Highlights for 2010 -excluding exceptional items-:
- Group operating profit before depreciation and amortization (EBITDA) increases 17% to EUR 598.2 million (2009: EUR 513.4 million) in line with the earlier indicated outlook.
- Group operating profit (EBIT) rises 16% to EUR 445.3 million (2009: EUR 385.3 million).
- Net profit attributable to holders of ordinary shares increases 9% to EUR 264.8 million (2009: EUR 242.7 million) and earnings per ordinary share (EPS) are up by 8% to EUR 2.08 (2009: EUR 1.92 *).
- Vopak’s worldwide storage capacity expands further during 2010 by 0.5 million cubic meters (cbm) to 28.8 million cbm.
A dividend of EUR 0.70 (2009: EUR 0.625 *) per ordinary share, payable in cash, will be proposed to the Annual General Meeting of Shareholders.
Outlook:
- Projects under construction will add 4.5 million cbm of storage capacity in the years 2011 and 2012. The total investment for Vopak and partners in expansion projects involves capital expenditure of some EUR 1.9 billion, of which Vopak’s total remaining cash spend will be some EUR 0.4 billion. Following the divestment of Vopak Terminal Bahamas (3.4 million cbm) in 2011, the completion of these expansion projects will result in a worldwide storage capacity of 29.9 million cbm as per end of 2012.
- For 2011 Vopak expects Group operating profit before depreciation and amortization (EBITDA) to grow by around 5%.
- Based on its growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) of between EUR 725-800 million in 2013.
* 2009 adjusted for 1:2 share split effectuated May 17, 2010
Eelco Hoekstra, Chairman of the Executive Board of Royal Vopak:
“In 2010, we continued in making good progress in the implementation of our three-pillar strategy. Growth, customer service and operational excellence remain the overall guidance for the way forward for our company. To serve our customers now and in the future our ambition is to further develop our global network of terminals at key locations. We will continue to improve our competitive position. In this process it is considered important that we secure an efficient and agile organization. Based on our growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR 725-800 million in 2013.”