29 February 2012 01:00

Highlights for 2011 -excluding exceptional items-:

  • Group operating profit before depreciation and amortization (EBITDA) increased 6% to EUR 636.0 million (2010: EUR 598.2 million), which is in line with the earlier indicated outlook of EUR 600-640 million.
  • Group operating profit (EBIT) rose 5% to EUR 469.4 million (2010: EUR 445.3 million).
  • Net profit attributable to holders of ordinary shares increased 4% to EUR 275.4 million (2010: EUR 264.8 million) and earnings per ordinary share (EPS) increased 4% to EUR 2.16 (2010: EUR 2.08).
  • As growth projects (2.5 million cbm) were offset by divestments (3.5 million cbm), Vopak’s worldwide storage capacity declined during 2011 by 1.0 million cbm to 27.8 million cbm.

A dividend of EUR 0.80 (2010: EUR 0.70) per ordinary share, payable in cash, will be proposed to the Annual General Meeting of Shareholders.

Outlook:

  • Projects under construction will add 6.0 million cbm of storage capacity in the years up to and including 2014. The total investment for Vopak and partners in expansion projects involves capital expenditure of some EUR 1.9 billion, of which Vopak’s total remaining cash spend will be some EUR 0.5 billion.
  • Vopak expects to realize a higher Group operating profit before depreciation and amortization (EBITDA) in 2012 and an EBITDA between EUR 725-800 million in 2013 (2011: EUR 636.0 million).
  • Based on its growth strategy Vopak is well positioned to realize a Group operating profit before depreciation and amortization (EBITDA) of between EUR 725-800 million in 2013.

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

“2011 has been a year of global uncertainties resulting from the financial crisis in the western world. With the disciplined execution of our strategy, Vopak was and still is well positioned to mitigate the impact of those uncertainties while identifying new business opportunities. In 2011, Vopak entered the natural gas market with the opening of Gate terminal in the Netherlands and the acquisition of the Altamira LNG Terminal in Mexico. Vopak also established a first footprint in India by acquiring a terminal in the port of Kandla and started operations at the new Vopak Terminal Amsterdam Westpoort.

In order to strengthen our competitive position, we will remain focused on offering reliable services to our customers based on a safety-focused culture and efficient operations. We will continue to concentrate on our core activities, while maintaining a long-term entrepreneurial view on future opportunities. The expected growth of global energy use and the increasing geographical imbalance between production and (industrial) consumption continue to drive the need for storage of liquid oil, gas and chemical products. In order to meet the increased need, Vopak will continue to operate and invest in strategically located seaports which play a key role in facilitating these product flows. Based on its growth strategy, Vopak expects to realize a higher Group operating profit before depreciation and amortization (EBITDA) in 2012 and an EBITDA between EUR 725-800 million in 2013.”