000 new vehicles over the quays or on the rails. The number has risen from a base of 40,000 vehicles in CMP s first year, 2001. Nordö-Link's ferry traffic to Germany grew by 15% in 2006, a strong showing in an intensely competitive market. Nordö-Link's tonnage will be replaced in 2007 and the capacity will be significantly increased. traffic rose by 13% the high growth was evident at the terminal in Copenhagen, as well as at the smaller terminal in Malmö. The number of cruise-ship passengers rose by 7% in 2006 to 458,000, and has now increased by 130% over the last five years. CMP accounts for more than half of all turnarounds in the Baltic Region. Passenger traffic was stable compared with the previous year, apart from the closure of the Malmö Copenhagen route. The bulk sector performed unusually well, in that almost all groups of products made progress. Major building activity in the Øresund Region accounted for rising volumes of cement, stone and gravel. Oil volumes remained more or less the CMP net sales same as the previous year. The total was divided almost 50/50 between the terminals in Copenhagen and Malmö. Particular growth is expected in cruise ships, cars, containers and ferry traffic in 2007. Mill. tonnes 2002 2003 2004 2005 2006 Total net sales, freight 13.4 14.8 14.8 15.2 16.6 Of which: Liquid bulk 5.4 6.6 5.7 6.1 6.2 Dry bulk 3.1 3.1 3.3 3.2 3.4 Other cargo 4.9 5.1 5.8 5.9 7.0 CMP net sales by business area 2006 SEK mill. 14% Passengers and cruise ships 93.8 15% Ro-ro and logistics 95.0 24% s 156.5 15% Cars 96.8 23% Liquid bulk and dry bulk 151.6 9% Other cargo 55.4 Total 649.1 6 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 7

b u s i n e s s a r e a s b u s i n e s s a r e a s Status and perspectives Cruise ships Passenger traffic Cars Status 2006 It was a good year for cruise ships, with a rise in passenger numbers of 7%. World Travel Awards named Copenhagen 'Europe s Leading Cruise Destination' for the third year in a row. In March 2006, 'Dream World Cruise Destination' voted Copenhagen the 'Best Destination Experience Independent Sightseeing'. Business plan 2006 2010 2007 is set to be another big year for cruise ships, with 295 ships already booked to call at CMP, corresponding to 480,000 passengers. CMP aims to reach 600,000 passengers by the end of 2010. The Baltic Region accounts for 4 5% of the global market and opportunities for increasing the share are considered good. Necessary preconditions for this include port facilities, especially for turnarounds, that will allow three big ships to change passengers on the same day, not to mention cruise ships in transit. CMP currently has over half of the turnarounds in the Baltic Region. Passengers (thousands)* 2002 2003 2004 2005 2006 199 268 362 428 458 Tonnage (millions of gross tonnes) 2002 2003 2004 2005 2006 5.8 8.5 10.0 12.5 13.2 *These figures include arriving passengers as well as new boarding passengers. Status 2006 The number of passengers fell by 7%. The Malmö Copenhagen route closed in 2005, which dragged passenger numbers down by 100,000, while the other two routes increased their numbers. The business area comprises the Copenhagen Oslo and Copenhagen Swinoujscie routes. Business plan 2006 2010 Passenger traffic faces heavy competition from other destinations and means of travel. It would be an achievement in itself to retain the present market share. The market is well covered with ferry routes, but new traffic opportunities may arise, e.g. in the wake of EU enlargement to the east. There is also an international tendency for cargo routes to develop into combined cargo and passenger routes. CMP will encourage shipping companies to establish new east west passenger routes in the Baltic Sea. Moving current ferry traffic to Norra Hamnen in Malmö will provide good opportunities to install facilities for new routes. Passengers (millions) 2002 2003 2004 2005 2006 1.4 1.2 1.2 0.9 0.8 Status 2006 The high rate of growth enjoyed in recent years continues. The number of vehicles to pass through the quays and by rail increased by a total of 28%. 2006 was the first whole working year for Skandia-Transport and Nordisk Motortransport, both of whom have set up their own terminals in CMP. Citroën, Fiat, Alfa Romeo and Suzuki are new CMP customers on the Swedish car market. Nissan (Denmark) has returned to Copenhagen following a brief period at another port. Business plan 2006 2010 CMP aims to maintain and expand its position as the biggest port in the Nordic Region for car imports. Major growth opportunities are associated with the trans-shipment market to Russia and the Baltic States. CMP is continually expanding its car terminals, as loading and unloading areas are one of several key factors affecting new and existing customers' growth opportunities. As a hub, CMP is the point of departure for a large number of weekly calls by car carriers, and so several major new car brands are expected to pass through during the next few years. The frequency forms the basis for low unit prices. New cars by ship and rail (thousands) 2002 2003 2004 2005 2006 By ship 39 139 246 295 382 By rail 9 22 47 50 58 Total 48 161 293 345 440 s Status 2006 The container sector enjoyed unusual volume growth of 13%, continuing the progress of previous years. The pronounced progress in 2006 was due to increased imports of consumer goods. Railion closed its Copenhagen Århus rail container route, but a large amount of traffic moved to ordinary feeder traffic. Part of the year was affected by the introduction of a new IT system in Copenhagen, which unfortunately caused a number of problems and interruption of services. Business plan 2006 2010 The growth in volumes together with rationalisation are helping to improve the container terminal's result. The focus is on labour-saving technology in the form of, for example, gate control and planning of individual container positions on the terminal. The business area is due to show satisfactory financial performance by the end of 2010 at the latest, and is expected to succeed. s (thousand TEUs) 2002 2003 2004 2005 2006 130 135 144 155 175 8 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6

b u s i n e s s a r e a s b u s i n e s s a r e a s Ro-ro Status 2006 Ferry traffic developed positively. Traffic to Germany, a market in which Rederi AB Nordö-Link is in fierce competition with the other Southern-Sweden ferry routes to and from the Continent, was particularly positive. Business plan 2006 2010 Significant growth is expected during the next few years, particularly arising from Rederi AB Nordö-Link s traffic on the Malmö Travemünde route. In 2007, the shipping company will replace all four ferries, deploying two newbuildings and two large refurbished vessels. This will substantially increase capacity, which will be particularly advantageous on the most popular sailings. The traffic will enjoy significantly better conditions when it moves to the new ferry terminal at Norra Hamnen in Malmö. CMP is working on expansion and attracting new ro-ro routes to the Baltic States. Ro-ro (thousands of units) 2002 2003 2004 2005 2006 204 202 240 249 294 Dry bulk Status 2006 Overall, growth has been good. Building materials increased substantially, while woodchips volumes declined in Malmö and coal volumes rose in Copenhagen. Aalborg Portland started to use a new distribution center at Prøvestenen in Copenhagen, replacing two former plants. The recycling company H.J. Hansen, which is already represented at Prøvestenen in Copenhagen, set up new facilities in Malmö. Business plan 2006 2010 There is major activity in the construction industry, and this is expected to continue to have a positive impact on net sales over the next few years. The new bulk areas at Prøvestenen are scheduled to be ready in 2009, and the whole 180,000 m 2 area is expected to be available for lease to both current and new customers. Dry bulk (millions of tonnes) 2002 2003 2004 2005 2006 3.1 3.1 3.3 3.2 3.4 Liquid bulk Status 2006 Net sales were stable in an otherwise turbulent market. The two terminals on each side of the Øresund each processed approximately 3 million tonnes. Regional consumption of oil remained more or less constant, while the transit oil proportion of the turnover was sensitive to economic fluctuations. Business plan 2006 2010 The port aims to maintain a throughput of 6 million tonnes, of which about half will consist of transit oil. To achieve this target, CMP will focus in particular on infrastructure, and both terminals are currently being modernised. The fairway of the terminal in Malmö is being widened and a new quay is being built. In Copenhagen, a new pier is being built at Prøvestenen, which will provide greater capacity and efficiency in loading and unloading as well as more stable operational capacity. Transit oil is very easily affected by market fluctuations, but CMP s great strength is operators with large storage capacity on both sides of the Øresund. Liquid bulk (millions of tonnes) 2002 2003 2004 2005 2006 5.4 6.6 5.7 6.1 6.2 Logistics Status 2006 The market for general cargo (conventional goods) is generally falling. On the other hand, more and more groups of products are being transported in containers. CMP has concentrated its warehouse activities on a few major customers with healthy development potential. Business plan 2006 2010 CMP is interested in attracting new logistics and distribution customers, who can utilise CMP s services as part of their distribution in the Baltic Sea Region. There is obvious potential in utilising the routes originally established for car distribution for the distribution of other products. 10 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 11

I n v e s t m e n t s 2 0 0 6 1 0 I n v e s t m e n t s 2 0 0 6 1 0 A new port in the making Major investments in quays and a number of new terminals planned In collaboration with the Danish and Swedish port owners, CMP is planning a series of new facilities and terminals. The plans include cruise-ship quays, a ferry terminal and, in the longer term, a logistics park. Two new container terminals and a car terminal will replace existing terminals. A decision about these expansion plans is expected in 2007. In the longer term, investments are envisaged to approach SEK 1 billion. Construction of the extensions will take a decade. The first terminals and facilities, new cruise-ship quays and a ferry terminal are expected to be ready by 2009 10. Dry and liquid bulk are covered by a renewal programme. Several of these projects will be completed in 2007, including a new oil pier at Prøvestenen in Copenhagen that will make operations more efficient and stable. The fairway to the oil terminal in Malmö is being extended to improve safety and allow it to service bigger tankers. This joint project is co-funded by the Swedish Maritime Administration. The bulk areas in Copenhagen are currently being significantly extended, and new quays have already been completed. The investments are part of close cooperation with the port owners in Copenhagen and Malmö. CMP pays rent based on the level of investment in quays, magazines, fairways, etc., while CMP itself invests in loading and unloading equipment such as cranes and straddlecarriers. CMP s own investments in 2006 were SEK 30 million and will rise to SEK 61 million in 2007. Investments in CMP (SEK millions) CMP's own investments Investments via harbour owners 400 350 300 250 Major investments in 2007 200 Malmö The oil terminal The fairway to the oil terminal widened SEK 60 million The oil terminal Nynäs facilities move to the oil terminal SEK 40 million Freeport Extension of terminals for cars SEK 10 million 150 100 50 0 Copenhagen Prøvestenen New oil pier SEK 15 million Prøvestenen Improved quay facilities for dry bulk SEK 15 million 2001 2002 2003 2004 2005 2006 2007 budget 12 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 13

N e w t e r m i n a l s i n M a l m ö N e w t e r m i n a l s i n M a l m ö North Harbour terminals First-class facilities will link ships, lorries and trains together Nordö-Link looks forward to relocation There is at present a shortage of space on ferries to Germany, but Nordö-Link is increasing its capacity by 70% this year. Lorry drivers will enjoy better conditions when the ferries move to the North Harbour Managing Director Eje Wilör. If the authorities approve the strategy CMP has drawn up in collaboration with the City of Malmö, the first projects will be a new ferry terminal and the relocation of the container and combi-terminal in Malmö's North Harbour. A logistics park in the North Harbour is also on the drawing board. The plan is to move ro-ro traffic from City to the North Harbour. This will also necessitate relocating the present combi-terminal, which transfers trailers from ferries to the railway, to the North Harbour. The North Harbour provides outstanding opportunities to link ro-ro traffic to the motorway network and the railways, and thereby create the best possible integration between ship, lorry and train. In order to exploit these multimodal opportunities CMP also wants to move the container terminal from the Freeport to the North Harbour. A side-effect of this is that the relocation of the container terminal will leave more space for car terminals in the Freeport. CMP can offer space for distribution activities right beside the new terminals, which will serve as ideal locations for distribution companies. This will offer advantages regardless of whether ongoing distribution is by ship, train or truck. Approximately 700,000 m 2 will be available. It is calculated that moving the ferry terminal will cost SEK 350 million, and moving the container terminal SEK 150 million. Ferry terminal, container and combi-terminal, Malmö Purpose: The plan is to build a new ferry terminal, combi-terminal and container terminal. The overall plan also includes the establishment of a 700,000 m 2 logistics park. The area is ideally situated, offers quays, railway tracks and direct access to the motorway network, and covers a total area of 1.5 million m 2. Location: North Harbour, Malmö Expected start: 2008 Expected completion: 2010 Investment: SEK 500 million (stage 1), of which ferry and combiterminal SEK 350 million and container terminal SEK 150 million. Right now, three things are high on Nordö- Link's wish list: terminal capacity, more capacity and far more capacity for trailers and lorries! 'Getting lorries and trailers on board the ships is not a problem, but finding somewhere for them to wait before boarding is. The lack of parking space is our biggest problem today, but that problem will disappear when we move to the North Harbour,' says Eje Wilör, MD of Rederi AB Nordö-Link, who looks forward to moving the German ferries out of the city. And the sooner the better. 'When that happens, the drivers will no longer have to drive into the city centre, and there will be a very short distance from ship to motorway,' says Eje Wilör, who predicts that the current crowding in the city centre will increase. Nordö-Link will also contribute to the crowding when the total capacity of the ferries is increased by almost 70% during 2007. At that point, even more lorries and trailers will pass through the inner city. The largest of the ships have capacity for what corresponds to a fourkilometre line of lorries, and space has to be found for them. The market grows Nordö-Link is replacing all four of its ships with bigger and faster vessels during 2007. The first replacement, Finntrader, has capacity for twice the volume of its predecessor. The ferry will be deployed on the busy afternoon sailing from Malmö and return from Travemünde at 02:00. Later in the year, Finntrader will be augmented by two new vessels with even greater capacity. 'It is not only us, but also our competitors, TT and Scandlines, who feel that the market is growing. We are experiencing a boom in transport, largely because the wheels of the German economy have started moving. And the new ships will be an advantage to us in that context, meaning we can grow along with our customers. The new extra capacity that we are building up this year will cover demand for a number of years to come,' says Eje Wilör, who estimates his company's market share of the ferry traffic from Southern Sweden to Germany to be some 50%. More trailers The growth in the market is also shown by the rapid increase in the number of trailers, and that development is partly due to an increasing lack of drivers. A few years ago, 70% of a ship's deck at Nordö was filled with lorries. These days, ferries sail with a trailer for each lorry. Customers who only used to send lorries with the ferries now also send trailers. Nordö-Link has grown rapidly in recent years. One of several reasons for this is their new customer, Lidl, who send goods to a growing number of supermarkets three times a week. 'I don't think we will get the same percentage rises this year and in future, but just half of the growth from 2006 would be great,' says an optimistic Eje Wilör who is looking forward to the four ships operating, and also to official approval for a new ferry terminal in the North Harbour. Nordö-Link's new tonnage 2007 Deployed Name Year built Lane metres February Finntrader (1995, 2007) 3,050 May Europalink (2007) 4,200 August Finnpartner (1995, 2007) 3,050 August Nordölink (2007) 4,200 Total 14,500 Lane metres as per 1/1/2007 = 8,600 As per 31/12/2007 = 14,500 14 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 15

N e w t e r m i n a l s i n C o p e n h a g e n N e w t e r m i n a l s i n C o p e n h a g e n More space for cruise ships and car terminal to move during next phase Cruise ships: success is a commitment Maersk Broker believes in further growth for the cruise-ship industry in the Baltic Sea, and welcomes the plans for new cruise-ship quays in Copenhagen Cruise ships are to get more quay space in Copenhagen. There are plans to build 800 metres of new quays on the east side of the North Harbour, which will provide space for three large cruise ships. A further quay extension is also under consideration comprising an additional 1.6 km which can also be used for cruiseship calls. The new cruise-ship quay in Copenhagen provides the opportunity to increase cruise-ship capacity. The extension is needed because the increase in tonnage, which has more than doubled from 2001 to 2006, is expected to grow from 13 million gross tonnes to 18 million gross tonnes by 2010, corresponding to calls by cruise ships with 600,000 passengers. The quay extension will particularly improve CMP s potential as a turnaround port for cruise ships. A third of the cruise ships calling at Copenhagen currently use it as turnaround port, and passengers board for cruises in the Baltic Sea and along the Norwegian coast, Commercial port with container and car terminal Cruise ship terminal Current container and car terminal Current cruise ship terminal corresponding to more than half of the turnarounds in the Baltic Region. The new cruise-ship terminal will have the necessary facilities for processing luggage, security, etc. A present cruise-ship quay in the Freeport is expected to continue to cope with ships in transit, as are Langelinie and Ndr. Toldbod. The first surveys of the facilities and sailing conditions in the North Harbour have commenced, and a provisional timetable says that new quays can be ready in 2010. The final decision on the extension will be taken in 2007. Relocating terminals Subsequent extension of the new quay area would facilitate a relocation of the container and car terminals to an area further from the proposed city developments. However, these terminals would not be opened for about ten years. The City of Copenhagen will build a new road that will link the port with the motorway network. This road will be a major asset for CMP. Infrastructure in the North Harbour, Copenhagen Purpose: Construction of new quays for cruise ships, etc. Location: The east side of the North Harbour Expected opening: 2010 Investment: SEK 2 300 million 'We look forward to telling our principal customers that new quays and facilities are on their way in Copenhagen. We see the plans as an expression of the desire to maintain Copenhagen's position as Europe s leading cruise destination,' says Jan Bonfils, Senior General Manager of the Maersk Broker agency in Copenhagen, brokers for 70 80% of the cruise ships that call at the city. 'For some time we have been under pressure from the cruise lines to add both further stretches of quay and new terminal facilities in Copenhagen,' he adds. Bonfils sees the new plans as a parallel to the decision to extend the oil terminal at Prøvestenen with a new pier. If the necessary cruise facilities are built, and if Copenhagen fights for its position, then there is nothing to stop the cruise-ship adventure market enjoying the same rapid growth as it has in recent years. 'The cruise lines have a positive attitude towards Copenhagen and the Baltic States,' Bonfils says, but he stresses again and again that Copenhagen must not rest on its laurels. 'Of course, Copenhagen must be capable of processing the ships that will call there, and those ships will be bigger and bigger. Copenhagen has to be able to accommodate them in terms of quays as well as facilities. The cruise guests are used to the best and their expectations are increasing as are the standards for turnaround facilities.' Bonfils expects the new facilities to be constructed following dialogue with the cruise lines companies, with an eye to how effective terminals function abroad. 'There is no need to reinvent the wheel. Just ask the cruise lines where in the world they think turn-arounds work well. It is only natural to consult the shipping companies.' Growth potential Maersk is already taking bookings for the 2009 season, and expects a steadily rising number of cruise ships over the next few years. Jan Bonfils explains the phenomenon: 'Copenhagen and Saint Petersburg are names that sound good in tourists' ears the Winter Palace in Saint Petersburg is a top attraction, for example. Copenhagen Airport is an asset, and the city has quite good hotel capacity. Senior General Manager Jan Bonfils. The distances in the Baltic Sea Region provide opportunities to alternate between night-time sailing and visits by day. And the cruise lines believe that the services they need are being provided.' If a ship needs a piano tuner on a Sunday afternoon, or a dental appointment in the evening, they can get one. Bonfils is also often impressed with what Maersk's ten staff members, who are employed all year round to look after logistics and services for the cruise ships, are able to cope with. Part of their success is that they are able to draw on a large network of contacts that enables them to provide the right service at the right time. Maersk Broker is already established in Tallinn, and will also be represented in Stockholm from 2007. The company is considering extending its services to other Baltic ports, so it can follow the cruise ships around the Baltic Sea. 16 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 17

B o a r d a n d M a n a g e m e n t B o a r d a n d M a n a g e m e n t The Board and Management of CMP Kaj Schmidt Director. Former Managing Director of the Port of Aarhus. Board member since 2001. Chairman of the board of the Port of Thyborøn. Percy Liedholm MD, PhD, Associate Professor. Board member since 2001. Vice- Chairman of Region Skåne. Member of the boards of Port of Malmö AB and Almi. Niels Bach Director. Former Managing Director of DFDS. Board member since 2001. Chairman of the boards of Roblon A/S, Port of Frederikshavn A/S and Bornholms Erhvervsfond. Member of the board of Port of Copenhagen A/S. Peter Maskell Dr. Merc, Professor at Copenhagen Business School. Chairman of the Board since 2005. Board member since 2001. Member of the boards of Port of Copenhagen A/S, Danish Ports and DJØF Forlag A/S. Bengt Madsen Vice-chairman of the Board since 2005. Board member since 2001. Chairman of the boards of Port of Malmö AB, GN Transport AB, K3 Malmö University and Malmö FF. Mogens Worre Sørensen Managing Director. Board member since 2005. Chairman of the board of KS Difko Greenland and Suprina Shipping Ltd. Member of the boards of Mekanord A/S, K/S Difko Passat, Camillo Eitzen (Denmark) A/S and Port of Frederikshavn A/S. Åke Svensson Director. Former Managing Director of Scandlines AB. Board member since 2001. Deputy board member of Port of Malmö AB. Emmanuel Morfiadakis Rector. Board member since 2003. Chairman of the Municipal Technical Services Committee, Malmö, Sydvatten AB and the Øresund Water Quality Association. Vice-chairman of Port of Malmö AB. Alfred Voldum Crane Driver. Board member since 2001. Employee representative. Rolf Hansson Docker. Board member since 2007. Employee representative. Søren A. Nyegaard Docker. Board member since 2001. Employee representative. Kerry Forsberg Terminal Manager. Board member since 2007. Employee representative. Lars Karlsson Managing Director since 2001. Lennart Pettersson Deputy Managing Director since 2001. 18 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 19

Cruise-ship port of the year again Copenhagen has been named 'Europe s Leading Cruise Destination' for the third year in a row. The prize, voted for by travel-agency staff in 200 countries, was awarded at the World Travel Awards in autumn 2006. Other nominated destinations were Stockholm, Barcelona and Genoa. CMP sees the prize as a professional recognition of the work done by Cruise Copenhagen Network, which brings the cruise-ship industry together. CMP has chaired the network since it was set up in 1992. Management report Org. no. 556027-4077 The Board of Directors and Managing Director of Copenhagen Malmö Port AB (CMP) take great pleasure in presenting their annual report for the financial year January December 2006. Group structure, organisation and activities CMP is a 50/50 joint venture owned by Port of Malmö AB (Swedish company registration no. 556014-7596) and the Port of Copenhagen A/S (Danish company registration no. 17 15 94 10). CMP's activities in Denmark are managed by a subsidiary (Danish company registration no. 25 99 60 11). CMP leases fixed plant, such as quays, warehouses, buildings, etc., from Port of Malmö AB and the Port of Copenhagen A/S. The annual lease is based partly upon the cost of existing facilities and partly upon the cost of investment in new plant. Important events during and after the end of the financial year Total cargo volumes handled by CMP during 2006 amounted to 16.6 million tonnes, up 9% from 2005. The major increase in cargo volumes is explained first and foremost by volume increases in ferry traffic, container traffic and car imports. The number of new cars processed increased by almost 30% to 440,000. Ferry traffic between Sweden and Germany rose by 15% and container activities grew 13% to 175,000 TEUs. Dry-bulk activity showed a positive development in 2006, with an increase of 0.3 million tonnes compared to 2005, while oil activity increased by 0.1 million tonnes. CMP expects that the positive trend of increasing carge volumes will continue next year. The number of cruise-ship passengers rose by 7% compared to 2005, which meant CMP maintained its strong market position in the Baltic Sea Region. Business concept CMP provides a range of port, terminal and transport services. Net sales and results Profit after financial items in 2006 was SEK 92.8 million (up from SEK 79.7 million in 2005). Although all business areas contributed to the increase, profitability still remains too low in certain segments. Total net sales in 2006 were SEK 649.1 million, up from SEK 602.9 million in 2005. Total operating costs were SEK 558.1 million in 2006, up 6.4% compared to a 7.7% increase in net sales in 2005. Future developments Net sales and profits are expected to grow again in 2007. The positive trends in cruise ships and cars are expected to continue, along with cost-cutting measures and rationalisation in all business areas. The management is optimistic about the future and expects CMP AB s result before balance-sheet allocations to improve continuously over the coming years. The environment CMP continues to prioritise the environment. Company policy on the environment states that: 'Copenhagen Malmö Port AB continually prioritises and improves its safety, health and environmental procedures in order to achieve long-term, sustainable development'. a n n u a l r e p o r t 2 0 0 6 2 1

Income statement The international standard ISO 14001 has been introduced as an environment-management system throughout CMP. All port operations in Sweden require licensing under the new environmental code. CMP lodged the appropriate application for permission to operate as a port with the county administrative board in September 2004. The process is still ongoing and CMP is expected to be granted a license before the end of 2007. Certain facilities and areas where CMP operates have been environmentally affected by previous activities. However, the environmental conditions that stem from the time prior to 2001 are the respective port owner's responsibility. As far as conditions and approval from the environmental authorities for CMP's current activities in the areas involved are concerned, these have been met in full. Investments Investment in buildings, machinery and inventory amounted to SEK 30 million. The investment was mainly in machines and in improving the staff facilities in Malmö. Personnel The number of employees rose by 2% to 471 in 2006, of whom 14% were women. Sick leave was 7.1% ( 6.1% in 2005). Proposed distribution of profit The shareholders meeting has the following profits at its disposal: Balanced profit from previous year SEK 36,169,000 Profit 2006 SEK 38,174,000 Total SEK 74,343,000 The Board and the Managing Director propose: A dividend of SEK 95 per share to the owners SEK 19,000,000 Carried forward SEK 55,343,000 Total SEK 74,343,000 No addition to working capital is proposed. For further information about company profits and the financial situation for 2006 and 2005, please refer to the profit and loss accounts, balance sheets and additional information below. SEK 1,000 Note 2006 2005 Net sales 1 649,118 602,911 Operating costs Other external costs 2-249,848-238,518 Personnel costs 3-272,929-255,977 Depreciation 4-35,400-29,994 Operating profit 90,941 78,422 Earnings from financial items Shares of profit in associated companies 0 2,641 Other interest income and similar items 2,390 2,280 Interest costs and similar items -564-3,672 Profit after financial items 92,767 79,671 Balance-sheet allocations 7-35,196-41,002 Tax -19,397-11,657 Net profit for the year 38,174 27,012 2 2 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 2 3

Balance sheet ASSETS Equity, provisions and liabilities SEK 1,000, 31 December Note 2006 2005 SEK 1,000, 31 December Note 2006 2005 Fixed assets Tangible assets 4 Buildings and land facilities 51,888 44,175 Machinery and other technical plant 176,201 197,202 Inventories, tools and installations 32,799 36,410 Ongoing construction projects and advance payments 1,017 5,312 261,905 283,099 Financial assets Other long-term receivables 1,263 8,646 1,263 8,646 Total fixed assets 263,168 291,745 current assets Short-term receivables Accounts receivable 49,409 36,529 Accounts receivable, co-owners 6,594 1,548 Other accounts receivable 5 27,663 2,731 Tax receivables 0 1,978 Prepaid expenses and accrued income 6 12,794 14,245 96,460 57,031 Short-term investments Other short-term securities 0 18,167 Cash and bank accounts 65,668 64,248 Total CURRENT assets 162,128 139,446 Equity 10 Restricted equity Share capital 100,000 100,000 Premium fund 20,000 20,000 Reserve fund 388 388 Exchange-rate differences, subsidiaries -8,605 527 111,783 120,915 Non-restricted equity Balance 36,169 21,157 Net profit for the year 38,174 27,012 74,343 48,169 Total equity 186,126 169,084 Untaxed reserves 7 101,274 66,078 Appropriations 8 4,246 5,353 Long-term liabilities Loan from financial institutions 0 63,200 Short-term liabilities Supplier liabilities 27,164 29,430 Liabilities, tax 12,896 0 Miscellaneous liabilities 11,473 7,233 Accrued expenses and prepaid income 9 82,117 90,813 TOTAL Short-term liabilities 133,650 127,476 TOTAL ASSETS 425,296 431,191 TOTAL EQUITY AND liabilities 425,296 431,191 Above-the-line items Securities given None None Guarantee commitments 400 400 2 4 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 2 5

Cash flow statement Additional information Operating activities Profit after financial items 92,767 79,671 Adjustment for items not included in cash flow: Depreciation and amortization of fixed assets 35,400 29,994 Capital gains, tangible fixed assets -352-665 Share in earnings from associated companies 0-2,641 127,815 106,359 Paid income tax -4,523-10,045 Cash flow from operating activities 123,292 96,314 Alteration in accounts receivable -41,407 9,975 Alteration in short-term liabilities -6,722 14,091 Cash flow from operating activities 75,163 120,380 Investment activities Reduction in other long-team receivables 7,383 6,498 Purchase of tangible assets -25,254-210,594 Exchange rate difference in tangible assets 9,361-4,727 Sale of inventories 2,039 1,346 Cash flow from investment activities -6,471-207,477 Financial activities Increase in long-term liabilities -1,107-254 Loans procured -63,200 63,200 Dividends paid -12,000-7,100 Exchange-rate differences, subsidiaries -9,132 5,272 Cash flow from financial activities -85,439 61,118 Total cash flow -16,747-25,979 Liquid funds at start of period 82,415 108,394 Liquid funds at end of period 65,668 82,415 Accounting principles The accounting principles used accord with the Annual Accounts Act and recommendations and statements from the Swedish Financial Accounting Standards Council and the Swedish Institute of Authorised Public Accountants (FAR). The following assessment and conversion principles have been used in the annual report: Co-owners Port of Malmö AB and Port of Copenhagen A/S are referred to as coowners in the annual report. Fixed assets Fixed assets are accounted for in terms of acquisition cost with allowance for planned depreciation based upon an estimation of the financial life of the assets. Planned depreciation is calculated as follows: Buildings Permanent equipment in buildings and installations Machinery Vehicles and other equipment Computers Tax-related write-offs in excess of planned depreciation are regarded as extra depreciation, constituting an untaxed reserve. The buildings have no ratable value. 20-50 years 10-20 years 7-10 years 5 years 3 years Accounts receivable and accounts payable Accounts receivable are entered into the accounts at the amount expected to be paid. Accounts receivable and liabilities in foreign currency are converted into SEK at the rate on the day the balance sheet is closed. Any difference between acquisition value and closure value is accounted for. Liquid assets Liquid assets include cash and bank accounts, as well as short-term investments. Foreign subsidiary Profits and balances of the foreign subsidiary are converted according to the daily rate method, by which calculation differences are reckoned against equity. NOTES Note 1 net sales Terminal income 508,066 468,264 Income from rent 118,041 104,734 Miscellaneous income 23,011 29,913 Total 649,118 602,911 Note 2 Auditing fee Auditing fee, Deloitte 439 440 Consultancy, Deloitte 188 209 Total 627 649 Note 3 salaries, other remuneration and social costs Median workforce strength 2006 2005 Malmö Men 203 194 Women 33 32 236 226 Copenhagen Men 204 206 Women 31 31 235 237 Total 471 463 2 6 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 2 7

Absence due to illness 2006 2005 Total absence due to illness 7.1% 6.1 % Long-term absence due to illness 4.6% 4.0 % Absence due to illness for men 6.2% 6.0 % Absence due to illness for women 13.6% 6.8 % Employees, women 29 years 6.9% 2.6 % Employees, women 30 49 years 24.1% 11.1 % Employees, women 50 years 1.2% 1.0 % Employees, men 29 years 2.9% 1.9 % Employees, men 30 49 years 4.4% 5.4 % Employees, men 50 years 8.2% 7.2 % Personnel costs Note 4 Tangible assets Buildings and land facilities Opening acquisition value 44,424 800 Acquisition value adjustments -414 0 Purchases 9,046 43,624 Sales/disposals 0 0 Closing accumulated acquisition value 53,056 44,424 Opening depreciation -249-3 Sales/disposals 0 0 Depreciation for the year -919-246 Closing accumulated depreciation -1,168-249 Closing residual value according to plan 51,888 44,175 Ongoing construction projects and advance payments Opening balance 5,312 0 Costs during the year 11,009 12,805 Reclassifications made during the year -15,271-7,396 Exchange rate adjustments -33-97 Closing balance 1,017 5,312 Leasing SEK 1,000 The company incurs leasing charges for vehicles, machines and inventory. The costs amounted to 2,218 in 2006. Future known lease costs are as follows: 2007: 3,311 ; 2008: 2,360 ; 2009: 1,721 ; 2010: 813 ; 2011: 154. Note 7 Balance-sheet allocations and untaxed reserves Balance-sheet allocations Differences between planned depreciation and depreciation permitted for tax purposes 14,300 41,002 Tax allocations fund, tax 07 20,896 0 Total balance-sheet allocations 35,196 41,002 Untaxed reserves Accumulated excess write-offs 80,378 66,078 Tax allocations fund, tax 07 20,896 0 Total untaxed reserves 101,274 66,078 Machinery and other technical plant Note 5 OTHER ACCOUNTS RECEIVABLES Note 8 Provisions Board, Managing Director and Deputy Managing Director Salaries and other remuneration 3,500 3,380 of which profit-sharing 270 204 Payroll costs 1,973 1,807 of which pension costs and obligations 1,006 821 Other employees Salaries and other remuneration 212,653 198,635 Payroll costs 46,832 45,869 of which pension costs and obligations 17,486 19,096 Agreements on severance payments amounting to two years' salary have been made with the Managing Director and Deputy Managing Director. Gender distribution within the Board and management Percentage men Board 100 % Managing Director and other top management 92 % Opening acquisition value 276,743 133,649 Exchange rate adjustments -7,608 3,558 Purchases 14,913 143,827 Sales/disposals -4,895-4,291 Closing accumulated acquisition value 279,153 276,743 Opening depreciations -79,541-58,301 Sales/disposals 3,352 3,593 Depreciation for the year -26,763-24,833 Closing accumulated depreciation -102,952-79,541 Closing planned residual value 176,201 197,202 Inventories, tools and installations Opening acquisition value 62,723 43,723 Exchange rate adjustments -1,753 1,169 Purchases 6,004 17,831 Sales/disposals -3,230 0 Closing accumulated acquisition value 63,744 62,723 Opening depreciation -26,313-21,399 Sales/disposals 3,086 0 Depreciation for the year -7,718-4,914 Closing accumulated depreciation -30,945-26,313 Closing planned residual value 32,799 36,410 Insurance claims 15,103 0 Subcontracting expenses 10,362 0 Miscellaneous 2,198 2,731 27,663 2,731 Note 6 PREPAID EXPENSES AND ACCRUED INCOME Accrued terminal revenues, etc. 10,417 11,993 Prepaid expenses 2,377 2,252 12,794 14,245 Miscellaneous provisions include a provision for estimated risk of loss pertaining to a particular sales contract. Note 9 Major accrual and deferral items Accrued expenses and prepaid income Accrued salaries, holiday pay and social payments 51,869 49,399 Estimated payroll tax 1,385 1,658 Accrued discounts 16,767 25,251 Miscellaneous 12,096 14,505 Total accrued expenses and prepaid income 82,117 90,813 2 8 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 2 9

Audit report To the annual meeting of the shareholders of Copenhagen Malmö Port AB Note 10 Equity SEK 1,000 Share Premium Reserve Exchange rate Non- Total capital fund fund differences, restricted equity subsidiaries equity Opening amount 100,000 20,000 388 527 48,169 169,084 Exchange-rate differences, subsidiaries -9,132-9,132 Dividend to shareholders -12,000-12,000 Net profit for the year 38,174 38,174 Amount at end of period 100,000 20,000 388-8,605 74,343 186,126 The company s share capital consists of 200,000 shares with a nominal value of SEK 500 each. Note 11 Credit on current account CMP has a SEK 50,000,000 credit facility with Danske Bank and a SEK 5,000,000 credit facility with Föreningssparbanken. On the day the books closed, no use had been made of these facilities. Malmö, 1 March 2007 Peter Maskell Chairman Corporate identity number 556027-4077 I have audited the annual accounts, the accounting records and the administration of the board of directors and the managing director of Copenhagen Malmö Port AB for the financial year 2006-01-01-2006-12-31. These accounts and the administration of the company and the application of the Annual Accounts Act when preparing the annual accounts are the responsibility of the board of directors and the managing director. My responsibility is to express an opinion on the annual accounts and the administration based on my audit. I conducted my audit in accordance with generally accepted auditing standards in Sweden. Those standards require that I plan and perform the audit to obtain reasonable assurance that the annual accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the board of directors and the managing director and significant estimates made by the board of directors and the managing director when preparing the annual accounts as well as evaluating the overall presentation of information in the annual accounts. As a basis for my opinion concerning discharge from liability, I examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member or the managing director. I also examined whether any board member or the managing director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. I believe that my audit provides a reasonable basis for my opinion set out below. The annual accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The statutory administration report is consistent with the other parts of the annual accounts. I recommend to the annual meeting of shareholders that the income statement and balance sheet be adopted, that the profit be dealt with in accordance with the proposal in the administration report and that the members of the board of directors and the managing director be discharged from liability for the financial year. Bengt Madsen Niels Bach Percy Liedholm Vice-Chairman Mogens Worre Sørensen Emmanuel Morfiadakis Kaj Schmidt Åke Svensson Rolf Hansson Søren Nyegaard Employee representative Employee representative Malmö, 1 March 2007 Torbjörn Svensson Authorized Public Accountant Kerry Forsberg Employee representative Alfred Voldum Employee representative Lars Karlsson Managing Director My auditor's statement was made on 1 March 2007 Torbjörn Svensson Authorised Public Accountant Layout & production: Lars Green Principal photos: Dennis Rosenfeldt, Mogens Bech (cover, back, p. 17), Jan Kofod Winther (p.14, 16), Aaerodan (p.12), Cowi (p.16) and Søren Balken (p.6) Visualizations: Martin Grane/Samark (p. 14) & Port of Copenhagen A/S (p. 16) 3 0 a n n u a l r e p o r t 2 0 0 6 a n n u a l r e p o r t 2 0 0 6 31

Copenhagen Malmö Port AB vej 9 P.O. Box 900 DK-2100 Copenhagen Denmark Tlf.: + 45 3546 1111 Fax: + 45 3546 1164 Terminalgatan 18 P.O. Box 566 S-201 25 Malmö Sweden Tel.: + 46 (0) 40 680 41 00 Fax: + 46 (0) 40 18 05 01 cmport@cmport.com www.cmport.com your logistic partner