Rotterdam, the Netherlands, 12 November 2009
Highlights third quarter 2009:
- Third quarter group operating profit excluding exceptional items rises 29.0% to EUR 104.2 million (Q3 2008: EUR 80.8 million).
Outlook:
- For 2009, Vopak expects to achieve a group operating profit before depreciation and amortization (EBITDA) –excluding exceptional items– of at least EUR 510 million. This is an increase of the previous 2009 outlook (EBITDA of around EUR 495 million).
- Projects under construction will add 2.9 million cubic metres (cbm) of storage capacity in the period to 2011. The total investment for Vopak and partners in these projects will involve capital expenditure of some EUR 1.5 billion, of which Vopak’s total remaining cash spend will be some EUR 0.3 billion.
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“Although in Q3 2009 the overall occupancy rate was slightly down to 93%, EBITDA for the period increased to EUR 137 million due to effective cost management and expansions realized. Demand for our services in the oil segment remained strong. The chemicals (throughput) activities showed a light recovery. We consider it too early, especially for Europe, to conclude whether the recovery of the chemicals market is sustainable or not.
Our total worldwide storage capacity has increased to 28 million cbm. The execution of the new expansion plans that are currently under construction is progressing well. Furthermore, capacity expansions at two terminals in Spain and Sweden were approved, while our projects pipeline remains encouraging. For that reason, we have extended our financial capabilities and flexibility through new financing programs.
We keep working hard on the implementation of our strategy, with a special focus on flawless execution through high customer service levels, efficient cost management and growth. Based on our year-to-date performance and healthy demand for our services, we are confident about 2009 and therefore we upgraded our outlook for the year.”