April 27, 2011 [Vopak] - The Q1 2011 EBIT excluding exeptional items was practically similar to that of 2010. During this first quarter an exceptional result of EUR 111.5 million was realized by the sale of the 20% equity stake in Vopak Terminal Bahamas which was sold to Buckeye.
The Group’s operating profit -excluding exceptional items- amounted to EUR 109.5 million (Q1 2010:EUR 109.7 million) including a currency translation gain of EUR 5.1 million. The net result of joint ventures, which is included in the reported EBIT, rose by 20% to EUR 21.0 million (Q1 2010:EUR 17.5 million).During the first quarter of 2011 a total exceptional result of EUR 127.8 million was recognized, which is mainly due to the sale of Vopak’s 20% equity stake in Vopak Terminal Bahamas and the release of a tax provision related to the distribution of the results of our joint venture in Estonia. Consistent with Vopak’s expectations for the first quarter of 2011, there was a planned increase in out of service of tanks at certain locations resulting from an intensified tank inspection program (OEMEA andNorth America), as well as a lower occupancy rates/throughputs for vegoil and biodiesel products(CEMEA and North America) and higher pre-operating expenses. It should also be noted that the results in the first half of the year will be negatively affected by pre-operating expenses related to new storage capacity that will be commissioned in the second half of 2011.
The occupancy rate for Vopak was 92% in the first quarter of 2011. This is a slight decrease comparedto the occupancy in the first quarter of 2010 (93%).
Projects under construction will add 4.5 million cbm of storage capacity in the years 2011 and2012. 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 0.3 billion. The completion of these expansion projects will result in a worldwide storage capacity of 29.8 million cbm as per the end of 2012.
