Highlights for the third quarter of 2008:
- Group operating profit excluding exceptional items rises 18% this quarter to EUR 80.8 million (Q3 2007: EUR 68.6 million)
- Worldwide capacity increases by 0.2 million this quarter to 26.6 million cubic metres (cbm) as a result of acquisitions in Asia and North America and expansion projects commissioned
- E.ON Ruhrgas becomes the fourth customer to join the Rotterdam LNG project of Gate terminal, a joint venture with the Gasunie
- Gate terminal enters into project financing of EUR 745 million
Outlook:
- Vopak currently has a total of 2.6 million cbm in expansion projects under construction, thus increasing its current worldwide storage capacity to 29.2 million cbm by 2011
- Taking the relevant commercial, operational and financial developments into account, Vopak expects the 2008 group operating profit excluding exceptional items to be at least
- EUR 310 million (2007: EUR 272.9 million)
- Vopak maintains the expectation to achieve the estimated indicator for 2011 of group operating profit before depreciation and amortisation (EBITDA) of EUR 475-550 million per year one or two years earlier.
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“In line with previous quarters, group operating profit improved. Many structural factors determine demand for storage and transhipment of liquid products, including a greater number of product specifications and the increasing distance between the places of production and use of oil products and bulk chemicals. These are factors with a positive effect on Vopak’s further worldwide development and which we do not expect to change significantly in the near future. We already refinanced the company in 2007 to support the growth strategy. Our stable customer portfolio with generally long-term contracts is a healthy basis for our successful operations. Consequently, I remain very confident about the long-term performance of the business. Vopak remains committed to its strategy based on the three pillars, namely growth, customer-focus and effective cost management. We are closely monitoring current financial market developments and the expected slow-down in economic growth and are, of course, alert to any ensuing opportunities and threats, so that we can take decisive action as appropriate.”