Audit Committee
Committee within the Supervisory Board that assists the Executive Board in performing the supervisory tasks relating to, among other things, the integrity of the financial statements, the financial reporting, the internal
audit procedures and the relationship with and the independence of the external auditors

Biofuels/Biodiesel/Bio-ethanol
Products of vegetable origin or from animal fats that are added to gasoline or diesel

Blending
Blending of different types of products

Capital employed
Total assets less current liabilities, excluding assets and current liabilities not related to operational activities

Cbm
Cubic metre

CDI-T
Chemical Distribution Institute - Terminals, a risk assessment system for the storage of liquid chemicals at independent terminals, set up by an independent international organisation

CEMEA
Vopak division Chemicals Europe, Middle East & Africa

CFO
Chief Financial Officer, Member of the Executive Board, specifically charged with Finance

Corporate Governance
The manner in which the company is managed and the supervision of management is structured

COSO
Committee of Sponsoring Organisations of the Treadway Commission, an international organisation whose aim is to create a model for information on and management of business risks

Co-siting project
Adjacent or at the site of Vopak the customer constructs a plant

EBIT
Earnings Before Interest and Tax

EBITDA
Earnings Before Interest, Tax, Depreciation and Amortisation

ERMF
Enterprise Risk Management Framework, framework of processes and systems for recognising and controlling risks

Greenfield
Building a new terminal on undeveloped land

Hay Group method
Methodology which enables the autonomous rating of salaries

HR
Human Resources

Hub
Regional storage and transport centre

IFRS
International Financial Reporting Standard

Industrial terminal
Terminal whose services are integrated with a chemical complex or oil refinery

ICT
Information and Communication Technology

Key account management
Internal policies are co-ordinated especially for international customers

KPI
Key Performance Indicator, important operating indicator

LNG
Liquefied Natural Gas

Lost Time Injury Rate (LTIR)
Number of accidents entailing absence from work per million hours worked

Noteholders programme
A long term financing arrangement with a consortium of private investors

OEMEA
Vopak division Oil Europe, Middle East & Africa

Oleochemicals
Semi-finished chemical products derived from plants

PEPI
Packaged Enabled Process Improvement, integrated software system

Put option contract
Right to sell, with the seller of a put option having the right, not the obligation, to sell the underlying value (e.g. 100 Vopak shares) at a pre-determined price within a specific period of time. The buyer of the put option is obliged to buy this value on the same conditions

ROCE
Return on Capital Employed, EBIT as a percentage of the average capital employed

Shared user concept
Tanks are used jointly for several customers

SHEQ
Safety, Health, Environment and Quality

Throughput
Volume of a product handled by a terminal in a given period, calculated as (in + out)/2