Rotterdam, the Netherlands, 26 October 2007
Highlights for the third quarter of 2007:
- Group operating profit excluding exceptional items rises 19% this quarter to EUR 68.6 million (Q3 2006: EUR 57.5 million)
- Demand for storage services continues to be high in all markets
- All divisions contribute to the improvement in group operating profit
- New storage capacity commissioned during this quarter: 11,270 cbm at the Vopak Terminal ACS in Antwerp (Belgium) and 10,870 cbm at the Vopak Terminal Darwin (Australia). In total, 270,240 cbm additional storage capacity has been brought on stream this year
- Vopak has acquired the remaining 20% interest in the terminal in Vietnam which is now wholly-owned and the terminal in Dordrecht has been sold
- New, approved expansion projects in Banyan (Singapore), Gothenburg (Sweden), San Antonio (Chile) and Port Qasim (Pakistan) of 476,700 cbm in total
Outlook:
- Vopak will add more than 2.3 million cbm in storage capacity worldwide during 2007 and 2008; Vopak expects total capital expenditure for 2007 of between EUR 420 and 460 million, including investments for maintenance, safety and the environment
- Barring unforeseen circumstances and taking into account the cost of implementing strategic initiatives, Vopak expects group operating profit excluding exceptional items to increase by at least 20% compared to 2006 (2006: EUR 220.9 million)
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“The huge efforts made by our people and our growth strategy once again resulted in a healthy group operating profit for this quarter. We continue to see a worldwide increase in the need for our storage services. Vopak meets this need by expanding global storage capacity, adding expansion projects with a total capacity of 476,700 cbm in this quarter. In doing so, our organisation has entered a new phase. In order to direct this growth effectively, we are paying considerable attention to the development of our people and our organisation, for example, in the field of project management. This is in line with Vopak’s culture of exchanging knowledge and continuously improving our processes and working methods.”