Highlights first quarter 2011:
- First quarter group operating profit excluding exceptional items amounted to EUR 109.5 million (Q1 2010: EUR 109.7 million)
- During the first quarter of 2011 an exceptional result of EUR 111.5 million was recognized as a result of the sale of Vopak’s 20% equity stake in Vopak Terminal Bahamas
Outlook (changed):
- 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 0.3 billion. The completion of these expansion projects will result in a worldwide storage capacity of 29.8 million cbm as per end of 2012.
- For 2011 Vopak expects a Group operating profit before depreciation and amortization (EBITDA) of between EUR 600 - 640 million (2010: EUR 598.2 million), assuming no further appreciation of the Euro against applicable other currencies.
- 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.
Eelco Hoekstra, Chairman of the Executive Board of Royal Vopak:
“The healthy demand for tank storage services and our capacity expansions led to an EBITDA excluding exceptionals of EUR 148 million in the first quarter of 2011. Amongst others the sale of Vopak Terminal Bahamas in the first quarter contributed to a total exceptional gain of EUR 128 mln. Our strategically located tank terminal infrastructure supports the physical transportation of the required bulk liquid products to the right markets. We are experiencing a robust demand for oil storage services and the developments in the demand for storage of chemicals are encouraging. However the regulatory uncertainties in the biofuels segment results amongst others in volatility of demand and shorter duration of contracts reflected by lower occupancy rates at certain terminals, which is adversely affecting the growth of our current results.
We expect an EBITDA for 2011 of between EUR 600 mln and EUR 640 mln. With the current outlook for 2011 and 4.5 million cbm of storage capacity under construction we remain well positioned to realize an EBITDA of between EUR 725-800 million in 2013.”