Highlights for the third quarter 2010:
- Third quarter group operating profit -excluding exceptional items- rises 10% to EUR 114.8 million (Q3 2009: EUR 104.2 million)
- Year to date group operating profit -excluding exceptional items- increases 17% to EUR 337.8 million (YTD 2009: EUR 288.4 million)
- Eelco Hoekstra has been appointed as member of the Executive Board at the Extraordinary Meeting of Shareholders of 11 November 2010 and has been appointed by the Supervisory Board as Chairman of the Executive Board as per 1 January 2011.
Outlook:
- Projects under construction will add 3.9 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 remaining cash spend will be around EUR 0.4 billion.
- For 2010, Vopak expects a group operating profit before depreciation and amortization (EBITDA) of at least EUR 585 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 (EBITDA) one year earlier. 2
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“The strategic role of our tank terminal infrastructure in the supply chains of our customers results in a healthy demand for our services. We keep working hard on the further implementation of our strategy, with a focus on continuous improvements in safety, operational efficiency, customer service and growth. We experience a continued robust demand for our oil storage services and a comparable level of activities in the chemicals sector to those of the third quarter of 2009. The overall occupancy rate was slightly down to 92%, which was primarily due to a lagging demand for biofuel storage and new capacity coming on stream for chemical storage. Our total worldwide capacity has increased to 28.7 million cbm. The execution of expansion projects under construction is progressing well and will add 3.9 million cbm to our tank terminal network in the period up to and including 2012. Whilst we are building new capacity, the number of additional business opportunities is encouraging.”