• Net profit for 2003 of EUR 104.5 million (2002: EUR 111.3 million)
• Asset disposal programme largely complete, focus on core activities
• Net debt at 31 December 2003 of EUR 608.5 million (2002: EUR 782.7 million)
• Proposed optional dividend of EUR 0.50 per ordinary share, in cash or in shares (2002: EUR 0.50)
• Prospects for 2004: group operating profit core activities to at least match that for 2003

Net turnover of Koninklijke Vopak N.V. (Royal Vopak) amounted to EUR 749.6 million in 2003 (2002: EUR 796.2 million). This decline is mainly caused by a negative currency effect of EUR 37.6 million. The net profit amounted to EUR 104.5 million compared with EUR 111.3 million in 2002. The negative effects of currency fluctuations have partly been mitigated through the use of Average Rate Options.

Vopak reported good results in local currency for Asia and Latin America, although the fall in the US dollar and the Singapore dollar against the euro had a significant impact on the results measured in euros. The weaker markets for storage in Europe and North America, as well as the failure of the global economy to recover, also depressed the results.
The recovery in results during the second half of 2003 was mainly due to the improved results in Asia and Latin America and of the Oil Europe, Middle East & Africa division.

The sale of the chemical tanker fleet on 27 February 2004 means that the asset disposal programme is largely complete.
The investments in tangible fixed assets in 2003 amounted to EUR 106.5 million (2002: EUR 97.0 million) of which EUR 41.4 million in capital expenditures for maintenance and to enhance quality and introduce improvements concerning safety, health and the environment (SHE) (2002: EUR 41.8 million). Based on presently known projects approximately EUR 130 million will be invested in 2004.
Net debt was down substantially from EUR 782.7 million at year-end 2002 to EUR 608.5 million at year-end 2003.

In accordance with the amended Guidelines for Annual Reporting in the Netherlands, exceptional items have been included in the operating profit for 2003. The comparative figures for 2002 have been restated accordingly. In 2003, the net effect of this change was an increase of EUR 25.5 million on the operating profit.
It will be proposed to the General Meeting of Shareholders on 13 May 2004 that an optional dividend of EUR 0.50 per ordinary share be distributed, payable in cash or in shares. This is equivalent to 30% of the net profit per ordinary share.

Taking everything into consideration - and barring unforeseen circumstances - Vopak expects its operating profit for 2004 from its core activities, excluding exceptional income and expenses, to at least match that for 2003 (EUR 150.2 million as per Annexe 2).

Tank-terminal Plus strategy

As part of the Tank-terminal Plus strategy, the sale has been completed of a number of business lines that were not part of Vopak's core activities. For 2003 and 2004, this will produce total sale proceeds of around EUR 210 million. The results on these disposals have been included in the profit and loss account for 2003. Partly thanks to the successful completion of the asset disposal programme, Vopak can concentrate fully on its core activities: providing tank-terminal services and related supplementary services to the oil and chemical industries.
Vopak is improving the profitability of these core activities. In concrete terms this means, alongside improved rates and cost control, selective growth.
In addition to improving its financial position, Vopak constantly seeks to enhance quality and introduce improvements concerning safety, health and the environment (SHE). The policy for these areas aims to achieve increased awareness of SHE among all employees and to improve their approach towards these matters. In 2003, the number of accidents resulting in absence from work dropped by 23%.

Selective growth

Vopak bases its growth on the expansion of existing terminals, the acquisition of terminals from third parties and the construction of new terminals. In 2003, the expansion of existing terminals was mainly in Singapore, Fujairah (United Arab Emirates), Rotterdam and Thailand.
Terminals were acquired in 2003 in California (United Sates), Venezuela, Colombia, Ecuador and China. The most important construction project concerns the large, new industrial terminal close to Shanghai, China. The project is progressing well and the first phase of 240,000 m3 of storage capacity will go into operation in stages from the end of 2004.

Exceptional items in operating profit

Exceptional income and expenses included in the operating profit for 2003 amounted to EUR 25.5 million (2002: EUR 5.0 million). The most important items were a reduction of EUR 33.2 million in the guarantee given to Univar at the time of the split-off in 2002 and the loss of EUR 12.5 million on the disposal of non-core activities (including the impairment on assets still to be sold).

Operating profit and return on average capital employed

Operating profit for 2003, including exceptional income and expenses, amounted to EUR 192.2 million (2002: EUR 213.0 million) and average capital employed amounted to EUR 1,336 million (2002: EUR 1,514.0 million). This means a ROCE for 2003 of 14.4% (2002: 14.1%).

Prospects for 2004

Apart from Asia, the chemical industry is in depression from which it is unlikely to recover before the second half of 2004. Consequently, Vopak expects little growth in terminal activities.
The demand for oil product storage is being driven by a growing geographical imbalance between the supply and demand for oil products. Occasionally, this trend is slowed down by price patterns if future prices are below current ones (a phenomenon known as backwardation). The strong market position of Vopak's terminals and the additional fuel oil capacity in Rotterdam mean that the company views the prospects in this market segment as favourable.
The level of activities in the first two months of the current year is comparable to that of the last quarter of 2003.
However, political developments and exchange rate fluctuations can still have a considerable impact on results.
Taking everything into consideration - and barring unforeseen circumstances - Vopak expects its operating profit for 2004 from its core activities, excluding exceptional income and expenses, to at least match that for 2003 (EUR 150.2 million as per Annexe 2). Based on presently known projects approximately EUR 130 million will be invested in 2004.

Post-balance sheet events

Agreement has been reached with the leading oil companies in Northern Australia on the construction of a combined oil terminal in Darwin. This involves an investment of EUR 33 million, with the intention that the terminal commences operations in August 2005.
On 27 February 2004, the chemical tanker fleet was sold to Deutsche Africa Linien/John T. Essberger, part of the German Rantzau group. This produced a decrease of EUR 102 million in tangible fixed assets and a reduction of 300 in the workforce.

Corporate Governance

Vopak attaches great importance to an equitable balance between the interests of the various stakeholders in the company. Integrity, openness, supervision, transparent reporting and accountability are the cornerstones of Vopak's Corporate Governance policy. The company also intends that its activities respect the public interest.
The principal elements of Royal Vopak's Corporate Governance structure are published in a separate section in the annual report and will form a separate item for discussion on the agenda of the General Meeting of Shareholders on 13 May 2004. As part of compliance with the Dutch Corporate Governance Code, published on 9 December 2003, Vopak decided to make some changes to its own Corporate Governance structure.
Any current deviations or departures from the Principles and Best Practices of the Code are explained in the annual report. Furthermore, the regulations of the Supervisory Board, the Executive Board and the committees of the Supervisory Board, as well as the whistleblower regulation, will be published on the company's website, at the same time as publication of the annual report, at the beginning of April 2004.

Proposed dividend

It will be proposed to the General Meeting of Shareholders on 13 May 2004 that an optional dividend of EUR 0.50 per ordinary share be distributed in cash or in shares. This is equivalent to 30% of the net profit per ordinary share.

In EUR millions	2003	2002*	D %
Net turnover	749.6	796.2	- 5.9
Operating profit before depreciation and amortisation (EBITDA)	307.2	334.2	- 8.1
Group operating profit (EBIT)	192.2	213.0	- 9.8
Net profit	104,5	111.3	- 6.1
Net profit for holders of ordinary shares	97.6	104.4	- 6.5
Earnings per share	1.67	1.91	- 12.6
Earnings per share (before exceptional items)	1.28	1.73	- 26.0
Shareholders’ equity	521.2	496.4
Net debt	608.5	782.7
ROCE	14.4%	14.1%
Net debt : EBITDA	2.42	2.49
Interest cover ratio	5.6	5.5
Current assets : Current liabilities	1.4	1.3
Number of employees at year end	4,004	4,075

Weighted average number of shares outstanding	58,313,375
Weighted average number of shares outstanding, fully diluted	58,461,497
Per year end 2003 including treasury stock	59,927,972
Treasury stock per year end 2003	1,607,309
Number of cumulative financing preference shares issued	25,400,000

Financial calendar

1. Notes to the profit and loss account by region
2. Consolidated profit and loss account
3. Consolidated balance sheet
4. Consolidated cash flow statement
5. Key figures of participating interests

Europe, Middle East & Africa (EMEA)

In EUR million	2003	2002
Net turnover	244.9	247.1
EBITDA	69.7	74.3
Group operating profit (EBIT)	36.7	42.0
Average gross Capital Employed	690.6	708.1
Average Capital Employed	390.3	414.8
ROCE	9.4%	10.1%

Oil Europe, Middle East & Africa (EMEA)

In EUR million	2003	2002
Net turnover	117.7	124.9
EBITDA	57.0	69.0
Group operating profit (EBIT)	44.7	57.0
Average gross Capital Employed	386.2	375.4
Average Capital Employed	123.2	118.5
ROCE	36,3%	48.1%

Asia

In EUR million	2003	2002
Net turnover	93.8	104.1
EBITDA	73.0	83.5
Group operating profit (EBIT)	56.2	62.6
Average gross Capital Employed	429.1	472.3
Average Capital Employed	283.0	320.2
ROCE	19.8%	19.5%

North America

In EUR million	2003	2002
Net turnover	104.8	118.0
EBITDA	33.5	39.4
Group operating profit (EBIT)	21.6	26.8
Average gross Capital Employed	320.5	365.6
Average Capital Employed	178.4	206.6
ROCE	12.1%	13.0%

Latin America

In EUR million	2003	2002
Net turnover	40.1	38.1
EBITDA	18.1	19.4
Group operating profit (EBIT)	14.1	15.1
Average gross Capital Employed	107.8	96.9
Average Capital Employed	89.5	81.1
ROCE	15.8%	18.7%

In EUR millions		2003		2002
Net turnover		749.6		796.2
Other operating income		3.0		1.6
Total operating income		752.6		797.8
Wages, salaries and social security charges		262.6		271.2
Depreciation and amortization		115.0		121.2
Other operating expenses		225.3		269.7
Total operating expenses		602.9		662.1
Operating profit		149.7		135.7
Profit of participating interests		42.5		77.3
Group operating profit		192.2		213.0
Interest income		16.7		34.0
Interest expense		-64.6		-91.1
Interest		-47.9		-57.1
Profit before taxation		144.3		155.9
Tax		-27.4		-30.1
Consolidated net profit		116.9		125.8
Minority interests in consolidated net profit		-12.4		-14.5
Net profit		104.5		111.3
Dividend on cumulative financing preference shares		-6.9		-6.9
Net profit for holders of ordinary shares		97.6		104.4
Earnings per share		1.67		1.91
Fully diluted earnings per share		1.67		1.91
Earnings per share (before exceptional items)		1.28		1.73
Fully diluted earnings per share (before exceptional items)		1.28		1.73
Specification group operating profit 2003:
Group operating profit including exceptional items		192.2
Exceptional items		25.5
Group operating profit excluding exceptional items		166.7
Group operating profit discontinued operations		16.5
Group operating profit core activities		150.2

In EUR millions			2003			2002
Intangible fixed assets		6.6			6.3
Tangible fixed assets		994.8			1,107.2
Financial fixed assets		333.1			413.9
Deferred tax assets		5.4			5.8
Total fixed assets			1,339.9			1,533.2
Stocks		1.7			4.5
Debtors		232.2			272.5
Prepayments and accrued income		17.9			24.5
Securities		4.1			11.6
Cash at bank and in hand		152.4			153.0
Total current assets			408.3			466.1
Amounts owed to banks		37.0			39.7
Current portion of long-term liabilities		28.4			71.1
Pensions and other identical liabilities		4.9			-
Trade and other creditors		225.1			250.0
Dividends		6.9			6.9
Total current liabilities			302.3			367.7
Current assets less current liabilities			106.0			98.4
Total assets less current liabilities			1,445.9			1,631.6
Long-term liabilities			695.5			824.9
Pensions and other employee benefits		16.9			16.1
Provision for deferred tax liabilities		118.0			143.3
Other provisions		36.8			86.6
Total provisions			171.7			246.0
Minority interests in consolidated
shareholders’ equity		57.5			64.3
Shareholders’ equity		521.2			496.4
Group equity			578.7			560.7
Total			1,445.9			1,631.6

In EUR millions			2003			2002
Net profit		104.5			111.3
Adjustments for:
-Depreciation and amortization		99.9			108.9
- Write downs and impairments		15.1			12.3
- Movements in provisions		-49.6			-5.5
- Movements in minority interests		5.8			13.7
- Distributed profit of participating interests		23.5			36.9
- Share in profit of participating interests		-36.5			-46.1
- Result on sale of tangible fixed assets		-4.9			-1.1
- Result on sale of group companies
and non-consolidated participating interests		-3.4			-30.7
Gross cash flow from operating activities		154.4			199.7
Movements in working capital (excluding cash at
bank and in hand, short-term loans and dividends)		50.8			-66.2
Effect of changes in exchange rates		-1.8			-10.7
Net cash flow from operating activities			203.4			122.8
Capital expenditure:
- Tangible fixed assets		-106.5			-97.0
Acquisitions (including goodwill):
- Financial fixed assets		-22.5			-45.5
- Group companies		-16.7			-18.5
Total investments			-145.7			-160.9
Disposals:
- Tangible fixed assets		26.2			16.4
- Financial fixed assets		39.8			95.8
- Group companies		32.8			16.1
Total disposals			98.8			128.3
Net cash flow from investing activities			-46.9			-32.6
Financing:
- Repayment of long-term liabilities		-50.4			-416.6
- New long-term liabilities		3.7			308.2
- Sale of repurchased shares		1.6			-
- Net proceeds from share issue		-			73.8
- Net movements in short-term financing		-68.0			-140.0
- Dividend distributions		-36.1			-6.9
Net cash flow from financing activities			-149.2			-181.5
Net cash flow			7.3			-91.3
Exchange and translation differences			-7.9			-3.2
Movements in cash at bank and in hand
owing to consolidations and deconsolidations			-			-0.2
Movements in cash at bank and in hand			-0.6			-94.7

in EUR million	2003	2002
Results participations in tankterminals (pro forma on 100% basis)
Net turnover	225.9	294.3
EBITDA	136.3	179.6
EBIT	99.2	140.9
Net profit	67.0	100.6
Share Vopak in net profit of participating interests
Tankterminals	28.6	43.3
Other profit of participating interests	8.6	4.0
Result on sale of non-consolidated participating interests	5.3	30.0
Total profit of participating interests in P/L Vopak	42.5	77.3
Abridged balance sheet participating interests in tankterminals
(pro forma on 100% basis)
Total assets	611.3	680.7
Liabilities	-39.3	-47.2
Capital Employed	572.0	633.5
Share Vopak in net equity value participating interests
Tankterminals	145.4	157.8
Net equity value other participating interests	14.9	36.3
Total net equity value participating interests	160.3	194.1
Financial ratio’s participating interests tankterminals
(pro forma on 100% basis)
Interest cover ratio	16.7	11.8
Net debt : EBITDA	1.3	1.2