Vopak sees net profit rise 17% in 2009

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Worldwide storage capacity grew by 1.2 million cubic metres,In 2009, Vopak generated revenues of €1,001.1 million, an 8.0% increase on 2008 (€923.5 million), including a currency translation gain of €3.3 million

In 2009, Vopak generated revenues of €1,001.1 million, an 8.0% increase on 2008 (€923.5 million), including a currency translation gain of €3.3 million. Adjusted for deconsolidations in 2008, all divisions contributed positively to the increase in revenues. This was caused by a combination of increased capacity at existing terminals, development of new terminals and an increase in revenue per cubic metre of storage capacity as a result of positive rate adjustments. Vopak’s worldwide storage capacity expanded further during 2009 by 1.2 million cbm, to 28.3 million cbm.

Revenues increased despite the effects of deconsolidations (Vopak Barging and Pakterminal) and divestments (Hemiksem) in 2008. Contracts with original durations longer than one year account for 83.0% of the contract portfolio (2008: 80.0%).

Group operating profit before depreciation and amortisation (EBITDA) including the net result of joint ventures and associates and excluding exceptional items rose by 20.0%, to €513.4 million (2008: €429.3 million).

Group operating profit rose by 21.0%, to €391.1 million (2008: €322.2 million), including a
currency translation gain of €2.3 million. Adjusted for exceptional items, Group operating profit rose by 20.0%, to €385.3 million (2008: €320.4 million).

Exceptional items recognised in 2009 totaling €5.8 million partly relate to impairment charges for Vopak’s interests in the joint venture in Xiamen (China) and in the real estate joint venture for the redevelopment of a former Vopak office location in Rotterdam, the Netherlands. Further exceptional items in 2009 relate to profits on the sale of land (UK) and the terminal in Basle (Switzerland).

Net profit, excluding special items, increased 20.0%, to €242.7 million, from €202.1 million in 2008. Including special items, net profit increased 17.0%, to €247.6 million in 2009.

> Outlook
Projects under construction will add 3.0 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 €1.6 billion, of which Vopak’s total remaining cash spend will be some €0.4 billion.

For 2010 Vopak expects Group EBITDA to grow between 5.0-10.0%. Although the expected EBITDA growth will contribute positively to the EPS development in 2010, the completed long-term financing activities in 2009 will weigh on the EPS development due to the increase in outstanding shares and higher financing costs. Based on its growth strategy, Vopak is well positioned to realise a Group EBITDA between €625.0-700.0 million in 2012.

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