Highlights for first half 2010 -excluding exceptional items-:
- Group operating profit before depreciation and amortization grows by 21% to EUR 297.3 million (HY1 2009: EUR 245.9 million)
- Group operating profit rises 21% to EUR 223.0 million (HY1 2009: EUR 184.2 million)
- Net profit attributable to holders of ordinary shares increases 15% to EUR 132.4 million (HY1 2009: EUR 114.9 million)
- Earnings per ordinary share up by 13% to EUR 1.04 (HY1 2009: EUR 0.92)
- Vopak’s worldwide storage capacity has expanded further during the first half year by 0.3 million cubic meters (cbm) to 28.6 million cubic metres
Outlook:
- Projects under construction will add 4.0 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 around EUR 1.9 billion, of which Vopak’s total remainingcash spend will be around EUR 0.5 billion.
- For 2010 Vopak expects a Group operating profit before depreciation and amortization (EBITDA) of at least EUR 585 million (previously: EUR 560 million).
- Based on its growth strategy and the positive developments in 2010 Vopak could potentially achieve its 2012 guidance of EUR 625-700 million Group operating profit before depreciation and amortization one year earlier.
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“Our network of strategically located tank terminals provides our customers with the connecting infrastructure, essential for the physical transportation of the required bulk liquid products to the right markets. We experience a robust demand for storage of oil products, based on the worldwide imbalances between production and consumption and the increasing number of product specifications. In chemicals we experience a stable business environment in the Americas and an encouraging market in Asia in volumes and new projects, while in Europe we note that the demand for storage has improved. In 2010 we have announced 1.8 million cbm of additional expansion projects, including a new greenfield project for storage and handling of oil products in Algeciras (Spain). While we are buiding new capacity, the number of additional business opportunities is promising.
Based on the healthy demand for our services and the expansion of our network we have updated our outlook for 2010 and could potentially achieve our 2012 EBITDA guidance one year earlier.”