Rotterdam, 28 August 2009
Highlights for first half 2009 -excluding exceptional items-:
- Group operating profit rises 17.5% to EUR 184.2 million (HY1 2008: EUR 156.8 million)
- Net profit attributable to holders of ordinary shares increases 16.2% to EUR 114.9 million (HY1 2008: EUR 98.9 million)
- Earnings per ordinary share up by 15.1% to EUR 1.83 (HY1 2008: EUR 1.59)
- Vopak’s worldwide storage capacity has expanded further during the first half year by 0.8 million cubic metres (cbm) to 27.9 million cubic metres
Outlook:
- For 2009, Vopak expects to achieve a Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- of around EUR 495 million. This is an increase of the previous 2009 outlook (EBITDA of at least EUR 450 million)
- Projects under construction will add 2.8 million 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 1.6 billion, of which Vopak’s total remaining cash spend will be some EUR 0.4 billion
John Paul Broeders, Chairman of the Executive Board of Royal Vopak:
“In the first half of 2009 we vigorously kept pursuing our strategic goals. Our drive remains to realize continuous improvements in operational efficiency, quality, customer service and growth. As a result of Vopak’s leadership strategy, we will continue to grow capacity in key locations around the world. Vopak’s total global terminal network offers close to 28 million cubic metres storage capacity, following an increase of more than 0.8 million cubic metres in six month’s time. During the first half of 2009, a number of large new projects came on stream on schedule. All these efforts and the robust demand for our storage services, especially in the oil business, led to a significant rise in our halfyear Group operating profit. Although we have seen a difficult chemicals market, this has not had a material effect on our overall business up to now. Decreases in throughput in some of our chemical storage activities earlier in the year have meanwhile stabilized. However, it is too early to draw positive conclusions as to the structural recovery of the chemicals market. Given our encouraging results so far and Vopak’s growth prospects for the rest of the year we have raised our 2009 outlook.”