Valuation Dutch seaports for purposes of the Dutch Tax Authority

BCCF advised Port of Amsterdam, Port of Den Helder, Groningen Seaports, Port of Moerdijk en Zeeland Seaports (hereinafter the Dutch seaports) on the valuation of the seaports for purposes of the Dutch Tax Authority.

Based on revised tax law the Dutch seaports are subject to corporate income tax as per January 1st 2017. This tax will be payable on future taxable profits. For the determination of future profits a valuation of the assets and liabilities is required. The Dutch seaports have used the discounted cash flow (‘DCF’) method for this valuation, in which a distinction is made between the value of plots and the value of port operations.

Important part of the DCF methodology is the discount rate used. BCCF has done extensive research for the Dutch seaports as a group to the relevant parameters of this discount rate.