Vopak is a capital-intensive company. Its financing policy is directed at establishing and maintaining an optimum financing structure that takes due account of the current asset base and the investment programme. Vopak’s objectives are continuous access to capital markets and flexibility in acceptable finance costs. Vopak uses derivative financial instruments to manage the risk of foreign currencies and interestrate fluctuations on cash flows, equity and income. Derivatives are used only for that purpose and no speculative positions are taken. The principal derivative financial instruments employed  are  forward  exchange  contracts,  interest  rate swaps and cross-currency interest-rate swaps. The treasury policy and standards, updated in 2006 in close collaboration between terminals, divisions and Corporate Treasury, have been maintained in full. Pages 69 to 74 of the financial statements gives notes on these risks. Vopak keeps a database of guarantees issued.