Oil terminal operator
Vopak has announced that net profit attributable to shareholders during the first half of 2009 increased by 16.2% to EUR 114.9 million from EUR 98.9 million in 2008.
Group operating profit during the same preiod rose by 17.5% year-on-year from EUR 156.8 million to EUR 184.2 million.
Commenting on the results,
John Paul Broeders, Chairman of the Executive Board of Royal Vopak said "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 half-year Group operating profit. "
Vopak’s expansion program in the first six months of 2009 led to a growth of worldwide storage capacity by 0.8 million cbm to 27.9 million cbm as per 30 June 2009. Compared with the company's capacity at the end of June 2008 (26.4 million cbm), this represents a growth of 6%.
Large projects came on stream in existing terminals in
Singapore (more than 400,000 cbm),
Rotterdam Botlek (over 150,000 cbm) and
Estonia (more than 100,000 cbm).
Vopak also announced the final investment decision to build a new storage terminal for oil products in the Port of
Amsterdam. Site preparation for the construction of the first phase of 620,000 cbm has already started.
Also in 2009, Vopak signed a Memorandum of Understanding (MoU) with
Dialog Group Berhad from Malaysia to jointly study the feasibility of an independent storage terminal for oil products in
Pengerang, Johor in southern Malaysia for an initial 1.4 million cbm.
Vopak has also agreed to increase its entitlement in the
Maasvlakte Oil Terminal (MOT) in Rotterdam by 360,000 cbm, for which MOT will construct additional capacity. Other capacity expansions have also been agreed: an additional 160,000 cbm will be constructed at
Vopak Terminal Europoort in Rotterdam, Netherlands, and in
Zhangjiagang, China, a further capacity increase of 102,000 cbm is planned.
All projects currently under construction will add 2.8 million cbm of storage capacity in the period to 2011. Of the 2.8 million cbm currently under construction 800,000 cbm of capacity will come on stream in the second half of 2009. This includes
Vopak Terminal Bahamas (370,000 cbm) and a greenfield terminal in
Indonesia(250,000 cbm).
Results HY1 2009 by division
OEMEA (Oil Europe, Middle East & Africa) revenues rose by 5% to EUR 132.8 million, driven by a continued robust demand for tank storage of oil products and capacity increases. Throughput levels were rather high, especially in
Rotterdam and Sweden. The occupancy rate remained stable at 95%. Operating profit -excluding exceptional items- increased 27% to EUR 65.1 million (HY1 2008: EUR 51.1 million, excluding EUR 5.2 million exceptional income). Joint ventures, among which Vopak E.O.S. and
Vopak Horizon Fujairah, also contributed significantly to this increase. OEMEA realized a further expansion of its storage capacity in HY1 2009, especially in the Vopak E.O.S. joint venture in Estonia. Storage capacity in OEMEA is 11.2 million cbm as per 30 June 2009.
In Asia revenues rose by 29% to EUR 100.2 million in HY1 2009, fuelled by large capacity additions in among others Singapore and high activity levels in for example China. The first half 2009 occupancy rate was 95% (HY1 2008: 96%). Increased storage capacity and a good focus on cost savings, as well as economies of scale benefits led to a 39% better operating profit -excluding exceptional items- of EUR 64.5 million. Year-on-year capacity increased with more than 1 million cbm via expansions realized at the terminals. Storage capacity in Asia is 6.3 million cbm as per 30 June 2009.
In Vopak's
North America division, revenues for the first half were up 22% to EUR 68.1 million mainly driven by rate indexation and a favorable currency translation effect. The occupancy rate in the first half of 2009 was stable at 96%. Operating profit -excluding exceptional items- rose 35% to EUR 22.6 million (HY1 2008: EUR 16.8 million).
Vopak Terminal Bahamas, which was jointly acquired in Q2 2008, generated a higher contribution to the HY1 2009 operating profit. In Savannah, a capacity increase of almost 8,000 cbm was realized in HY1 2009. Storage capacity in North America is 5.3 million cbm as per 30 June 2009.
In
Latin America revenues showed a 12% rise to EUR 37.4 million partly as a result of contractual rate increases and some expansion of capacity. The divisional occupancy rate dropped to 89% for the first half compared with 91% in the first half of the previous year. Operating profit -excluding exceptional items- came in at EUR 11.9 million in HY1 2009, 14% better than the same period of the previous year. In HY1 2009 storage capacity expansions for in total almost 20,000 cbm were realized in Chile, Colombia and Peru. Storage capacity in Latin America is 0.9 million cbm as per 30 June 2009.
