Highlights for 2009 -excluding exceptional items-:
Group operating profit before amortization and depreciation (EBITDA) increases 20% to EUR 513.4 million in line with the earlier indicated outlook.
- Group operating profit rises 20% to EUR 385.3 million (2008: EUR 320.4 million).
- Net profit attributable to holders of ordinary shares increases 20% to EUR 242.7 million
- (2008: EUR 202.1 million) and earnings per ordinary share (EPS) are up by 19% to EUR 3.84 (2008: EUR 3.24).
- Vopak’s worldwide storage capacity expands further during 2009 by 1.2 million cubic meters (cbm) to 28.3 million cbm.
A dividend of EUR 1.25 (2008: EUR 1.10) per ordinary share, payable in cash, will be proposed to the Annual General Meeting of Shareholders.
Outlook:
Projects under construction will add 3.0 million cbm of storage capacity in the years 2010, 2011 and 2012. The total investment for Vopak and partners in these projects involves capital expenditure of some EUR 1.6 billion, of which Vopak’s total remaining cash spend will be some EUR 0.4 billion.
- For 2010 Vopak expects Group operating profit before depreciation and amortization (EBITDA) to grow between 5-10%. Although the expected EBITDA growth will contribute positively to the EPS development in 2010, the completed long-term financing activities in 2009 will weigh on the EPS development due to the increase in outstanding shares and higher financing costs.
- Based on its growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR 625-700 million in 2012. 2
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
"In the economic turbulence of 2009 we experienced a healthy demand for tank storage services. We achieved encouraging results and continue to realize our growth ambitions. A significant part of our tank storage network facilitates the transportation of refined oil products, which is characterized by robust demand for tank storage services and to a large extent independent from the more speculative trading environment. The demand for storage of chemical products is however more volatile. Especially in Europe, where demand for chemicals storage decreased, we have focused on storing alternative products such as biofuels and oil products at some of our chemicals terminals. The structural geographical imbalance between the production and consumption of oil and chemical products, the increasing variety of specifications, the demand for environmentally friendlier fuels and the liberalization of previously closed economies continue to lead to increasing demand for tank storage. This encourages us to look for further expansion opportunities to facilitate the worldwide and regional logistic flows of oil and chemical products. Therefore we have extended our financial capabilities and flexibility through new financing programs. Based on our growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR 625-700 million in 2012.”