24 August 2011 02:00

Highlights for first half 2010 -excluding exceptional items-:

  • HY1 2011 Group operating profit -excluding exceptional items- EUR 217.9 million (HY1 2010: EUR 223.0 million)
  • During HY1 2011, an after-tax exceptional result of EUR 116.1 million was mainly realized due to the sale of Vopak’s 20% equity stake in the Bahamas Terminal (BORCO)
  • Net profit attributable to holders of ordinary shares -excluding exceptional items-decreased by 7% to EUR 123.5 million (HY1 2010: EUR 132.4 million), mainly due to the slightly lower Group operating profit and increased finance costs
  • Several new and major storage capacity expansions (in total 3.5 million cbm) were announced during HY1 2011
  • The Net debt : EBITDA ratio decreased to 2.35 on 30 June 2011 (30 June 2010: 2.70), creating additional financial headroom to support Vopak’s growth strategy

Outlook:

  • Projects under construction and the acquisition of CRL Terminals (India) will add 7.5 million cbm of storage capacity in the period up to and including 2014.
  • Some significant expansion projects, like Amsterdam Westpoort phase 1 and Gate terminal (both in the Netherlands) are scheduled to be completed, in time and within budget, at the end of Q3 2011 and will positively contribute to the EBITDA development in HY2 2011
  • For 2011, Vopak continues to expect a Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- between EUR 600 – 640 million assuming no material changes of the Euro against other applicable currencies (2010: EUR 598 million)
  • The earnings per share -excluding exceptional items- in HY2 2011 are expected to be higher than in HY1 2011, taking into account the 2011 EBITDA outlook and the expected lower finance costs in HY2 2011
  • Vopak remains well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) between EUR 725 – 800 million in 2013

Eelco Hoekstra, Chairman of the Executive Board of Royal Vopak:

"The strategic role of our tank terminal network in the supply chains of our customers results in a healthy demand for our services. We continue to experience robust demand for oil storage services. Demand for chemical storage service is strong in Asia, relatively stable in the Americas and encouraging in Europe. However, restrictions in rail car handling at our Deer Park facility as a consequence of a dispute with a neighboring competitor and regulatory uncertainties in the biofuels segment, have negatively affected the organic growth of our current results, specifically in our divisions North America and Chemicals Europe, Middle East & Africa. It is encouraging to note that, despite an intensified tank maintenance program, our occupancy rate has remained stable at 92% since early Q3 2010.

Following the divestment of our 20% equity stake in the Bahamas Terminal in February 2011, we announced 3.5 million cbm of expansion projects. These announcements include new tank storage terminals for oil products at strategic locations in China and Malaysia. In addition we acquired a terminal in India and are working towards the completion of the acquisition of an LNG terminal in Mexico. This underlines our business development capabilities and efforts.

We are proud to commission large expansion projects at the end of Q3 2011, like the Gate terminal and Amsterdam Westpoort. Both terminals will contribute positively to our results in the second half of 2011. Vopak is on track in this transition year. Based on the healthy demand for tank storage, capacity expansion projects and our growth strategy we remain well positioned to realize an EBITDA between EUR 600 - 640 million in 2011, growing to an EBITDA between EUR 725 - 800 million in 2013.”