Vopak Posts Q3 Results (The Netherlands)

Vopak today announced third quarter 2011 results.

Highlights for the third quarter 2011:

– Third quarter group operating profit -excluding exceptional items- rises 6% to EUR 121.3 million (Q3 2010: EUR 114.8 million)

– Year to date group operating profit -excluding exceptional items- increases to EUR 339.2 million (YTD 2010: EUR 337.8 million)

– During the third quarter of 2011 worldwide storage capacity increased by 1.7 million cbm to a total of 27.2 million cbm.

Outlook:

– Projects under construction will add 6.2 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 1.7 billion, of which Vopak’s total remaining cash spend will be some EUR 0.4 billion.

– For 2011, Vopak continues to expect a Group operating profit before depreciation and amortization (EBITDA) -excluding exceptional items- of between EUR 600 – 640 million (2010: EUR 598 million).

– Vopak remains 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:

“Vopak remains on track in this transition year. The healthy demand for tank storage services and our capacity expansions led to an EBITDA excluding exceptional items of EUR 164 million in the third quarter of 2011. We are experiencing a robust demand for oil storage services and a healthy demand for the storage of chemicals. We also note the first signs of improvement in the market for the storage and handling of biofuels. We are proud to have commissioned large expansion projects, such as Gate terminal in Rotterdam, which will serve as an import terminal for LNG, and the first phase of Vopak Terminal Amsterdam Westpoort, a new state-of-the-art hub terminal for gasoline and other clean petroleum products. For 2011 Vopak continues to expect a Group operating profit before depreciation and amortization (EBITDA) of between EUR 600 – 640 million. With the current outlook for 2011 and additional storage capacity under construction we remain well positioned to realize an EBITDA of between EUR 725 – 800 million in 2013.”

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Source: Vopak, November 9, 2011