Facts & Figures 2013

Transcription

1 Facts & Figures 2013

2 Evides Industry Water BOOT solutions for the petrochemical, coal-chemical, chemical and food industry. As a subsidiary of Evides Holding the drinking water company of Rotterdam, treating river water into chlorine-free, healthy and tasty drinking water for almost 10 years Evides Industry Water (short: EIW) has been dedicated to serving some of Europe s biggest petro-chemical industrial parks (such as Rotterdam, Vlissingen, Terneuzen, Antwerp and Hamburg) with the supply of process water of any quality on demand, treating waste water to discharge quality and reusing treated waste water. In developing a wide portfolio of medium-to-big projects we have established a reputation that centers around four core competences: 1. Our business model (BOOT Build Own Operate Transfer) enables us to control our projects from design all the way to longterm operation, resulting in flawless project management and leading to during water-partnerships to our mainly (petro)chemical clients (e.g. Dow Chemical, Shell, BASF, Huntsman, ExxonMobil, BP, DuPont); 2. Our advanced asset management certified in 2011 according to PAS55 (pre-cursor to novel ISO55000) enables us to achieve cost-leadership through well defined, risk-based maintenance implementation on our all our water treatment and water transportation assets; 3. We believe that unique propositions targeting at longterm operational stability and efficiency can only be achieved by a combination of sound engineering and the appetite to seek to apply innovation throughout our designs. Over the years we have intensified our cooperation with leading universities and research institutes, while engaging in massive pilot plant research in order to get well prepared for full-scale investments. We foresee that we will develop proprietary know-how in the fields of process and waste water treatment in order to apply these in our projects. 4. Last but not least, our committed and experienced staff are core to keeping up with our service track record that is key to seeing water treatment not as an activity but rather a service. Automation and high-quality mechanical standards result in 24/24 and year-round only because of the dedication of our operators and engineers. 2

3 While all of its predecessors date back to 1870, Evides and EIW proper came into being in September Hence, we look forward to celebrating our 10-year anniversary in 2014, aiming at developing more challenging projects with and for our industrial clients in the years to come. Markus Flick Managing Director Evides Industry Water Key Figures Supply of industrial process water 51.9 million m 3 /year Supply of ultrapure water 35.5 million m 3 /year Total actual waste water treatment 99.9 million m 3 /year Capacity of mobile RO plants 900 m 3 /hr Number of DBFO/BOT operations 12 Number of plants/assets 73 3

4 Key Businesses Process Water Supply of low-grade process water by means of common water grid (commodity contracts) Supply of high-grade treated process water by means of common water grid (commodity contracts) Supply of high-grade process water by means of custom-designed and operated treatment plants (DBFO contracts) Waste water treatment Treatment of industrial waste water (industrial parks) Treatment of municipal waste water Water Reuse Reuse of industrial effluent for production of high-grade industrial process water Reuse of municipal effluent for production of high-grade industrial process water Contracts Build Operate Transfer (BOT) & Design Build Finance Operate (DBFO) Operations Plus Operations & Maintenance 68% 65.1m Revenue 2013 (by business) 2% 3% 1.7m 2.9m 27% * 25.7m *Other revenues consist of a.o. rent of mobile RO plants, consultancy, engineering. 4

5 Global Presence The Netherlands Rotterdam (office) Rotterdam Port Area (several locations) Terneuzen Vlissingen Amsterdam Airport Germany Wuppertal (office) Stade/Hamburg Belgium Antwerp China Beijing (office) Vietnam Dung Quat (pilot plant) 5

6 Process Water 2013 Revenues 29.4 million The economic downturn due to the financial crisis of the years has had a marked effect in our European markets in The lack of greenfield projects and the increased focus at reduction of water usage by our clients have prevented EIW from returning to the growth levels as seen in the years Instead of building new plants, we have intensified our efforts to professionalize our asset management in order to safeguard future returns while increasing our reliability. Our multi-client plants both demin plants as well as waste water treatment plants have been strategic in attracting some new clients with a minimum of additional investment, such as AVR at our biggest demin plant DWP (Rotterdam) and Spanish fruit juice producer AMC at our waste water treatment facility Sloe (Vlissingen). We have finished the extension of our service water grid on Maasvlakte-2. This vast, 2,000 ha area expansion of the industrial park of Rotterdam will be home to Europe s container handling facilities and future bio-based chemical activities. The new water grid owned and operated by EIW and fed by fresh water from the nearby lake Brielse Meer secures a reliable supply of water for the nearby future. Process water from reliable fresh water sources is always less expensive and definitely more sustainable than the obvious alternative of sea water desalination baring in mind its higher energy, chemicals and CO 2 footprint. Our fleet of mobile Reversed Osmosis-plants a total of 12 units with a combined capacity of 900 m 3 per hour has been extended with a mobile EDI (Electro-DeIonization) plant and a mobile softener. The combination of these technologies enables us to now also deliver high quality demin water in emergency cases. In 2013 we have been able to finish a process started back in 2008 to de-bottleneck, specify and standardize the design and engineering of our water treatment plants by fully specifying almost all components in our 6

7 plants. These DEP s (Design & Engineering Practices) draw from the operational experiences in our 48 odd plants that have been designed, built and operated in the last 15 years, starting with the facilities at Dow in Terneuzen. Any of our future plants regardless of size or location will benefit from these DEP s with proven operational practices, high safety standards and very competitive operational costs. Our working procedures ensure that asset management systems and plant modifications feed back into further updating and improving existing DEP s. 7

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9 Demin Water Plant Botlek Rotterdam, Netherlands Demineralised water for the port-industrial complex of Rotterdam Recreated PMS AiRO concept was awarded in 2012 with the Design Honour Award by IWA Europe & West Asia. Start of operation 2010 Pre treatment plant in 2011 Products Ultrapure demin water for a large number of (petro) chemical companies Source Surface water (back up: drinking water) Industries connected to the demin water pipeline: 18 Max. capacity 1,400 m 3 /hr (installed capacity 1,600 m 3 /hr) Technology coagulation/flocculation, DAFF, sand filtration, softening (IX), VRO, RO, MB (IX) Redundancy N-1 9

10 Air Liquide/Pergen Rotterdam, Netherlands Demineralised water for the biggest refinery of Europe at Shell Netherlands Refinery Start of operation 2008 Product Ultrapure demin water Sources Industry water (drinking water quality) Max. capacity 1,055 m 3 /hr Technology IX Redundancy N-1 10

11 Dow Benelux Terneuzen, Netherlands Taking care of total water management: production of process water using five different water sources Start of operation 2001 Products Cooling water, demin water, ultrapure water Sources Treated industrial waste water, treated domestic waste water, condensate, surface water (river Meuse) and rain water Max. capacity Cooling water: 650 m 3 /hr Demin water: 750 m 3 /hr Ultrapure water: 1,050 m 3 /hr Technology Sand filtration, IX, RO Redundancy N-2 11

12 Yara Sluiskil, Netherlands Ultrapure demin water (TOC < 100 ppb) Start of operation 2009 Product Demin water Sources Ground water, surface water, condensates Max. capacity 625 m 3 /hr Technology IX (ultra-low TOC < 100 ppb) Redundancy N-1 12

13 Kuweit Petroleum Europoort Rotterdam, Netherlands Polishing of demin water and condensate reuse Start of operation 2009 Products Sources Max. capacity Technology Ultrapure water Demin water and return condensates 2 x 125 m 3 /hr IX 13

14 DuPont de Nemours Dordrecht, Netherlands Production of demin water from surface water Start of operation 1999 Product Ultrapure demin water Source Industry water or surface water Max. capacity 150 m 3 /hr Technology UF-RO-IX (MB) Redundancy N-1 14

15 LambWeston Meijer Kruiningen, Netherlands Tailor made process water for the food industry Start of operation 1997 Product Source Max. capacity Technology High quality process water for potato industry Pre-treated surface water (river Meuse) 250 m 3 /hr Coagulation filtration desinfection (UV-light) 15

16 Waste Water Treatment 2013 Revenues 25.7 million* Evides is a full cycle water company. We treat municipal waste water in custom-designed plants for the municipalities of The Hague: the WWTP Harnaschpolder is even the biggest municipal facility of its kind in the Netherlands (1.3 mio people equivalents). We also own and operate the waste water treatment plant of Schiphol Amsterdam International Airport. In the industrial parks of Vlissingen and Delfzijl we own and operate waste water treatment plants that treat complex, chemical waste water streams to discharge quality. In both instances we discharge to surface waters that are designated nature reserves, hence demanding operational excellence by Evides in order to guarantee 24/7 compliance. We also operate the waste water treatment plant of Huntsman at their Botlek (Rotterdam) site. After successfully having taken over the ownership and operation of their process water treatment plant (2008) and the construction of a multi-client demin-plant (DWP, 2010) at their site, Huntsman has entrusted the operation of their waste water treatment plant to us in In 2013 we have started to develop the first activities that will eventually see the establishment in the years of a new, big, multi-client industrial waste water treatment plant in the Botlek area of the vast Rotterdam port-industrial park. This project (named CAB or Centrale Afvalwaterzuivering Botlek) will enable clients in the area to abandon existing waste water treatment plants, only to be replaced by a modern treatment plant plus sewing system, that when operated by EIW will reduce treatment costs for these clients while freeing space on their sites for core activities. 16 * excluding Delfluent, Delfluent Services (two water treatment plants The Hague) and the WWTP Delfzijl.

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18 WWTP Harnaschpolder The Hague area, Netherlands Aerobic treatment of municipal waste water Start of operation 2006 Service Collection and treatment of waste water from the city of The Hague and some of the surrounding communities Capacity (pe 150) 1.3 million pe (max. 35,800 m 3 /hr) Technology Sedimentation, denitrification, aerobic treatment, sludge digestion 18

19 WWTP Houtrust The Hague, Netherlands Aerobic treatment of municipal waste water Year of takeover 2003 Service Collection and treatment of waste water from a part of the city of The Hague. Capacity (pe 150) 0.3 million pe (max. 13,900 m 3 /hr) Technology Sedimentation, denitrification, aerobic treatment, sludge digestion 19

20 WWTP Sloe The Netherlands Aerobic treatment of industrial waste water Start of operation 1997 Service Treatment of industrial waste water from Vlissingen harbour area Number of companies connected: 60 Max. capacity 11,000 m 3 /day Technology Aerobic treatment 20

21 WWTP Schiphol Amsterdam international Airport, Netherlands Aerobic treatment of waste water Start of operation 2003 Service Max. capacity Technology Treatment of waste water from passengers and businesses at Amsterdam International Airport 4,000 m 3 /day Sedimentation, denitrification, aerobic treatment 21

22 Water Reuse 2013 Revenues 1.7 million Apart from a necessity to treat waste water before discharge to surface water, we consider effluent the product of waste water treatment as a valuable source of process water for the industry. This is especially true for Evides since we are based in the biggest delta of Europe, where fresh water is a scarce commodity. We operate and/or own major reuse facilities at Cargill (70 m 3 /hr) and Dow Chemical (400 m 3 /hr), both treating waste water effluent to produce high-quality boiler feed water. While the Cargill reuse treatment facility uses a UF-RO configuration to treat industrial effluent, the Dow facility uses MBR-RO to treat municipal waste water of the nearby town of Terneuzen. The ongoing pilot plant research as part of the European E4 research into the development of advanced reuse technologies in the chemical industry keeps us busy at and for Solvic (Antwerp) and Dow Chemical (Terneuzen). We don t expect final conclusions until this research comes to an end in the years In China we have finished operating our effluent reuse demonstration plant (35 m 3 /hour) at a coal-to-methanol facility in the half-desert of the northern Shaanxi province. The excellent results have attracted the attention of potential clients as well as lawmakers. The latter is of importance since the growing awareness of the scarcity of water in this part of the world has led to rules and laws that impose mandatory reuse and even zero-liquid treatment plants at all greenfield and most existing chemical facilities. We are currently negotiating new BOT contracts with a number of clients in northern China. Delft Blue Water the initiative to use treated waste water to feed Europe s biggest greenhouse area (flowers, vegetables) with cost-effective, safe, reliable and sustainable fresh water has seen it move on to its second phase. After having established the best process design ( ) in phase 1, the year 2013 has seen us actually producing tomatoes in phase 2. This has been done in a controlled environment, the so-called demonstration greenhouse in the Westland community close to the Dutch city of Delft. This full-scale test has decisively raised the awareness that fresh feed water from treated waste 22

23 water is a preferred alternative to expensive brackish water desalination in an area that experiences salt intrusion from the nearby sea. In this way we can contribute to the already substantial existing sustainability efforts of the Dutch greenhouse sector. And by the way: our tomatoes were distributed among the staff of Evides and have been eagerly devoured we all have thoroughly enjoyed this source of sustainable vitamins! RINEW a collaboration of two waste water boards, the city of Rotterdam and EIW has produced its intended process design. RINEW is a novel approach to valorisation of municipal effluent and aims at maximising electricity production by means of black liquor digestion (rather than consumption), reclamation of phosphorous and production of demineralised water for industrial use. In 2014 we will proceed by testing technologies and systems in our test hall at WWTP Harnaschpolder before heading into pilot plant applied tests at a redevelopment area in the port of Rotterdam. 23

24 Membrane Bio Reactor The Netherlands Treatment of domestic wastewater Start of operation 2010 Service Production Technology Treatment of domestic waste water to effluent suitable for reuse as a source for the production of demin water million m 3 /year MBR-RO 24

25 Solvic Antwerp Pilot for production of demin water from two sources (reuse of effluent + desalination brackish harbor water) Start of research 2010 Objective (Part of EU E4W research project) Design of most cost competitive and reliable design for reduction of (drinking) water footprint of Solvic by using other water sources Product Demin water for chlorine and caustic soda production Source Treated industrial waste water (20 m 3 /hr); brackish surface (harbor) water (11,5 m 3 /hr) Number of plants 2 Research period 4 years 25

26 Cargill Benelux Sas van Gent, Netherlands Reuse of effluent for the production of demin water Start of operation 1999 Product Source Max. capacity Technology Demin water WWTP effluent 70 m 3 /hr DLF-UF-RO (2-pass) 26

27 Delft Blue Water Pilot reuse at WWTP Harnaschpolder Delft, Netherlands Sustainable and cost effective supply of surface water and irrigation water for the greenhouses Start of research 2010 Objective Research on production of cost effective, reliable water from effluent with innovative technologies Products Fresh surface water and irrigation water for the greenhouses Source Municipal waste water Research lines 3 Research period 4 years 27

28 Operations-Plus (OPP) Full operational O&M service Traditionally EIW focuses on full ownership of assets and long-term service contracts (10-20 years). Most of our contracts for supply of process water, treatment of waste water and reuse of effluent water are based on these so-called DBFO (Design Build Finance Operate) or BOO (Build Own Operate) formats. However, we do encounter companies that do not consider disposing of their assets while still seeking assistance to operate their plants. Specifically to that cause EIW has developed its OPP (Operations-Plus) concept. The service aims at taking over the operation of water (treatment) assets on a multi-year contract and against contractual KPI s (key deliverables). This service is especially helpful in occasions where the availability of enough qualified staff is a challenge to industrial clients, or when older plants need to be optimised, or in the event of operational instabilities that demand for expert review. OPP is not a consulting service. Debottlenecking and process optimization can and indeed usually will be part of the OPP service. OPP is a full O&M (Operation & Maintenance) service. EIW offers this service only as a multi-year service (minimum: 3 years). EIW already holds OPP contracts with a percolation water treatment plant in Vlissingen and a demin production facility at Cargill in Sas van Gent (both in the Netherlands). Starting in 2012 and following the very successful takeover of its process water plant and subsequent construction of the DWP demin plant at its premises EIW effectively started to operate this WWTP with its own staff. The first year of operation has seen a decrease of discharge emissions below any of its previous years of operation. Implementation of new reporting software has enabled full off-site monitoring by EIW process engineers, adding to an increased operational stability of the plant. Now in weekday day-shift only against the 24/7 3-shift per day previously. Simple as that. Simply by the water specialists of EIW. We expect to expand our OPP services to some other companies in

29 WWTP Huntsman Rotterdam, Netherlands Aerobic treatment of industrial waste water Start of contract 2012 Duration of contract 5 yrs Service Waste water characteristics Max. capacity Technology Daily operations and maintenance of waste water treatment plant, including process support and optimization services Mix of alkaline and salty waste waters from several petrochemical production facilities containing specific organic pollutants 300 m 3 /hr and pollution equivalents ph neutralisation, aerobic biological treatment, and chemical phosphorus removal 29

30 Innovation We believe process designs based on proprietary technology know-how and competitive, differentiating propositions go hand-in-hand. Bringing together operational expertise based on advanced asset maintenance know-how and innovative, advanced and exclusive technology will help EIW to grow its business both at home and in foreign markets. To that effect EIW has defined an innovation strategy focused on desalination, zero-liquid discharge and (advanced) waste water treatment. We execute this strategy on three different levels: closed fundamental and applied research in our own test facilities (Terneuzen, Delft), applied pilot plant research at our full-scale facilities and open-source fundamental research in collaboration with selected universities (Delft University of Technology, Harbin Institute of Technology) and research institutes (a.o. KWR, Wetsus, both in the Netherlands). Typical open source research includes research of advanced desalination technologies at Delft University (aiming mainly at reducing the cost of chemicals), where we sponsor a professorate. At the same university we sponsor another professorate that focuses at biological (in)stability in treatment systems and transport infrastructure, aiming at reduction of biofouling and consequently a step-change in reduction of operational 30

31 costs. Delft and Harbin universities are included in the SDRP (Sino-Dutch Research Program), funded by EIW and executed in both institutes with an active exchange of students and PhD s. The SDRP focuses on the development of new process designs for advanced treatment of complex chemical waste water, thereby enabling water reuse. We also closely look at opportunities to develop new or improve existing technologies for zero liquid discharge. In 2013 we have structured four innovation lines into projects with separate budgets and staffing, and will aim at achieving milestones along a well defined path that allows venturing into the unknown while at the same time not losing track of integrating these technologies in new projects. Innovation after all only exists if the novel technology is being applied. The path of innovation also leads to differentiation of our propositions. In 2013 we have increasingly been involved in anaerobic projects (digestion of solid matter as well as soluble matter). Differentiation takes time, but we are confident that this road will enable to expand our services to existing clients and acquire new clients for our BOOT services. 31

32 Belgium A major chemical industry park When BASF Antwerp one of the biggest integrated chemical sites of Europe decided to reduce its dependency on ground water, it tendered to the market an invitation to offer a sustainable, surface water based solution for the supply of process water plus an expansion of its demineralised water capacity by means of a BOOT contract. In 2009, EIW won the bid based on a solution that changed the water envelope of the site from ground water to river water. As a result, EIW constructed one process water production plant (production capacity: 2,000 m 3 /hr; technology: rapid sand filtration), one demin production plant (production capacity: 550 m 3 /hr; quality: < 50 ppb TOC), one process water buffer tank (capacity: 10,000 m 3 ) and considerable lengths of water transportation pipes. All assets are owned and operated by EIW under a 15 year BOOT contract. The plants were started up at the end of 2010 and are fully operational since. As a result of the water-partnership between BASF and EIW, BASF has been able to achieve its water-related sustainability goals at very competitive prices. 32

33 BASF Antwerp, Belgium Proceswater and demineralised water for BASF Antwerp Start of operation 2011 Products Process water and ultrapure demin water (TOC <50,2 µg/l) Source Pre treated surface water (river Meuse) Max. capacity Process water plant: 2,000 m 3 /hr Demin water plant: 550 m 3 /hr Ultrapure water: 1,050 m 3 /hr Technology Process water plant: sand filtration Demin water plant: IX-RO Redundancy N-1 33

34 Germany The biggest chemicals producer of Europe Germany has been the chemical powerhouse of Europe for some time. Large industrial complexes produce a wide range of base and specialty chemicals for both the domestic market (pharmacy, automotive, machinery, paper) as well as foreign markets. Starting in 2004, Evides operates a major water production facility at the production site of Dow Chemical in Stade (near Hamburg). Using water from the nearby Elbe river, we use a combination of sand filtration and ion exchange to desalinate this water into process water and ultrapure boiler feed water. Using our excellent track record at Dow, EIW is looking into establishing greenfield plants elsewhere in Germany as well as opportunities to take over existing water treatment facilities. We hope to be able to secure another project of substantial size in

35 Dow Deutschland Werk Stade Hamburg, Germany Production of demin water from Elbe water Start of operation 2003 Products Demin water and process water Source Surface water (river Elbe) Max. capacity Process water plant: 200 m 3 /hr Demin water plant: 800 m 3 /hr Technology Process water plant: coagulation flocculation filtration Demin water plant: IX Redundancy N-1 35

36 China & Vietnam Using Dutch technologies and operational expertise in upcoming chemical market places China has been a chemical production powerhouse ever since the 1990 s and is still going strong. Two specific circumstances have resulted EIW to seek opportunities in China: the lack of local advanced and efficient water treatment technologies to cater to the surging mainly coal-based chemical industry in combination with a dramatic scarcity of usable water as result of the extreme aridity of the country. Both factors demand state-of-the-art water treatment solutions. EIW offers these solutions by means of its well-proven BO(O)T contract concept (Build Operate Own Transfer), leading to a longterm involvement of EIW with its clients. This commercial business model combines western reliability standards with local water-partnerships that seek lasting solutions rather than quick-fixes. Reduction of the water usage by the industry is of paramount importance to China. As a consequence reuse of water and zero liquid solutions are in demand and even mandatory in large tracks of the country. EIW operates a state-of-the-art demonstration plant (capacity: 30 m 3 per hour) in the northern Shaanxi province. This area and the Erdos coal basin is rich in coal reserves and attracts high investment in greenfield CtX (coal to chemicals) sites. Our demonstration plant helps to test effective reuse solutions, debottleneck existing reuse plants and establish the process design of full-scale water treatment plants. Based on our excellent results in 2012 at a coal-tomethanol plant nearby Yulin, we have been negotiating BOOT contracts to various clients. We expect to secure a first BOOT contract in However different, Vietnam and China show some similarities: droughts and water scarcity, rapid industrialization and surface water pollution. Vietnam has embarked on not only developing its upstream capabilities of welling for its rich deep-sea oil riches, but also on developing the midstream sector. As a consequence, refineries and vast integrated petrochemical sites are emerging and due to emerge in the coming years. Their water footprint is known to be substantial. In combination with the notion that their seaoriented operations should not interfere with the pristine sea shore touristic potential of Vietnam, modern waste water treatment is mandatory

37 Vietnam s first refinery the Binh Son refinery of PetroVietnam in Dung Quat has taken on the challenge to go even one step further: thanks to the visionary leadership of its management and supported by PVN s headquarters, it has accepted the offer of EIW to investigate the feasibility of reuse of its treated waste water for production of boiler feed water, thereby drastically reducing its outfall to the sea. Additionally, the nearby populace will be able to benefit from a reduced demand by the refinery for the nearby surface water sources. EIW will supply a reuse pilot plant using novel AiRO technology as a means to master biofouling in a cost effective way. The pilot plant partly financed by a subsidy of the government of the Netherlands will start operation in 2014 and will be operated by EIW process engineers and operators. If successful, a full-scale plant is envisaged to start operation in 2016/2017 based on a 10-year BOOT contract. 37

38 Performance indicators Evides Industry Water Revenue & EBIT ( million) Revenue Normalised* EBIT Normalised* , Evides Industry Water Normalised Revenue/EBIT Normalised* Revenue Revenue EBIT Number of plants ,0 17,9 19,9 22, , ,9 84, ,2 65,5 68, , Evides Industry Water Number of staff (fte) and plants Number of staff (FTE) Number of plants Normalised* Revenue Normalised* EBIT Netherlands Netherlands Yara Air Liquide/Pergen 04 Netherlands DOW Benelux ,8 70, , , ,3 10 Netherlands DWP Botlek 48 74, Belgium BASF 73 82, * Normalisation excludes 22,3 income from financial 19,0 19,9 lease results 22,3 on 17,9 new 20 DBFO contracts. 9,6 23,0

39 Evides NV Revenue & EBIT ( million) 300 Revenue EBIT ,2 77,9 63,2 65,5 84,5 68,2 67, Evides NV / Evides Industry Water Assets ( million) Evides NV Evides Industry Water Netherlands 400 DOW Benelux Normalised* Revenue Normalised* EBIT 58,3 61, , Netherlands Air Liquide/Pergen 09 Netherlands Yara 70,0 72,8 241, Netherlands DWP Botlek 74, Belgium BASF 82, , ,0 17,9 9,6 19, , , For questions or advice, please contact us. All information or advice in this brochure is pretended to be general in nature and you should not rely on it in connection with the making of any decision. Evides Industriewater B.V. tries to ensure that all information provided as part of this brochure is correct at the time of publication of this brochure but does not guarantee the accuracy of such information. Evides Industriewater B.V. is not liable for any action you may take as a result of relying on such information or advice or for any loss or damage suffered by you as a result of you taking this action. 39

40 Evides Industry Water Netherlands P.O. Box AL ROTTERDAM Germany Postfach WUPPERTAL China Fortune Plaza No. 7 - Unit 9U Dongsanhuan Zhong Road Chaoyang District Beijing