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Rotterdam, 22 April 2008
Highlights first quarter 2008
John Paul Broeders, Chairman of the Executive Board of Royal Vopak: ‘The operating profit for the first quarter creates a sound basis for the remainder of this year. I expect our group operating profit, excluding exceptional items, to grow with at least 10%.This quarter, we commissioned new storage capacity totalling 785,000 cbm in many places, including a number of projects for oil products at the Sebarok (Singapore) and Rotterdam (Netherlands) terminals, as well as our joint venture in Fujairah (UAE).
We recently added one new 60,000-cbm expansion, effective 2009, at the Vlaardingen terminal to our project list to satisfy the demand for additional capacity for biofuels, among other things.
Despite the economic slowdown in a number of regions, Vopak still sees strong interest in the use of our infrastructure. Accordingly, we remain committed to our growth strategy.
Group operating profit Group operating profit for the first quarter of 2008 increased 15% to EUR 79.2 million (Q1 2007: EUR 69.0 million, including exceptional items of EUR 1.4 million), including a currency translation loss of EUR 2.4 million. Following the trend of previous quarters, the first quarter of 2008 showed high occupancy rates and a rise in group operating profit, compared with the same period for last year, due to improved margins and new capacity commissioned especially during 2007.
Review by division of first quarter 2008 (excluding exceptional items) As in the preceding quarters, the CEMEA division (Chemicals Europe, Middle East & Africa) expanded capacity and improved its margins, increasing the operating profit for the first quarter of 2008 by 14% to EUR 23.1 million (Q1 2007: EUR 20.3 million), including a currency translation loss of EUR 0.5 million. At the London terminal, the first 20,000 cbm in new capacity was commissioned, with additional 25,000 cbm being taken into use this summer. Storage capacity of 60,000 cbm will be added to the Vlaardingen terminal in 2009.
Operating profit of the OEMEA division (Oil Europe, Middle East & Africa) increased 19% to reach EUR 26.0 million (Q1 2007: EUR 21.9 million). Vopak achieved a further increase in storage capacity and higher margins. The 200,000 cbm capacity expansion at the Europoort terminal (Rotterdam) and the 380,000 cbm additional capacity at the Fujairah terminal (UAE) to allow for the storage of various oil products were commissioned this quarter. Operating profit of the Asia division rose by 22% to EUR 23.4 million (Q1 2007: EUR 19.2 million), despite a currency translation loss of EUR 1.0 million. The increase is mainly due to the commissioning of new capacity in the previous quarters. This quarter, expansions at the terminals in China (Zhangjiagang, 12,500 cbm), Korea (Ulsan, 5,000 cbm), Singapore (Sebarok, 125,000 cbm) and Thailand (Map Tha Put, 10,000 cbm) were commissioned.
In North America, first quarter operating profit grew 4% to EUR 7.5 million (Q1 2007: EUR 7.2 million), including a currency translation loss of EUR 0.8 million. As in the preceding quarters, margins continued to show a further increase.
The Latin America division reported a 4% rise in operating profit to EUR 5.3 million (Q1 2007: EUR 5.1 million), despite a currency translation loss of EUR 0.2 million. A higher occupancy rate contributed to the increase. New storage capacity was commissioned in Mexico (Altamira, 30,000 cbm) and Venezuela (20,000 cbm).
Expenses not allocated to the divisions amounted to EUR 6.1 million (Q1 2007: EUR 6.1 million). Apart from head-office expenses, the figure includes research costs relating to projects. Preparations for the construction of the new LNG Gate terminal on the Maasvlakte, close to Rotterdam, are in full swing. Gate terminal is a joint venture of Vopak, Nederlandse Gasunie and the terminal’s future customers, Dong Energy, OMV/Econgas and Essent. Forward-looking statements
This document contains statements of a forward-looking nature, based on currently available plans and forecasts. Given the dynamics of the markets and the environments of the 30 countries in which Vopak provides logistics services, the company cannot guarantee the accuracy and completeness of such statements. Unforeseen circumstances include, but are not limited to, exceptional income and expense items, unexpected economic, political and foreign exchange developments, and possible changes to IFRS reporting rules.
Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and uncertainties in the markets and environments in which Vopak operates. These factors could lead to actual results being materially different from those expected. Financial calendar
24 April 2008 Annual General Meeting
28 April 2008 Ex-dividend quotation 30 April 2008 Record date 2 May 2008 Dividend payable 28 August 2008 Publication of 2008 first half-year results 7 November 2008 Publication of 2008 third quarter results in the form of a trading update Profile
Royal Vopak is the world’s largest independent tank terminal operator specialising in the storage and handling of liquid and gaseous chemical and oil products. On request, Vopak can provide complementary logistics services for customers at its terminals.
Vopak operates 74 terminals with a storage capacity of more than 22 million cbm in 30 countries. The terminals are strategically located for users and the major shipping routes. The majority of its customers are companies operating in the chemical and oil industries, for which Vopak stores a large variety of products destined for a wide range of industries. For more information
Royal Vopak
Corporate Communication & Investor Relations Rolf Brouwer
Telephone : 010-4002777
E-mail : corporate.communication@vopak.com
Website : www.vopak.com
Enclosures:
1. Vopak’s growth perspective
2. Breakdown of Group operating profit 3. Exchange rates in euros 1. Vopak’s growth perspective
* bcma = billion cubic metres of gas throughput a year
2. Breakdown of Group operating profit*
* These figures have not been audited.
3. Exchange rates in euros
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Vopak: Growth continues, in Q1 Group operating profit up 15% to EUR 79.2 million
